Delhi Bureau – The board of online food delivery maker Zomato Ltd has approved the acquisition of local grocery-delivery startup Blinkit. This deal has been done for $ 568.16 million i.e. about Rs 4447 crore. Let us tell you that China’s Ant Group-backed Zomato already holds more than 9% stake in Blinkit. Last year, Grofers changed its name to ‘Blinkit‘.
Zomato said this acquisition is in line with our strategy to invest in the Quick Commerce business. Let us tell you that Zomato wants to take advantage of the fast growing market. In March this year, Zomato approved a loan of up to $150 million to Blinkit in one or more tranches.
