May 20, 2024


In 2022, Zomato acquired Blinkit in a $569 million all-stock deal, which was perceived to be a distress sale. Earlier, in 2021, it had acquired a 9 per cent stake in Grofers, as Blinkit was known at that time, for $100 million.Back then, Deepinder Goyal, founder and chief executive officer (CEO) of Zomato, had said quick commerce was a priority because it had growth potential.

 


On Monday, in a letter to shareholders, Deepinder Goyal reminisced: “We are just grateful that the bet we took on Blinkit worked out just fine, and we are not at a point where Akshant (Goyal,

First Published: May 14 2024 | 11:52 PM IST