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Indian food delivery app Zomato just hit the jackpot, raising a whopping $1 billion from institutional investors in its biggest fundraise since going public in 2021. The company issued over 336.5 million shares at ₹252.62 each ($3) in a qualified institutional placement, as reported in a recent stock exchange filing.
### Major Investors Show Up
Leading Indian mutual funds eagerly jumped on board, with Motilal Oswal taking the top spot by snagging 20.81% of the newly issued shares. ICICI Prudential, HDFC, and Kotak funds followed suit, securing their own slices of the pie.
### Strategic Moves and Rivalry
This massive fundraise not only reduces Zomato’s foreign ownership below 50%, making it a “domestic” company, but also positions its quick-commerce unit, Blinkit, to take on an inventory-led model. The timing couldn’t be better, especially with rival Swiggy’s recent $1.35 billion IPO and Zepto securing $350 million.
Zomato is clearly gearing up for the quick-commerce battle, facing off against competitors like Swiggy, Zepto, and BigBasket in a market expected to rake in over $6.5 billion annually. With key players eyeing a piece of the action, it’s a race to maintain market share dominance in this rapidly evolving industry.
