Zomato, Blinkit reach merger agreement: Report – Times of India

BENGALURU: Food-delivery firm Zomato has reached an all-stock merger with Blinkit, which values ​​the instant-delivery service between $700 million and $750 million, TechCrunch reported on Tuesday, according to a source familiar with the matter. Said citing.
Zomato and Blinkit did not immediately respond to Reuters requests for comment.
The food-delivery company in August acquired a more than 9% stake in SoftBank-backed Blinkit for Rs 518 crore ($67.77 million).
Formerly known as Grofers, Blinkit rebranded itself late last year as its CEO transitioned into delivery of everything from groceries to electronics in a market dominated by Walmart’s Flipkart and Amazon’s local unit. promised to speed up.
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.
In its latest earnings report, Zomato said that it will spend up to $400 million on potential investments in the accelerated commerce market over the next two years.