The deal comes after it bought a more than 9% stake in SoftBank Group 9984.T-backed Blinkit for nearly 5.18 billion rupees in August, with a promise to invest as much as $400 million in the Indian quick-commerce market over the next two years.
Zomato’s founder and CEO Deepinder Goyal along with CFO Akshant Goyal explained in detail the drivers of the acquisition and the synergies that both companies would achieve.
Chief Executive Officer (CEO) of the online food delivery bellwether Zomato Deepinder Goyal has said that the company is focusing more on conserving cash than securing minority investments, as per the company's earnings release and letter to the shareholders.
India has seen a booming demand for delivery of food and groceries, especially during the Covid-19 pandemic. Zomato and Swiggy are eyeing the expanding quick commerce market in India.