Zomato Acquires Blink Commerce

Online food delivery service Zomato shares that it will purchase Blink Commerce (formerly known as Grofers India) through a share exchange for a total purchase of Rs 4,447.48 crore. According to a regulatory filing from Zomato, the company's board of directors have approves the purchase of up to 33,018 equity shares of Blink Commerce from the company's shareholders for a total purchase price of Rs 4,447.48 crore, or Rs 13.45 lakh per equity share.

Up to 62.85 crores fully paid-up equity shares of Zomato, each with a face value of Re 1, will be issued and allocated as part of this transaction, it was stated. Each equity share will cost Rs 70.76. According to the report, the company now owns 3,248 preference shares and 1 equity share of BCPL.

"This acquisition is in line with our strategy of investing in the quick commerce business," Zomato said.