Zomato acquired Blinkit, an online commerce company, previously known as Grofers on Friday. Before the acquisition, Zomato had a 9% stake in the startup.The acquisition which was awaiting this day for months,was finally approved for Rs 4,447 crore.
The online food delivery company, Zomato will acquire around 33,018 equity shares of Blink Commerce Pvt Ltd through the deal at the rate of Rs 70.76 per share. The entire deal is predicted to close in August 2022, after receiving regulatory approval and agreement by the shareholders. Besides Blinkit, Zomato is also said to acquire the company’s warehousing business named Hands on Trade Pvt Ltd for Rs 607 million in cash.
The CEO has said that though they wish for Blinkit to benefit from Zomato’s existing customer base, both apps will be kept differently as Zomato is known for food, while Blinkit is a grocery providing platform. The CEO also said that Blinkit was a natural extension to the food delivery system.
Zomato has grown at a whopping CAGR of 86% in the past 4 years while receiving an adjusted revenue of $710 million.
