Zomato After Infusing 300 Cr In Blinkit
Blinkit, the quick commerce company, will receive Rs 300 crore in fresh capital infusion from parent company Zomato. This segment will surpass Blinkit’s core food delivery business.
The company board of director’s has approved a Rs 300 crore investment in Blinkit Commerce, the filings with the Registrar of Companies accessed via TheKredible revealed.
In addition, Zomato will invest Rs 100 crore in Zomato Entertainment, which focuses on organizing and selling tickets for concerts, parties, and festivals.
With this investment, Zomato has invested a total of Rs 2,300 crore ($277 million) into Blinkit since acquiring it in August 2022. The food delivery giant purchased Blinkit in an all-stock deal valued at Rs 4,477 crore ($568 million).
Zomato reported that Blinkit turned adjusted EBITDA positive in March, with the online food delivery platform achieving Rs 194 crore in adjusted EBITDA for the January-March quarter of FY24.
The consolidated adjusted EBITDA improved by Rs 369 crore compared to the same quarter last year.
Reflecting a 61 percent growth compared to the previous year, the company reported that the adjusted for the quarter reached Rs 3,873 crore. Whereas food gross order delivery rose by 28 percent year-on-year.
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