Zomato Acquires Blinkit For $568 Mn To Enter Quick Commerce Segment

Zomato Acquires Blinkit For $568 Mn To Enter Quick Commerce Segment

SUMMARY

Zomato will acquire Blinkit in an all-stock deal and the transaction is expected to close in early August this year

Zomato Hyperpure, the restaurant supplies grocery subsidiary, will acquire the warehousing and ancillary services business of Hands on Trades Private Limited for INR 60.70 Cr

Zomato plans to keep the Blinkit app and brand separate from Zomato post-acquisition

Food delivery startup Zomato’s board on Friday (June 24) approved the acquisition of quick commerce startup Blinkit for INR 4,447 Cr ($568 Mn) in an all-stock deal.“We are proposing to acquire Blinkit, a quick commerce business in India and where we first invested in August last year. This foray into the next big category is timely as our existing food business is steadily growing towards profitability,” Zomato founder and CEO Deepinder Goyal said. 

The transaction is expected to close in early August this year. The quick-commerce startup was valued at $568 Mn for the deal as against earlier reports which said it would be valued at $700 Mn-$800 Mn. Blinkit had entered the coveted unicorn club last year when Zomato bought over 9% stake in it (then Grofers), valuing the startup at $1 Bn.

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