Zomato to acquire quick commerce company Blinkit for Rs 4,447 crore

Mumbai, June 24: The Board of Directors of food delivery company Zomato Limited on Friday approved a proposal to acquire cash-strapped quick commerce company Blinkit for Rs 4,447 crore. It will be an all-stock deal.

In a regulatory filing to the stock exchange, Zomato said its board has approved the acquisition of up to 33,018 equity shares of Blink Commerce Private Limited, formerly known as Grofers India Private Limited for a total purchase consideration of Rs 4447,47,84,078 at a price of Rs 13,46,986.01 per equity share by issuance and allotment of up to 62,85,30,012 fully paid-up equity shares of the Company having face value of Rs 1 each.