Zomato said on Tuesday its board had approved the company’s proposal to raise $1 billion through a so-called qualified institutions placement, its first major fundraise since its IPO in 2021.
The deliberations for the funding comes weeks before Swiggy, Zomato’s chief rival, makes its public debut. The Bengaluru-headquartered Swiggy, backed by Prosus Ventures, SoftBank and Accel, is looking to raise $1.4 billion through its IPO next month.
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