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
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:
Indian chess players Vignesh Vermula and Saranya Devi have won gold medals in the Open…
India has launched its first-ever Guide to Grasslands and Other Open Natural Ecosystems (ONEs) at…
Asia’s first ever desert night safari set to be built in the State of the…
The Ministry of Defence has signed a contract with a General Atomics Aeronautical Systems, Inc.…
Shabnam Sinha will replace Sunil Bharti Mittal as the chairperson of the Airtel Payments Bank,…
The UP Divyangjan Sashaktikaran Yojana 2026 is a welfare scheme for the economic and social…