Zomato's shareholders have approved the company's proposal to raise Rs 8,500 crore through a qualified institutional placement (QIP), receiving 99.7% support. The funds aim to strengthen its balance sheet amid rising competition.

Last month, the Zomato board approved a proposal to raise up to Rs 8,500 crore through a Qualified Institutions Placement (QIP). The company stated that the funds are intended to strengthen its balance sheet at this juncture, according to a filing.

Zomato had announced the plan to raise fresh capital last month - at a time when the rapidly growing quick commerce industry is becoming increasingly competitive and witnessing a flush of funds being infused into the sector.

Last month, the Zomato board approved raising up to ₹8,500 crore through a qualified institutions placement (QIP). The fundraising is meant to strengthen the balance sheet at th