Zomato feeds 
300 crore for Blinkit to overtake Zepto & Swiggy Instamart
Indian food delivery giant Zomato is infusing 
300 crore (approximately $36 million) in its quick commerce subsidiary platform Blinkit. The significant infusion will enable Zomato to level up its offerings to surpass its two major competitors in the market: Zepto and Swiggy Instamart.
300 crore (approximately $36 million) in its quick commerce subsidiary platform Blinkit. The significant infusion will enable Zomato to level up its offerings to surpass its two major competitors in the market: Zepto and Swiggy Instamart.
Apart from Blinkit, Zomato also set to put its money around 100 crore - $12 million in Zomato entertainment, a subsidiary that operates the company’s live events and ticketing business operations.
100 crore - $12 million in Zomato entertainment, a subsidiary that operates the company’s live events and ticketing business operations.
According to the company’s regulatory filing obtained from Registrar of Companies, the Zomato board has passed a resolution to pump in 300 crore in Blinkit Commerce and 100 crore in Zomato Entertainment.
300 crore in Blinkit Commerce and 100 crore in Zomato Entertainment.
Since its acquirement in August 2022, within this fund injection Zomato has captalized 2,300 crore ($277 million approximately) in Blinkit. Blinkit (formerly known as Grofers) was developed by the food delivery giant in an all-stock deal for 4,477 crore ($568 million).
2,300 crore ($277 million approximately) in Blinkit. Blinkit (formerly known as Grofers) was developed by the food delivery giant in an all-stock deal for 4,477 crore ($568 million).
The allocation of fresh capital comes just after the Q4 results of Zomato which exposed that Blinkit sustained to accomplish EBITDA profitability along with 19.4 percent growth and development in its revenue to 769 crore in Q4 FY24. Inclusively, Zomato reported 175 crore profit in the previous quarter.
769 crore in Q4 FY24. Inclusively, Zomato reported 175 crore profit in the previous quarter.
Since the past few years, the completion heaviness in quick commerce sector is getting severe. At the end of the year 2021, Swiggy declared that it will infuse $700 million in its quick commerce arm Instamart. From then, Zepto has raised about $ 430 million across three rounds and further planning to lift up capital in a new round. In the meantime, e-commerce giant Flipkart is targeting the quick commerce sector. Also the Walmart-led company raised $350 million from Google.
$700 million in its quick commerce arm Instamart. From then, Zepto has raised about $ 430 million across three rounds and further planning to lift up capital in a new round. In the meantime, e-commerce giant Flipkart is targeting the quick commerce sector. Also the Walmart-led company raised $350 million from Google.Read More News :
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