Zomato Blinkit Deal,
Nearly a year after Zomato—the online food aggregator proposed to acquire Blinkit—a hyperlocal delivery company, the company’s board finally approved the acquisition of an all-stock deal worth Rs 4,447 crore to buy the quick delivery platform last week.
Zomato is coughing up as much as ₹4,447 crore to acquire Blinkit (formerly Grofers) in a proposed all-stock deal as it eyes a pie of the quick commerce market, which analysts at Kotak Institutional Equities say has the potential to touch about ₹20,400 crore by FY2025 and ₹60,300 crore by FY2030.
What is Zomato Blinkit deal?
Zomato is coughing up as much as ₹4,448 crore to acquire Blinkit (formerly Grofers) in a proposed all-stock deal.
Is Grofers and Blinkit same?
On December 13, 2021, Grofers changed its brand name to Blinkit in line with its vision to embrace quick-commerce.
Is Blinkit unicorn?
In an all-stock deal, Zomato is swapping shares with Blinkit, valuing the grocery delivery platform at USD 568 million. Zomato has cut Blinkit’s valuation nearly in half since turning the e-grocer into a unicorn in a USD 120 million funding round co-led with Tiger Global last August.
Who owned Blinkit?
Albinder Dhindsa
Albinder Dhindsa is one of the founders and the CEO of Blinkit, as Grofers is now known as. Dhindsa is an alumnus of the Indian Institute of Technology, Delhi, after which he completed his MBA from the Columbia Business School.
Why Grofers is Blinkit now?
Groceries delivery giant Grofers — which rebranded itself to Blinkit last week in order to further emphasis on its quick commerce image — has shut down stores and is limiting its operations to only those areas where it can deliver products within 10 minutes.
Is Blinkit profitable?
JM Financial Institutional Securities forecasts Blinkit to turn profitable only by FY27 because of the limited financial and operating data, nascent operational history, and intense competitive intensity.
Is Zomato buying Grofers?
Blinkit, earlier known as Grofers, has signed a merger deal with Zomato. The deal will value Blinkit between $700-800 million, stripping down the unicorn valuation that the online grocery delivery firm gained last year when it raised capital from Zomato.