The quick-commerce business Blinkit has been acquired by food-tech startup Zomato.
Zomato reported in a filing with the exchange that the board’s stakeholders relationship committee had approved the issuance of 62.85 Cr fully paid-up equity shares of the company to buy 33,018 equity shares of Blink Commerce India Private Limited (BCPL). Zomato revealed plans to purchase Blinkit for $568 million on June 24. As a result, the publicly traded company came under intensive examination and had disclosure and conflict of interest issues raised. Its shares were also under pressure when the agreement was announced and swiftly fell.
