Zomato's stock reached a record high and has returned more than 130% in 2024 so far.

Zomato said this week that it has secured ₹8,500 crore to finance its expansion goals by issuing equity shares to eligible institutional investors. Deepinder Goyal, the CEO of Zomato, had previously stated that the goal of the proposed fundraising was to improve the company's balance sheet.

Zomato share price: On Thursday, December 5, the online food aggregator Zomato's shares reached an all-time high of ₹299.25 per on the BSE. To reach the all-time high, the stock surged up to 4.5 percent.

The company's shares were up 9.95 points, or 3.48%, at ₹296.25 at 10:08 AM.

The meal delivery aggregator said last week that it has secured ₹8,500 crore to finance its expansion goals by issuing equity shares to eligible institutional investors.

Deepinder Goyal, the CEO of Zomato, had previously stated that the goal of the proposed fundraising was to improve the company's balance sheet.
On November 25, the business launched its qualified institutional placement (QIP) offering.

The business disclosed in a regulatory filing that the allocation of 33,64,73,755 (33.65 crore) shares to qualified institutional buyers at an issue price of ₹252.62 each, totaling ₹8,500 crore, was approved by the Fund Raising Committee of its Board.

The floor price, which was set at ₹265.91 per share, was 5% lower than the shares that were distributed to investors.

Results for Zomato's Q2 FY25
In the second quarter, which concluded on September 30, 2024, Zomato announced a consolidated net profit of ₹176 crore.

In the same quarter of the previous fiscal year, the company had a consolidated net profit of ₹36 crore.

₹4,799 crore was the total revenue from operations. It also stated that it was at ₹2,848 crore during the same period last year.

According to the report, total expenses for the reviewed quarter were ₹4,783 crore, compared to ₹3,039 crore for the same period last year.

In August of this year, Zomato acquired Orbgen Technologies Private Ltd (OTPL) and Wasteland Entertainment (WEPL), which held the "movies ticketing" and events, respectively, businesses from One 97 Communications Ltd (Paytm). As a result, Zomato stated that its results for the quarter and half-year ending September 30, 2024, were not comparable with those of previous quarters and half-years.

Zomato will join the coveted SENSEX index on December 23 of this year, according to a recent announcement from Asia Index Private Ltd, a BSE affiliate.

After a remarkable increase over the previous year, Zomato's participation in the 30-stock index represents a significant milestone for the company.

The company's stock has risen 138% so far in 2024 and 154% over the last 12 months. (while this report was being written.)