Existing backer Zomato is set to purchase grocery delivery service Blinkit in a deal which will also give SoftBank Vision Fund and Bennett Coleman & Co exits.

Restaurant listings and food delivery service Zomato has agreed to acquire one of its portfolio companies, India-based rapid delivery service Blinkit, in an all-stock deal valued between $700m and $750m, TechCrunch reported yesterday.

Founded in 2013 as Grofers, Blinkit operates an online platform where shoppers have access to a range of food, household and personal care products available for delivery in under 15 minutes.

Amid intensifying competition with rival food delivery services such as Swiggy, which itself raised $700m…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
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