Food tech giant Zomato invested Rs 1,500 crore (nearly $178 million) in its quick commerce subsidiary, Blinkit, just a month after closing its Rs 500 crore round.
The board at Blinkit passed a special resolution to issue 7,612 equity shares at an issue price of Rs 19,70,181 each to raise Rs 1,500 crore (or $178 million), according to a regulatory filing accessed from the Registrar of Companies (RoC).
This capital injection into Blinkit comes just three months after Zomato raised Rs 8,500 crore through a Qualified Institutions Placement (QIP), primarily to strengthen its financial position and enable business expansion and strategic initiatives, particularly in the quick commerce segment.
During the third quarter of the ongoing fiscal year, Zomato achieved a remarkable 64.4% year-on-year growth in operating revenue, reaching Rs 5,405 crore from Rs 3,288 crore in Q3 FY24. However, profits for the Gurugram-based company declined by 57.2% to Rs 59 crore during the same period.
In Q3 FY25, Blinkit’s revenue from operations surged over 117%, reaching Rs 1,399 crore from Rs 644 crore.
Last week, Zomato’s arch-rival Swiggy infused Rs 1,000 crore ($117 million) in its supply chain unit Scootsy Logistics to boost its quick commerce arm Instamart.
According to Citi’s latest report, Swiggy Instamart is trailing in the quick commerce race as Zomato-owned Blinkit and Zepto capture larger market shares in India’s competitive rapid delivery market, with Swiggy at 23% and Blinkit at 41%.
Desk
Verified JournalistDiscover the latest startup, business, and funding news. Get insights on trends, IPOs, mergers, and acquisitions. Perfect for entrepreneurs, investors.