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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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 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 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 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.

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.