Zomato shares dip 5% amid fundraise plans via QIP

Shares of the food delivery giant Zomato today fell by 5.4% to their low of Rs 256 on BSE after the company’s board announced a meeting on October 22 to consider the plans to raise funds by issuance of equity shares by way of qualified institutions placement (QIP).

The company announced QIP after market hours and Zomato’s shares closed at Rs 270.30 on the NSE, falling by Rs 3.95 or 1.44% over the Wednesday price.

The food and grocery delivery company had reported a Rs 253 crore net profit for the April-June quarter, compared with Rs 2 crore a year earlier, even as operating revenue rose 74% to Rs 4,206 crore.

The better-than-expected performance—analysts had estimated the profit to come in at Rs 215-235 crore—resulted in the Gurgaon-based company’s share price spiking towards the tail end of Thursday’s trading session, catapulting its market capitalisation to al ..

The first-quarter revenue growth was primarily delivered by rising contributions from its quick-commerce vertical Blinkit and business-to-business grocery supply unit Hyperpure. Zomato also announced a standalone app, District, for its going-out business, which includes dining out, events and ticketing.

Blinkit, which market analysts suggest is driving the upside in Zomato’s valuation, has extended its aggressive expansion plan. Its chief executive Albinder Dhindsa said Blinkit now aims to have 2,000 dark stores by the end of 2026.

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