Foodtech heavyweight Zomato has seen remarkable growth in its share price in the past one year, with the stock rising more than 150% to touch a new all-time high of ₹304.50 on the BSE. Driven by sustained rally, the market capitalisation of Deepinder Goyal-led restaurant aggregator and food delivery company inched close to ₹3 lakh crore mark as investors remained bullish on the stock amid its rising share in quick commerce business, strong execution in food delivery, and improving balance sheet.

On Tuesday, shares of Zomato opened higher for the third straight session at ₹295.90 and rose as much as 3.1% to hit an intraday high of ₹303.40 on the BSE. The largecap stock inched towards its all-time high of ₹304.50 on December 5, 2024. In the last one year, the new age tech stock has risen 135%, while it added 60% in the past six months and 11.5% in a month.

On the back of sustained rally in its share price, Zomato is set to be included in the Sensex pack, effective from December 23, leading to potential fund inflows of $513 million, as per brokerage firm Nuvama. The company, which will replace JSW Steel as part of the latest reconstitution, is going to be the first new-age tech stock to enter the 30-share Sensex pack.

Going ahead, Zomato is also expected to be included in the Nifty 50 benchmark index, domestic brokerage JM Financial said in a recent report. The report noted that inclusion of Zomato in the Nifty50 index would potentially lead to fund inflows of $607 million.

Last month, Zomato raised ₹8,500 crore via qualified institutional placements (QIP) amid intensifying competition in the quick commerce space, with its closed rival Swiggy recently raising ₹11,300 crore through initial public offering (IPO) route, and Zepto securing over $1.3 billion in fresh funding. The fundraise, the first major since its listing on the stock exchanges in July 2021, is intended to be used to strengthen the balance sheet and support the expansion of its quick commerce arm Blinkit.

Meanwhile, shares of Swiggy also extended rally for the third session, rising more than 21% to hit a fresh high of ₹613 on the BSE. On Monday, Axis Capital initiated coverage on the stock with a ‘buy’ rating, expecting Swiggy’s revenue to grow at a 38% compound annual growth rate between financial year 2023-24 and 2027, with quick-commerce revenues growing at 84% and food delivery at 23%.

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