According to a report by ET Now, Indian firms have raised a staggering Rs 1.27 lakh crore (approximately $17.5 billion USD) through Qualified Institutional Placements (QIPs) in 2024. This is a significant increase from the previous year’s total of Rs 94,000 crore. The Vedanta Group, Zomato, and other major companies have been among the key contributors to this surge in QIP fundraising.
The Vedanta Group, led by Anil Agarwal, has raised Rs 35,000 crore through QIPs, making it the largest QIP fundraiser in 2024. Zomato, the food delivery platform, has also raised a significant amount of Rs 25,000 crore. Other notable companies that have raised funds through QIPs include Hindustan Unilever, ICICI Bank, and Axis Bank.
The QIP route allows companies to raise capital from institutional investors, such as mutual funds, insurance companies, and foreign institutional investors. The funds raised through QIPs can be used for various purposes, including debt repayment, capital expenditure, and working capital requirements. The surge in QIP fundraising in 2024 is expected to support the growth plans of Indian companies and help them navigate the current economic challenges.