Zomato to buy Blinkit for Rs 4.5k cr in all-stock deal

Food delivery giant Zomato's board on Friday approved the acquisition of instant grocery startup Blinkit, formerly known as Grofers, for Rs 4,447 crore in an all-stock deal. The deal value, however, is nearly 40% lower than Blinkit's $1-billion valuation last year, when it turned unicorn by raising $120 million from Zomato and Tiger Global. The transaction is expected to close by August.

from Times of India https://ift.tt/lH5m6j1