new Delhi: Food delivery firm Zomato and online shopping platform Blinkit have signed a merger deal, TechCrunch reported on Tuesday, quoting a source familiar with the matter.
Zomato had in August last year acquired over 9 per cent stake in SoftBank-backed Blinkit for Rs 5.18 billion ($67.77 million).
Instant delivery services startup formerly known as Grofers, Blinkit rebranded itself late last year following a promise from its CEO Accelerating deliveries of everything from groceries to electronics among major players like Walmart’s Flipkart and Amazon’s local unit.
Neither Zomato nor Blinkit has reacted to the development yet.
Operating across 20 locations in India, Blinkit offers delivery within 10 minutes which is significantly less than the hours or days taken by its competitors.
In its latest earnings report, Zomato had said that it will spend up to $400 million on potential investments in the accelerated commercial market over the next two years.
Blinkit, at the time Grofers entered the unicorn club in August 2021, after it successfully raised $120 million from food delivery startup, Zomato.