Technology

Zomato shareholders approve Rs 8,500 crore QIP plan as quick commerce competition heats up

Zomato had announced the plan to raise fresh capital last month - at a time when the rapidly growing quick commerce industry is becoming increasingly competitive and witnessing a flush of funds being infused into the sector.

Shareholders of food and grocery delivery firm Zomato have cleared its plan to raise Rs 8,500 crore via a qualified institutional placement, the company said in a filing to the exchanges. Assembly Election Results Live Updates Maharashtra Election Results Jharkhand Election Results Bypoll Election Results Over 99% of the shareholders who voted were in favour of the resolution. Also Read: Zomato’s QIP salvo before Swiggy IPO will further fuel quick commerce frenzy The Gurgaon-based company had announced the plan to raise fresh capital last month - at a time when the rapidly growing quick commerce industry is becoming increasingly competitive and witnessing a flush of funds being infused into the sector.

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