Zomato completes $1Bn fundraise
Three days ago, food delivery aggregator Zomato initiated its Qualified Institutional Placement (QIP) issue. Now, the firm has successfully raised $1 billion through the QIP. This marks its first major fundraising since its IPO three years ago. This development comes weeks after Swiggy had a spectacular IPO, listing at a premium of 7%, and a week after Zepto secured an additional $350 million from domestic investors. According to reports, the funds were raised approximately 336.5 million shares (33,64,73,755 equity shares to be precise) at ₹252.62 each, attracting strong interest from institutional investors. Prominent domestic mutual funds, including Motilal Oswal (who secured over 20% of the issued shares), ICICI Prudential (secured 12.78% of the shares), HDFC (it secured 8.68% of the issued shares), and Kotak (which secured 5.95% of the shares), to name some, acquired significant stakes in the Indian startup. With this development, the firm’s foreign ownership drops below the 50%...