Zomato completes Blinkit acquisition

11 Aug 2022 , 11:07 AM

Foodtech firm Zomato announced that it had successfully acquired fast-commerce business Blinkit.

Zomato stated in an exchange filing that the stakeholder’s relationship committee of its board had approved the issue of Rs62.85 crores fully paid-up equity shares of the business to purchase 33,018 equity shares of Blink Commerce India Private Limited (BCPL).

Blinkist’s parent company is BCPL.

Furthermore, the business has finished buying all of the BCPL stockholders’ shares. As a result, beginning on August 10, 2022, BCPL became a fully owned subsidiary of the company, according to the statement.

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 conflicts of interest and disclosure. Following the announcement of the deal, its shares were also under pressure and plummeted quickly.

However, 97% of shareholders approved the acquisition of Blinkit’s proposal last month.