According to people familiar with the matter, India’s online food delivery platform Zomato Ltd. Instant grocery delivery service Blinkit is close to an all-stock deal to take over.
Those who asked not to identify as the information is private. One of the people said they would seek approval from the country’s antitrust regulator in the coming weeks.
People said that talks could still be delayed or broken. Representatives for Blinkit and Zomato did not immediately respond to requests for comment. The Economic Times reported on merger talks earlier on Tuesday.
The proposed acquisition will come soon after Zomato invests an additional $100 million in Blinkit, formerly known as Grofers. Zomato was one of the first generation internet unicorns to tap India’s capital markets after its $1.3 billion initial public offering in July. After touching an all-time high of Rs 160.3 in November, the stock closed at Rs 76.55 per share on Tuesday, slightly above the IPO price of Rs 76.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!