The acquisition will enable Zomato to expand into the instant grocery delivery space. Here are the top-line bullets you need to know.
Zomato, a food delivery company, has acquired Blinkit, a hyper-local grocery delivery startup, for $568M.
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WHO ARE THE PARTIES TO THE DEAL?
- Blinkit: India-based Blinkit provides 10-minute grocery delivery services. It currently operates more than 400 dark stores across 20 locations in India, including Bengaluru, Kolkata, Delhi, Mumbai, Pune, Lucknow, Hyderabad, Kanpur, and Gurgaon.
- Zomato: India-based Zomato provides food delivery services. Within India, the company currently operates across large and small cities, including Kolkata, Mumbai, Lucknow, Ludhiana, Kanpur, Ooty, Nagpur, Bengaluru, Coimbatore, Madurai, Vadodara, Bhopal, Indore, Udaipur, and Patna. Zomato acquired a 10% stake in Blinkit last year.
Source: Blinkit
WHY DOES THE MARKET MATTER?
- The global logistics market is expected to reach a value of $13T by 2027, growing at a CAGR of 6.5%, according to Allied Market Research.
- The pandemic-induced increase in demand for fast-moving consumer goods (FMCG), medical supplies, and other consumer goods has accelerated the growth of online retail, which has driven global logistics market expansion.
- The rising demand for last-mile delivery solutions has contributed to market growth as well.
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