BENGALURU: Meals-delivery agency Zomato has reached an all-stock merger with Blinkit that values the instant-delivery service between $700 million and $750 million, TechCrunch reported on Tuesday, citing a supply conversant in the matter.
Zomato and Blinkit didn’t instantly reply to Reuters requests for remark.
The food-delivery firm in August acquired a greater than 9% stake in SoftBank-backed Blinkit for Rs 518 crore ($67.77 million).
Previously often called Grofers, Blinkit rebranded itself late final 12 months as its CEO promised to hurry up deliveries of all the pieces from groceries to electronics in a burgeoning market dominated by Walmart’s Flipkart and Amazon’s native unit.
The startup, which operates in additional than 20 areas throughout India, presents the comfort of supply in 10 minutes, far decrease than the hours or days most opponents take.
Zomato had mentioned in its newest earnings report that it might spend as a lot as $400 million on potential investments within the fast commerce market over the following two years.