Big Law
Zomato and Blinkit Reach an Agreement for a Merger
Food delivery firm Zomato and instant delivery service Blinkit have reached an agreement for a merger, a source familiar with the matter told TechCrunch. The all-stock deal values Blinkit between $700 million and $750 million, the source said, requesting anonymity as the matter is private.
The merger — or technically, an acquisition — comes at a time when Blinkit has been struggling to raise funds from new or most of its existing investors for several quarters. The SoftBank-backed startup, which was formerly called Grofers, pivoted to instant grocery delivery last year.
