Zomato acquires 15-minute delivery platform Blinkit, this deal was done for so many crores

Zomato acquires Blinkit The board of directors of Zomato Ltd has approved the proposal to acquire Blinkit for Rs 4447 crore. This will be an all-stock deal. Let us tell you that Zomato holds more than 9 percent stake in Blinkit (earlier Grofers).

New Delhi, IANS| Zomato acquires Blinkit. Online food delivery platform Zomato on Friday announced that it has acquired quick-commerce platform Blinkit for Rs 4,447 crore in an all-stock deal. Zomato holds over 9 per cent stake in Blinkit (earlier Grofers). The first Blinkit deal was valued at around $700 million, but a drop in Zomato’s share price reduced it to $568 million. Deepinder Goyal, CEO, Zomato said that our existing food business continues to grow towards profitability.

Zomato has grown at a CAGR of 86 per cent (compound annual growth rate) over the last four years to reach adjusted revenue of $710 million, while adjusted EBITDA (Earnings before interest, taxes, depreciation and amortization) margin in FY19 (153 per cent) ) in FY22 (18 per cent). Goyal said Zomato’s restaurant supply subsidiary Hyperpure will acquire the warehousing and ancillary services business of Hands On Trade Private Limited (HOTPL) for Rs 60.7 crore.

Zomato’s Chief Financial Officer Goyal said that the company is not taking over B2B t. He said that our current investment of Rs 2,228 million in HOTPL is secured through our (liquidation preference). The transaction is expected to close in early August 2022.

Let us inform you that Blinkit All-Stock Deals has a quick-commerce platform, which delivers grocery and other essentials to the customers within minutes. The average delivery time of Blinkit in the month of May was 15 minutes. Prior to this his business was distribution of groceries.

Blinkit had a Gross Order Value (GOV) of Rs 4,028 million in the month of May 2022, which is 1/5th of Zomato’s monthly average food deliveries in Q4 FY22. In August last year, Blinkit (erstwhile Grofers) raised $100 million from Zomato.

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