Zomato (Online food delivery platform) has announced the acquisition of Blink Commerce (Blinkit), earlier known as Grofers India. The company’s Board of Directors approved a proposal to acquire cash-strapped quick commerce company Blinkit for Rs 4,447 crore. Last year, Zomato extended USD 50 million loans to Grofers India Private Limited. Zomato already owned more than a 9 percent stake in Blinkit (earlier Grofers). While the earlier Blinkit deal value was around $700 million, the drop in Zomato’s share price reduced it to $568 million.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
About the Blinkit:
Blinkit is a quick commerce marketplace delivering groceries and other essentials to customers within minutes (an average delivery time of 15 minutes in the month of May). Blinkit was rebranded from Grofers after a pivot to quick commerce last year. Their erstwhile business model was next-day grocery delivery.
Important Takeaways For All Competitive Exams:
- Zomato Founded: July 2008;
- Zomato Founders: Deepinder Goyal; Pankaj Chaddah
- Zomato Headquarters: Gurgaon, Haryana