Zomato has reportedly reached an all-stock merger with Blinkit, which values the instant-delivery service between $700 million (about Rs 5,350 crore) and $750 million (about Rs 5,732 crore).
development was Reported on Tuesday by TechCrunch, citing a source familiar with the matter.
zomato And blinkit did not immediately respond to Reuters requests for comment.
Food-delivery company picks up over 9 percent stake in August softbankSupported Blinkit for 518 crores.
previously known GrofersBlinkit rebranded itself late last year as its CEO promised to accelerate the delivery of everything from groceries to electronics in a growing market. Walmart’s Flipkart And of amazon local unit.
The startup, which operates in more than 20 locations across India, offers 10-minute delivery facilities, which is much less than the hours or days most competitors take.
Zomato in a regulatory filing The Bombay Stock Exchange (BSE) said it has approved loans of up to $150 million (approximately Rs 1,145 crore) to Grofers (Blinkit) in one or more tranches. The filing said the interest rate would be 12 per cent per annum or more for loans with a tenure not exceeding one year.
“This loan will support GIPL’s capital requirements in the near term and is in line with our stated intention to invest $400 million (approximately Rs 3,057 crore) in cash in accelerated commerce in India over the next 2 years,” Zomato said. ,
We have reached out to Zomato to understand the specifics of the deal with Blinkit and will update this article once we get a response.