Deepinder Goyal on IPO Strategy

Zomato raised 8,500 crore rupees through a Qualified Institutional Placement in November 2024, partially to fund the Blinkit investment. The QIP signalled a strategic decision to keep equity dilution as the funding lever for the quick-commerce war, rather than debt — a choice with implications for existing shareholders' long-term ownership.

Zomato's July 2021 IPO raised about 9,375 crore rupees, then among the largest Indian technology listings. The offer drew outsized retail and institutional interest and validated the loss-making-platform listing thesis on Indian exchanges, even though the shares would trade well below issue price for an extended stretch after the post-listing pop.

Zomato's parent reported a net profit of 253 crore rupees in the relevant reporting period alongside Blinkit's revenue surge — a moment that crystallised the dual-engine thesis of food delivery plus quick commerce. The combined numbers made Eternal a case study in disciplined post-IPO scaling of an Indian consumer-internet conglomerate.