Online food delivery company zomato has invested Rs 500 crore in its quick commerce platform Blinkit. This information has been received from the regulatory filing made with the Registrar of Companies (RoC). With this, since the acquisition of the company in august 2022, zomato has so far invested Rs 2,800 crore in Blinkit. zomato made this investment in Blinkit after raising Rs 8,500 crore through QIP in November.
Quick commerce competing with each other in the market
zomato bought Blinkit Commerce Private Limited (formerly Grofers) for Rs 4,477 crore in an all-stock deal. Here Blinkit has also recently launched a food delivery app called Bistro. With the launch of this 10 minute food delivery platform, Bistro will compete with Swiggy's Snack and Zepto Cafe.
In the second quarter (July-September) of the financial year 2024-25, Blinkit's revenue more than doubled to Rs 1,156 crore, which shows a growth of 129 percent year-on-year. While during this period the company also suffered an EBITDA loss of Rs 8 crore. Blinkit also suffered an operating loss of Rs 125 crore in the same quarter last year.
Blinkit became a unicorn company
zomato had a 9 percent stake in Blinkit before buying the company completely in 2022. In june 2021, Blinkit raised $120 million from zomato and tiger Global and became a unicorn. Let us tell you that a unicorn is a startup company whose value exceeds one billion dollars. In march 2022, Blinkit raised $100 million from zomato via convertible notes, and during the same period, zomato provided Blinkit with a $150 million loan, which the company later bought out.
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