The Bengaluru-based company aims to raise over $1 billion through the IPO, pending approval from India’s Securities and Exchange Board of India (SEBI).
The decision to increase the fundraising target will be discussed at an extraordinary general meeting (EGM) scheduled for October 3, according to a formal notice sent to shareholders.
In comparison, Zomato’s overall revenue for FY24 surged by 71 percent to Rs 12,114 crore. Of this, Rs 6,161 crore came from its food delivery business, while Blinkit added Rs 2,301 crore from quick commerce.
This significant step marks a pivotal moment for the company as it continues to expand its presence in the retail and hospitality sectors across India.
According to the document, losses amounted to 17.3 billion rupees (equivalent to USD 207 million) for the period spanning from April to December 2023, marking the initial nine months of the fiscal year 2023-24.
Approximately 75% of the IPO is allocated for qualified institutional buyers, while 15% is designated for non-institutional investors, with the remaining 10% allotted to retail investors.