Zomato completes Rs 8,500 crore QIP at Rs 252.62 per share

Food and grocery delivery firm Zomato on Friday completed its Qualified Institutional Placement (QIP), raising Rs 8,500 crore via an allocation of 33.65 crore shares at Rs 252.62 per share.

The issue price represents a 5% discount to the floor price of Rs 265.91 ,which the company set on Monday. According to the QIP’s preliminary placement document, Zomato plans to utilise proceeds from the fundraise mainly towards expanding the footprint of its quick commerce unit Blinkit, and on advertising and marketing.

Shares of the company were trading 1.6% lower on Friday to Rs 281.65 per share on BSE.


The company has said a major part of the proceeds from the placement, about Rs 2,137 crore, would be used on “expenditure towards setting up and running operations of dark stores and warehouses”. Additional funds would also be utilised for advertising and marketing as Zomato looks to strengthen its position in the food delivery and quick commerce space.

Meanwhile, Zepto is also planning to operate over 700 dark stores by the end of FY25, while Swiggy Instamart aims for its dark store count to grow to 741 from around 557 as of June 30. Swiggy had said in its prospectus that it plans to invest Rs 1,179 for expansion of its quick commerce business.

In the QIP document, Zomato had disclosed that CEO Deepinder Goyal has extended his salary waiver till March 31, 2026. Originally, Goyal had waived off his salary for a period of three years starting April 1, 2021. He, however, continues to hold a 4.2% stake in Zomato, which was worth Rs 10,150 crore on Monday.

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