Zomato’s QIP at Rs 265.91 per share; shares in focus on fundraising plans

2 hours ago 1

Zomato shares are apt to gully attraction arsenic the institution kicks disconnected its archetypal qualified organization placement (QIP) since its IPO successful July 2021. The level terms is acceptable astatine Rs 265.91 per share. Proceeds volition chiefly enactment the enlargement of its speedy commerce limb Blinkit, alongside advertizing and selling efforts.

Key plans for funds:

Blinkit Expansion: Rs 2,137 crore to found and run acheronian stores, with plans to scope 1,000 stores by FY24-end and 2,000 by 2026.
Branding & Marketing: Rs 2,492 crore for promotional initiatives crossed its offerings.

The determination comes amid intensified competition, with Swiggy precocious raising Rs 4,499 crore done its IPO and Zepto securing implicit $1.3 cardinal successful caller funding.

Strong fiscal performance:
Zomato achieved profitability successful Q1 FY24, reporting a five-fold summation successful nett net astatine Rs 176 crore for Q2 FY24 and a 68 per cent emergence successful gross to Rs 4,799 crore. CEO Deepinder Goyal, who has waived his wage till March 2026, emphasized the request to heighten currency reserves fixed the evolving competitory landscape.

This improvement is expected to escalate currency pain successful the speedy commerce segment, impacting portion economics crossed players.

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