Zomato: Online food delivery company Zomato has invested Rs 500 crore in its quick commerce platform Blinkit. This information has been received from the regulatory filing made with the Registrar of Companies (RoC). With this, since the acquisition of the company in August 2022, Zomato has so far invested Rs 2,800 crore in Blinkit. Zomato made this investment in Blinkit after raising Rs 8,500 crore through QIP in November.
Quick commerce is competing with each other in the market
Zomato had bought Blinkit Commerce Pvt Ltd (formerly Grofers) for Rs 4,477 crore in an all-stock deal. Here, Blinkit has also recently launched a food delivery app by the name of Bistro. With the launch of this 10 minute food delivery platform, Bistro will compete with Swiggy’s Snack and Zepto Cafe.
Blinkit’s revenue more than doubled to Rs 1,156 crore in the second quarter (July-September) of the financial year 2024-25, which shows a growth of 129 percent year-on-year. Whereas during this period the company also suffered an Ebitda loss of Rs 8 crore. Blinkit also suffered an operating loss of Rs 125 crore in the same quarter last year.
Blinkit becomes a unicorn company
Before completely buying the company in 2022, Zomato had a 9% stake in Blinkit. In June 2021, Blinkit raised $120 million from Zomato and Tiger Global and became a unicorn. Let us tell you that Unicorn is a startup company whose value exceeds one billion dollars.
In March 2022, Blinkit raised $100 million from Zomato through convertible notes and at the same time, Zomato gave a loan of $150 million to Blinkit, which was later bought by the company.
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