Zomato to acquire Blinkit for 4,447 Crore deal, check further details now!

Multi-national online food delivery platform Zomato said that it will acquire Blinkit Commerce Pvt Ltd for a purchase consideration of Rs 4,447.48 crore. Blinkit, previously known as Grofers is an Indian company that provides instant delivery, their goal is to deliver within 10 minutes. Keeping this in mind, Zomato approved the acquisition of up to 33,018 equity shares of the company. This transaction will be carried out through issuance and allotment of up to 62.85 crores fully paid-up equity shares of Zomato, having a face value of Re 1 each at a price of Rs 70.76 per equity share.

Deepinder Goyal, CEO of Zomato said, “Quick commerce has been our stated strategic priority since the last one year. We have seen this industry grow rapidly both in India and globally, as customers have found great value in quick delivery of groceries and other essentials, this business is also synergistic with our core food business, giving Zomato the right to win in the long-term… This foray into the next big category is timely as our existing food business is steadily growing towards profitability.”

The company said this in a regulatory filing and the filing also revealed that Zomato already holds 1 equity share and 3248 preference shares presently in BPCL. The turnovers of the last three fiscals of Blinkit were also announced: Rs 263 crore in FY22, Rs 200 crore in FY21 and Rs 165 crore in FY20.

Soft Bank the largest shareholder of Blinkit will receive 28.71 crore shares of Zomato, Tiger Global will have 12.34 crore shares and BCCL will get up to 1.5 crore shares as per the deal agreement.