Zomato, a leading player in the food tech industry, has successfully raised ₹8,500 crore through a Qualified Institutional Placement (QIP), marking its first major fundraising initiative since its IPO in July 2021. The QIP, finalized on November 28, 2024, was approved by Zomato’s Fund Raising Committee after receiving submissions from qualified institutional buyers.
A significant portion of this capital, ₹2,137 crore, will be directed toward expanding Blinkit, Zomato’s quick commerce arm. The company plans to invest heavily in setting up dark stores and warehouses to bolster Blinkit’s operational capabilities. Alongside this, Zomato is allocating funds for advertising and marketing to solidify its competitive edge in the food delivery and quick commerce markets.
Adding to the company’s newsworthy streak, founder and CEO Deepinder Goyal has voluntarily extended his salary waiver until March 31, 2026. Goyal had initially opted out of receiving a salary starting April 1, 2021, for three years, and this new decision extends the waiver to a total of five years. Goyal, who currently holds a 4.2% stake in Zomato valued at over ₹10,000 crore, continues to demonstrate his commitment to the company’s growth and vision.
On social media, Goyal made headlines with a job posting for a Chief of Staff, emphasizing traits like empathy and common sense. The listing initially required applicants to contribute ₹20 lakh to Zomato’s Feeding India charity, a condition that Goyal later clarified was intended to gauge serious interest. The post sparked mixed reactions online, with Shaadi.com founder Anupam Mittal humorously offering alternative opportunities to potential candidates, further amplifying the buzz.
Zomato’s recent fundraising efforts and strategic investments underline its ambitions to remain a dominant force in the fast-evolving food tech and quick commerce landscape.