Zomato to pump ₹300 crore more into Blinkit; total investment touches ₹2,300 crore, says report; shares in green
Zomato, is set to receive an infusion of ₹300 crore in fresh capital from its parent company, regulatory filings sourced via Tofler have revealed, according to a report.The latest investment brings Zomato's total investment in Blinkit to ₹2,300 crore since its acquisition in August 2022, Moneycontrol reported. The continuous flow of funds underscores the significance of the quick commerce sector in India and Zomato’s commitment to maintaining its competitive edge, the report added.Zomato share price was trading in the green, up 1.76 per cent at ₹185.05 on June 11, at 1:57 pm, on BSE.Also Read | Zomato share price Today Live Updates: Zomato Stock Soars in Positive Trading SessionBlinkit's journey to become the leading player in quick commerce is noteworthy, especially given its past struggles before being acquired by Zomato.
Competitors in the sector include Swiggy Instamart, Zepto, and Tata BigBasket.Livemint could not independently verify the development.Also Read | Indian Energy Exchange share price Today Live Updates : Indian Energy Exchange Surges in Positive Trading TodayZomato, based in Gurugram, acquired Blinkit (formerly Grofers) in a distress sale for ₹4,447 crore, which was nearly half of its previous valuation. Initially viewed as a burden, Blinkit has since transformed into Zomato’s largest division, reflecting a significant turnaround.Also Read | Adani Total Gas share price Today Live Updates : Adani Total Gas stock plummets in today's tradingZomato announced its acquisition of Blinkit in 2022.
The move was perceived as a rescue operation, leading to a 20 per cent drop in Zomato’s share price. Despite initial scepticism, Zomato remained optimistic, and Blinkit has delivered on its promises, successfully
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