New Delhi: The board of online food delivery firm Zomato has approved the purchase of online grocery company Blinkit. This deal has been done for $ 568.16 million i.e. Rs 4,447.48 crore. Let us tell you that Blinkit was earlier known as Grofers.
The Board of directors approved the acquisition
Zomato said in the information sent to the stock market on Friday that this deal will be done under the exchange of shares. The board of directors of the company in a meeting held on Friday approved the acquisition of 33,018 shares from the shareholders of Blinkit Commerce at a price of Rs 13.45 lakh per equity share. Thus, the deal is worth Rs 4,447.48 crore.
Investing Strategy in Quick Commerce Business
Under the deal, 62.85 crores fully paid-up equity shares of the face value of Re 1 of Zomato will be issued at a price of Rs 70.76 per equity. “This acquisition is in line with our strategy to invest in the Quick Commerce business,” Zomato said.
Zomato to go completely neutral in plastic use case
Significantly, Zomato has announced to be 100% neutral in terms of plastic use from April 2022. Under this, the company will recycle more plastic than it will use. Apart from this, it has set a target of making over 100 million deliveries in eco-friendly coaches in the next three years, the company said on Friday. Deepinder Goyal, Founder, and CEO of Zomato said in a Blogspot that it is important to promote self-dissolving and other non-plastic alternatives in nature without harming the environment. He said that by promoting them such products can be made more affordable and available.