Zomato to mull fund raising on Oct 22 via QIP

Zomato informed that its board is scheduled to meet on 22 October 2024 to consider the proposal of raising of funds by issuance of equity shares by way of qualified institutions placement (QIP).

The proposal is 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.

Further, the board of directors will also approve unaudited financial results (standalone and consolidated) of the company for the quarter and half year ended 30 September 2024.

Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.

The food delivery companys consolidated net profit spurted to Rs 253 crore during the quarter compared with Rs 2 crore posted in corresponding quarter last year. Revenue from operations jumped 74.09% YoY to Rs 4,206 crore in Q1 FY25.

The scrip declined 1.29% to close at Rs 270.65 on Thursday, 17 October 2024.

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