Zomato to take over Blinkit, the instant delivery platform

India online food delivery platform Zomato is all set to take over instant delivery firm Blinkit in an all-stock deal.

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As per some reports, Zomato will acquire Blinkit within 60 days, in a deal valuing the latter at $700-800 million. This shows Blinkit's value dropping down after the startup achieved unicorn status last year.

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In a late regulatory filing on Tuesday, Zomato said it would extend a $150 million loan to Blinkit in one or more tranches. This loan will support the capital requirements of Grofers India Pvt. Ltd in the near term and is in line with the company's stated intent of investing up to $400 million cash in quick commerce in India over the next two years, Zomato said in its filing.

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However, Zomato didn’t disclose whether it planned to acquire Blinkit.

Zomato invested $120 million in Grofers last year at a valuation of $1 billion and rebranded it to Blinkit, a name that portrays its shift to the quick delivery segment.