New Delhi: The demand for quick delivery of everything from ration to other household items among the people is increasing rapidly. In such a situation, Zomato is now focusing on this business and now Zomato is going to acquire BlinkIt for Rs 4,447 crore. Blinket was previously known as Grofers. Zomato is working on a plan to acquire Grofers from April 2020 to expand into Quick Commerce. The company then offered a valuation of $750 million in front of Grofers. However, in June 2021, Grofers raised more funding and became a unicorn company.
Let's say that any startup is called a unicorn when its valuation exceeds $1 billion. Six months later, Grofers changed his name to Blinkit and increased his focus on Quick Commerce. Zomato bought a 9 per cent stake in Blinkit in August last year. The company had then struck a deal for it for Rs 518 crore. Blinkit currently operates in more than 20 cities across the country and works on delivering rations to people in 10 minutes. While Zomato has recently announced to make food delivery in 10 minutes. In such a situation, this deal of both the companies is quite big in many ways.
However, for this deal, Blinket is expected to get a valuation of 40 percent less than its unicorn status. This will be an all-stock deal. According to the deal, Blinkit's shareholders will get about 7 per cent shares in Zomato and each share will be priced at Rs 70.76 . The deal is likely to be completed by August.
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