BENGALURU :Indian food-delivery firm Zomato Ltd is set to buy local grocery-delivery startup Blinkit for 44.47 billion rupees in an all-stock deal, in a bid to step up its game as competition in the quick-delivery market gets fierce.
Zomato in August bought a more than 9 per cent stake in Blinkit for nearly 5.18 billion rupees and said earlier this year it would invest as much as $400 million in the Indian quick commerce market over the next two years. Formerly known as Grofers, SoftBank Group-backed Blinkit rebranded itself late last year as its chief promised to speed up deliveries of everything from groceries to electronics in a burgeoning market dominated by Walmart's Flipkart and Amazon's local unit.
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Ant Group-backed Zomato to buy additional stake in Blinkit for about $568 millionBENGALURU : India's Zomato Ltd said on Friday it will buy additional stake in local grocery-delivery startup Blinkit for 44.47 billion rupees ($568.16 million) as the food-delivery firm looks to take advantage of the booming quick delivery market.China's Ant Group-backed Zomato already owns a more than 9
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Ant Group-backed Zomato to buy additional stake in Blinkit for about $568 millionBENGALURU : India's Zomato Ltd said on Friday it will buy additional stake in local grocery-delivery startup Blinkit for 44.47 billion rupees ($568.16 million) as the food-delivery firm looks to take advantage of the booming quick delivery market.China's Ant Group-backed Zomato already owns a more than 9
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
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