Zomato's decision to raise additional funds via QIP, despite holding $1.5 billion in cash, has sparked intrigue in the quick commerce sector, with some viewing it as a strategic move to overshadow Swiggy's impending IPO.

Zomato called for a meeting on October 22 with its shareholders to discuss the prospect of the QIP, as well as unaudited financial results.

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The food and grocery delivery major will put up the proposal to the board on October 22, on which day it will also declare its financial results for the July-September quarter.

S hares of Zomato Ltd are in news today after the online food delivery firm said its baord would meet on October 22 to consider raising funds via a qualified institutional placeme

Shares of food-delivery giant Zomato dived on Friday’s early trade, going down by over 3%, after the company announced plans to raise funds through a qualified institutional placement. What Happened: Zomato’s board of directors will meet on October 22 to approve the firm’s quarterly financial results,

Shares of Zomato dropped by 5.4% after the company announced a fund-raising plan through issuing equity shares. The company reported a net profit of Rs 253 crore for the April-June quarter, driven by revenue growth from Blinkit and Hyperpure.

Shares of Zomato were trading lower at ₹264.95 as of 10:36 am on the BSE. The stock opened at ₹256.05, around 5 per cent lower than the previous close on Thursday.

Food delivery platform Zomato on Thursday said its board will consider fundraising through qualified institutional placement (QIP) on October 22.