INSUBCONTINENT EXCLUSIVE:
Zomato and Blinkit sign merger agreement: ReportBENGALURU: Indian food-delivery firm Zomato Ltd has reached an all-stock merger with
Tuesday, citing a source familiar with the matter.Zomato and Blinkit did not immediately respond to Reuters requests for comment.The
food-delivery company in August acquired a more than 9 per cent stake in SoftBank-backed Blinkit for 5.18 billion rupees ($67.77
million).Formerly known as Grofers, Blinkit rebranded itself late last year as its CEO promised to speed up deliveries of everything from
groceries to electronics in a burgeoning market dominated by Walmart's Flipkart and Amazon's local unit.The startup, which operates in
more than 20 locations across India, offers the convenience of delivery in 10 minutes, far lower than the hours or days most competitors
take.Zomato had said in its latest earnings report that it would spend as much as $400 million on potential investments in the quick
commerce market over the next two years.($1 = 76.4380 Indian rupees)(Except for the headline, this story has not been edited by
TheIndianSubcontinent staff and is published from a syndicated feed.)
