New Delhi: Online food delivery company Zomato has invested Rs 500 crore in its quick commerce platform Blinkit. This information has been obtained from the regulatory filing made with the Registrar of Companies (ROC). Along with this, since the acquisition of the company in August 2022, Zomato has so far invested Rs 2,800 crore in Blinkit. Zomato has made this investment in Blinkit after raising Rs 8,500 crore through QIP in November.
giving competition 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 named Bistro. With the launch of this 10-minute food delivery platform, Bistro will compete with Swiggy's Snack and Zepto Café. Blinkit's tax revenue more than doubled to Rs 1,156 crore in the second quarter (July-September) of the financial year 2024-25, showing a growth of 129% year-on-year. During this period the company also suffered an EBITDA loss of Rs 8 crore. Blinkit had also suffered a loss of Rs 125 crore in the same quarter last year.
Blinkit becomes a unicorn company
Zomato held a 9% stake in Blinkit before completely buying the company in 2022. 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 is more than one billion dollars. In March 2022, Blinkit raised $100 million from Zomato through convertible notes and also Zomato gave a loan of $150 million to Blinkit, which was later bought by the company. Also read…
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