Zomato Plans $1 Billion Raise Ahead of Swiggy's IPO

• Zomato's board approves a $1 billion share sale to institutional investors.
• This move comes just before rival Swiggy's public debut, aiming to raise about $1.4 billion.
• Analysts suggest Zomato's strategy could be to reduce foreign institutional investor ownership below 50%, making it a 'domestic' company.
• This could allow Zomato's subsidiary, Blinkit, to adopt an inventory-based model in India.
• Zomato, facing competition from Swiggy, Zepto, and BigBasket, leads India's quick-commerce market, expected to generate over $6.5 billion in annual revenues.

Source: Techcrunch