Food Delivery Company zomato (Zomato) has launched its Quick Commerce branch. blinkit New capital of Rs 500 crore has been injected into (Blinkit). According to Toffler, this has come to light from the filing submitted to the Registrar of Companies (RoC). After this fresh capital infusion, Zomato’s total investment in BlinkIt comes to approximately Rs 2,800 crore. Zomato had raised Rs 8,500 crore (about $1 billion) through Qualified Institutional Placement (QIP) in late November 2024.
Of this, Rs 2,137 crore was to be used to expand BlinkIt’s operations, particularly through investment in dark stores and warehouses. BlinkIt had seen a similar investment of Rs 300 crore in June last year.
At that time, Zomato had said that BlinkIt is the most important business division of the company and it will be bigger than its core food delivery business. BlinkIt’s implied valuation overtakes that of Zomato’s food delivery business in April 2023.
BlinkIt is the leader in quick commerce market
According to a new report from Motilal Oswal, BlinkIt is currently the market leader in the quick commerce market with a share of 46 percent. Whereas Zepto’s market share is 29 percent and Swiggy Instamart’s is 25 percent. In the year 2022, Zomato bought BlinkIt for $ 568 million (Rs 4,477 crore).
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Recently, BlinkIt has made rapid progress in its expansion plans. It has appointed former Flipkart executive Vipin Kapuria as its Chief Financial Officer. It also plans to open a total of 2,000 dark stores by the end of 2026. Its competitors have also adopted the same path of aggressive expansion. Zomato is scheduled to release its financial results for the October-December 2024 quarter on January 20. On January 17, the company’s share price closed at Rs 248.75 on BSE with a gain of about 3 per cent.