Zomato board approves acquiring quick commerce firm Blinkit for Rs 4,447 cr

Food aggregator platform Zomato’s board approved the acquisition of quick-commerce company Blinkit for Rs 4,447 crore (around $567 million) in an all-stock deal. Zomato will be acquiring 33,018 equity shares of Blink Commerce Pvt Ltd (BCPL).

This transaction will be carried out through issuance and allotment of up to 628.5 million fully paid-up equity shares of Zomato, having face value of Rs 1 each at a price of Rs 70.76 per equity share.

The transaction is expected to close in early August. The transaction is subject to shareholders’ and stock exchange nod.

Zomato already holds around 9 per cent stake in the acquired entity. Zomato will also be paying Rs 60.7 crore ($8 million) cash for acquisition of Hands on Trade Pvt Ltd (HOTPL) warehousing business.