Zomato board approves plan to raise Rs 8,500 crore in bid to strengthen firm’s balance sheet

The board of directors of Zomato on Tuesday approved the plans to raise ₹8,500 crore in a bid to strengthen the balance sheet of the company.

Peer rival Swiggy is also lining up an IPO with a potential size of ₹10,000 crore.

“The board has constituted and authorised a fund raising committee to decide the structure, form of issuance, price, discounts and the terms and conditions,” Zomato said in a stock exchange filing.