Updated: Aug 28, 2022
By Yeshaswine Tamarakolanu
Zomato, the food delivery unicorn, said on March 1st that it has invested the rupee equivalent of $150 million in Blinkit (formerly GIPL)., a 10-minute grocery delivery start-up, as a form of debt. Zomato will be disbursed in one or more tranches of 12 percent annual interest rate with a maximum term of one year in consideration for the loan given to Blinkit.
Blinkit's worth might rise to $700-750 million as a result of the Zomato acquisition, which will aid the company in recouping its capital, vendor payments, shuts down warehouses, and lay off workforce.
According to sources, SoftBank, a Blinkit investor, will receive a 4 percent to 4.5 percent share in Zomato and a 40% ownership in Blinkit as a result of the merger.