The board of Zomato has approved the acquisition of Blinkit for ₹4,447 crore in an all-stock deal, the food delivery company said in a statement on Friday. "This acquisition is in line with our strategy of investing in the quick commerce business," Zomato said. Rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket and Zepto are also betting on fast deliveries in the so-called quick commerce sector. This business is also synergistic with our core food business, giving Zomato the right to win in the long-term." He further said, "This foray into the next big category is timely as our existing food business is steadily growing towards profitability."

Source: Mint June 25, 2022 12:23 UTC