Zomato has increased its influence in its priced acquisition Blinkit, formerly Grofers. The quick-service and delivery company under Deepinder Goyal has infused another Rs 300 crore in Blinkit. Through this infusion of resources, Zomato takes its cumulative investment in the quick-service company to Rs 2,300. In addition, the company's gross value has shot to Rs 4,000 crore.
Rs 300 Crore Infusion in Blinkit
It was in 2022 that Zomato acquired the company for a mammoth USD 569 million or Rs 4,754 crore. The recent infusion is in pursuance of the company's own intention of expanding its influence in the company during the results.
This development also comes at a time, when the company's newest and most vibrant rival, Zepto, is carrying out a fresh round of capital-raising exercises. In addition to Blinkit, Zomato also invested another Rs 100 crore in its ticketing and entertainment arm, Zomato Live and Entertainment.
The quick-service arena is only getting tighter with major players like Zepto, Swiggy Instamart, and Big Basket, owned by Tata, in the mix.
According to a Business Standard Report, Blinkit's gross order value stands at Rs 4,027 crore, with a significant portion coming from Delhi, with an order value of Rs 1,748 crore. |
Blinkit Gross Order Value: Rs 4,027 Crore
According to a Business Standard Report, Blinkit's gross order value stands at Rs 4,027 crore, with a significant portion coming from Delhi, with an order value of Rs 1,748 crore.
Meanwhile, according to previous reports, Swiggy's order value stood at Rs 24,230 crore. It, however, needs to be noted that this figure is for the order value of the whole of Swiggy's operations, and not just Instamart.
Meanwhile, Big Basket's average order value stood at Rs 1,500 crore, the company aims to take the overall order value to Rs 13,000 crore.
According to Goldman Sachs, Blinkit's valuation stood at USD 13 billion. Meanwhile, Zomato's market cap stands at USD 19.3 billion.
Zomato shares on Wednesday, June 12, were trading in red. At 11:01 IST, there was a decline of 0.80 per cent or Rs 1.48, taking the cumulative value for the share price of Zomato stood at Rs 182.54.
