Zomato to acquire Blinkit for ₹4,447 crore in all-stock deal
2 years, 6 months ago

Zomato to acquire Blinkit for ₹4,447 crore in all-stock deal

Live Mint  

Food delivery platform Zomato has agreed to acquire instant grocery startup Blinkit for ₹4,447 crore in an all-stock deal, as it seeks to exploit a fast-growing market for quick grocery delivery. Japan’s SoftBank, the biggest shareholder in Blinkit with a 46% stake, will get around 3.2% stake in Zomato as part of the transaction, as per VCCircle estimates. Other investors in Blinkit who stand to get new shares in Zomato include Korea’s KTB Ventures, Yuri Milner’s Apollete Asia and Bennet Coleman and Co. Ltd. Grofers International Pte, the promoter entity of Grofers founders, will get 759 million shares or over 0.8% stake in Zomato. Deepinder Goyal, founder and chief executive of Zomato, in a blog post, noted that quick commerce has been the company’s strategic priority since last year when it first invested in Blinkit.

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