Zomato shareholders approve plan to raise ₹8,500 crore via QIP

Zomato on Saturday announced its shareholders have approved plan to raise ₹8,500 crore via Qualified Institutions Placement (QIP). The proposal was approved by Zomato's board last month. "Our cash balance has reduced from ₹14,400 crore to about ₹10,800 crore (mainly on account of funding past quick commerce losses and some equity investments and acquisitions)," Zomato said in an exchange filing.