Indian food delivery app Zomato has raised $1 billion from institutional investors, completing its first major fundraise since its 2021 IPO.

The food delivery and quick-commerce giant issued approximately 336.5 million shares priced at ₹252.62 each ($3) in a qualified institutional placement, according to a stock exchange filing on Friday.

The fundraise saw strong participation from leading Indian mutual funds. Motilal Oswal emerged as the largest investor, with its family of funds picking up 20.81% of the shares issued. ICICI Prudential’s funds secured 12.78%, while HDFC and Kotak funds acquired 8.68% and 5.95%, respectively.

The $1 billion fundraise strategically shifts Zomato’s status to a “domestic” company by pushing its foreign ownership below 50%. This would allow its quick-commerce unit, Blinkit, to adopt an inventory-led model (currently restricted to domestic firms), enabling direct control over products and warehousing.

he timing of the capital raise is also strategic, coming just weeks after rival Swiggy’s $1.35 billion IPO earlier this month. Zepto, another leading quick-commerce startup, secured $350 million this month in a deal brokered by Motilal Oswal.