Tech in Asia: Zomato Signs Acquisition Deal with Blinkit for $578M
India-based food delivery platform Zomato has acquired grocery delivery platform Blinkit in a $578m deal. The acquisition, expected to officially close in early August 2022, also includes the warehousing and ancillary services business of Blinkit’s B2B trading business.
Founded in 2013 by former Zomato executives, Albinder Dhindsa and Saurabh Kumar, Blinkit offers 15-minute deliveries of groceries and essential products to customers. Blinkit also enables last-mile delivery of products from the dark stores to customers. The delivery radius for a dark store is usually under 2km. The quick commerce business is said to have visibility into inventory owned by third-party retailers and distributors stocking nearly 4,000 stock-keeping units (SKUs).
In a Statement made by Zomato’s CEO Deepinder Goyal, “Quick commerce will help us increase the customer wallet share spent on our platform and also drive higher frequency and engagement from our customers. He also added, “We believe that ‘super brands’ will work better in India than ‘super apps’”.