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Zomato, the popular online food delivery platform will acquire online grocery delivery Blinkit, the Bloomberg news agency reported on Friday.Zomato – supported by Sequoia Capital and Jack Ma’s Ant Group, among others – expects the rapid deliveries market exponentially including categories such as beauty and personal care, electronics, pharmaceuticals in Free sale and stationery. It expects the demand for rapid deliveries to increase in large long -term Indian cities.
> The agreement is worth 4,447 sterling books (around $ 570 million), said Bloomberg. This will be paid by Zomato in the form of actions of the parent company. However, it is still not clear if it will be an “All-Stock” agreement or not. It is reported that Blinkit shareholders will benefit from a participation of around 7% in Zomato at 70.76 ₹ per share.
> Blinkit – known for rapid grocery deliveries and essential elements – is owned and managed by “Blink Commerce Private Limited” which was previously known as Grofers India Private Limited. Grofers has essentially renamed “Blinkit” while its CEO has promised to accelerate deliveries of everything, from grocery store to electronics, in a market dominated by electronic commerce Flipkart and Amazon.
> Blinkit was one of the more than 40 unicorns – or startups valued at more than a billion dollars, created in India last year, said a Livemint report.
> Zomato previously invested in Blinkit in August from last year, extending a loan of more than $ 100 million for the fast trade entity. Zomato currently holds 9% of Blinkit’s challenges and plans to keep the Blinkit app separated from the Zomato application after the acquisition.
> “The acquisition of the Blinkit technological platform, the business scale, brands and third-party sellers, and its warehouse network will help reduce costs for Zomato,” said Bloomberg, Director General Deepinder Goyal.
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