Zomato successfully raised $1 billion through a qualified institutional placement (QIP), marking its first significant fundraising effort since its 2021 IPO.
On Friday, Deepinder Goyal’s Zomato allocated about 21% of the QIP to Motilal Oswal’s mutual funds. This move followed Motilal Oswal’s private wealth unit leading a fundraising round for Zepto, a quick-commerce competitor.
Zomato issued and allocated 33.64 crore equity shares at Rs 252.62 each, raising Rs 8,500 crore (nearly $1 billion).
ICICI Mutual Fund received 4.25 crore shares, accounting for 12.78% of the issue. Meanwhile, domestic mutual funds like HDFC acquired 1.97 crore shares (5.95%), and Kotak’s funds secured approximately 6% of the issue.
The QIP issue opened on November 25 and closed on November 28.
Zomato, based in Gurugram, aims to shift its cap table by increasing domestic investor ownership through this fundraise. Many of its competitors, including Zepto, are also working toward this goal.
This development comes as Zomato faces rising competition in the quick commerce sector, with major players like Amazon and Flipkart entering the space.
Notably, Zepto has raised $1.35 billion over the past six months, with its most recent $350 million round led by Motilal Oswal’s Private Wealth division, alongside investments from Indian HNIs and family offices.
