Lawstreet Journal

Blinkit To Get Acquired By Zomato In Rs.4,447 Crore Deal

Lawstreet Journal 25 Jun 2022 9:36pm

Image courtesy: Lawstreet Journal Business Blinkit To Get Acquired By Zomato In Rs.4,447 Crore Deal

The acquisition of rapid commerce company Blinkit for Rs.4,447 crore in an all-stock deal was approved by the board of food delivery company Zomato on June 24.

Additionally, Zomato’s restaurant supply subsidiary, Hyperpure, will acquire the warehousing and ancillary services business of Hands on Trade Private Limited for Rs.60.7 crore. The Blinkit deal's value was once believed to be approximately $700 million, but at the current exchange rate, it is only worth $568 million due to the decline in Zomato's stock price.

Zomato CEO Deepinder Goyal said that,

“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.”

He added that,

“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.”

Blinkit's annual turnover for the previous three fiscal years was also disclosed in the filing: Rs.263 crore in FY22, Rs.200 crore in FY21, and Rs.165 crore in FY20. In accordance with the terms of the agreement, SoftBank, the largest shareholder in Blinkit, would receive 28.71 crore Zomato shares, followed by Tiger Global with 12.34 crore, BCCL with 1.5 crore, and South Korean investor DAOL with 3.66 crore.

Sequoia’s shareholding in Zomato will rise from 1.33 crore shares to 5.84 crore shares… Continue Reading...


Tagged: Zomato    Hyperpure   BCCL   DAOL   Blinkit   CEO Deepinder Goyal  
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