As per Blinkit’s regulatory filings, it allotted 2,537 equity shares at an issue price of INR 19.7 Lakh (19,70,181) each to raise INR 500 Cr from Zomato
“… pursuant to the resolution passed by the board of directors in its meeting held on January 6, the company has allotted 2,537 equity shares on the right issue basis,” the filing said
Prior to this, Zomato injected INR 300 Cr in Blinkit in June last year. Zomato then informed that its cumulative invested amount in Blinkit stood at INR 2,300 Cr
Listed foodtech major Zomato has infused around INR 500 Cr (about $57.7 Mn) in its quick commerce arm Blinkit.
As per Blinkit’s regulatory filings, it allotted 2,537 equity shares at an issue price of INR 19.7 Lakh (19,70,181) each to raise INR 499.83 Cr from Zomato.
“… pursuant to the resolution passed by the board of directors in its meeting held on January 6, the company has allotted 2,537 equity shares on the right issue basis,” the filing said.
The development comes nearly two months after Zomato raised INR 8,500 Cr (around $1 Bn) through its first qualified institutional placement (QIP) to expand its quick commerce business Blinkit and support other key growth initiatives.
In its QIP document, the company said it will utilise about INR 2,137 Cr from the issue towards setting up and running operations of Blinkit’s dark stores and Hyperpure’s warehouses.
Prior to this, Zomato injected INR 300 Cr in Blinkit in June last year. Zomato then informed that its cumulative invested amount in Blinkit stood at INR 2,300 Cr, since the latter’s acquisition in August 2022.
The development comes at a time when the competition in the quick commerce segment is rising rapidly. With the fund infusion, Zomato would look to further expand and strengthen its quick commerce offering.
Earlier this month, Blinkit officially announced the launch of its 10-minute food delivery app Bistro.
(The story will be updated soon.)
