Online food aggregator Zomato on Tuesday reported over 30 per cent loss in net profit at Rs 176 crore (quarter-on-quarter) in the July-September period, from Rs 253 crore in the previous quarter (Q1 FY25).
Zomato’s board also approved the plans to raise Rs 8,500 crore via the qualified institutional placement (QIP) route, as per a regulatory filing, as the competition in the quick commerce space grows.
“While the business is now generating cash (vis-a-vis a loss-making business at the time of IPO), we believe that we need to enhance our cash balance given the competitive landscape and the much larger scale of our business today,” said Deepinder Goyal, Founder and CEO, Zomato.
“We believe that capital by itself does not give anyone the right to win (and that service quality is the key determinant of success), but we want to ensure that we are on a level playing field with …