Zomato Surges to New Profit Heights in Q2, Eyes Massive Funding

Zomato Ltd reported a significant net profit of Rs 176 crore for Q2 2024, marking substantial growth from last year's Rs 36 crore. The company approved an Rs 8,500 crore equity shares placement. Revenues rose to Rs 4,799 crore, with acquisition impacts noted.

Zomato Ltd, a leader in the online food delivery sector, has announced a striking net profit of Rs 176 crore for the second quarter ending September 30, 2024. This marks a steep climb from the Rs 36 crore profit recorded in the same period last year.

To bolster its financial position, the company's board has sanctioned the raising of Rs 8,500 crore through a qualified institutional placement of equity shares, as disclosed in their regulatory filing. The revenue from operations for the quarter stood at Rs 4,799 crore, a sharp increase from the Rs 2,848 crore reported in the previous year's quarter.

The company highlighted that the financial results were influenced by its recent acquisitions of Orbgen Technologies Private Ltd and Wasteland Entertainment Pvt Ltd, which were acquired from One 97 Communications Ltd (Paytm). These have significantly expanded its offerings in movie ticketing and event businesses.

(With inputs from agencies.)