Foodtech startup Zomato has completed the acquisition of quick-commerce startup Blinkit.
Zomato stated in an exchange filing that the stakeholders relationship committee of its board had approved the issue of 62.85 Cr fully paid-up equity shares of the business to purchase 33,018 equity shares of Blink Commerce India Private Limited (BCPL). On June 24, Zomato announced a plan to buy Blinkit for $568 million. As a result, the publicly traded business was subject to intense scrutiny and questions about conflict of interest and disclosure. Following the announcement of the deal, its shares were also under pressure and plummeted quickly.
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Foodtech startup Zomato has completed the acquisition of quick-commerce startup Blinkit.
Zomato stated in an exchange filing that the stakeholders relationship committee of its board had approved the issue of 62.85 Cr fully paid-up equity shares of the business to purchase 33,018 equity shares of Blink Commerce India Private Limited (BCPL). On June 24, Zomato announced a plan to buy Blinkit for $568 million. As a result, the publicly traded business was subject to intense scrutiny and questions about conflict of interest and disclosure. Following the announcement of the deal, its shares were also under pressure and plummeted quickly.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
