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28 Jun 2022

Zomato Loses $1 billion after Blinkit deal

The Index Today

Shares of India's Zomato Ltd fell as much as 8.2% on Tuesday after the news of the Food-delivery giant acquiring Blinkit broke off. The company's shares saw a fall of about 14 percent since the announcement of the offer, shedding nearly 76.78 billion rupees in market capitalization.

Issuance of new shares by Zomato to Blinkit, including employee stock option pool, would amount to dilution of about 7.25 percent of total outstanding shares post-acquisition basis, according to a Morgan Stanley client note.

The quick-commerce sector is growing at a rapid clip with rivals Swiggy, Reliance Industries-backed Dunzo, Tata-backed BigBasket, and Zepto making big investments. Blinkit had become a unicorn — or a privately held company with a valuation of $1 billion or more — last year following a $120 million funding round from Zomato and New York-based investment firm Tiger Global.

After starting to show an upward rise in the last few weeks, Zomato shares are currently back to their last month’s level. The company's shares have overall fallen about 57% so far this year.

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