Zomato raises $1 billion to expand its quick commerce service, Blinkit, amid fierce competition.

Zomato, an Indian food delivery company, has raised ₹8,500 crore ($1 billion) through a Qualified Institutional Placement, issuing shares to investors like ICICI Mutual Fund and HDFC. The funds will help expand Zomato's quick commerce arm, Blinkit, and support its marketing efforts, as it competes with players like Swiggy and Amazon. This marks Zomato's first major fundraise since its 2021 IPO.

November 29, 2024
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