According to a regulatory filing, the board of food delivery startup Zomato Ltd. will take qualified institutions placement (QIP) funding under consideration on October 22.
Zomato’s BSE shares ended trading 1.4% lower at Rs 270.3 a share on October 17.
Zomato has also announced that on October 22, its board will accept the results of the second quarter.
“Board will consider and approve raising of funds by issuance of equity shares by way of qualified institutions placement, as may be permitted under applicable laws, subject to such regulatory/statutory approvals, including the notice for the postal ballot for obtaining the shareholders’ approval in this regard, as may be required,” said Zomato in a stock exchange filing.
If authorised, this will be the first fundraising attempt for the massive food delivery company with its headquarters in Gurugram since it went public on the stock market three years ago, and it will coincide with rival Swiggy’s impending IPO.
In Q1FY25, Zomato recorded a consolidated profit of Rs 253 crore, up from Rs 175 crore in the previous quarter and Rs 2 crore in the corresponding time last year. The company’s operating revenue increased 74% from Rs 2,416 crore to Rs 4,206 crore in the first quarter of this year.
