Zomato Board to Meet on October 22 to Discuss Fundraising Through Qualified Institutional Placement

Food delivery giant Zomato announced on Thursday, October 17, that its board of directors will hold a meeting next week to discuss raising funds through a qualified institutional placement (QIP). This meeting is scheduled for Tuesday, October 22.

In an exchange filing, Zomato stated, “A meeting of the board of directors of the Company is scheduled to be held on Tuesday, October 22, 2024, to consider and approve raising funds by issuing equity shares through a qualified institutional placement, as permitted under applicable laws. This is subject to obtaining necessary regulatory and statutory approvals, including a postal ballot notice for getting the shareholders’ approval if required.”

If the board approves this move, it will mark Zomato’s first capital raise since it went public three years ago. This fundraising initiative comes at a time when Zomato’s competitor, Swiggy, is preparing to enter the market with its own initial public offering (IPO).

Additionally, the company’s board will review the unaudited financial results for the quarter and the half-year ending September 2024 during the same meeting next week.