New Delhi, June 11 (IANS) Online food delivery platform Zomato has invested Rs 300 crore in its quick commerce arm, Blinkit, as this segment is projected to surpass its core food delivery business.
The board of the company has approved the investment of Rs 300 crore in Blinkit Commerce, as per filings with the Registrar of Companies accessed via TheKredible.
Additionally, Zomato will also invest Rs 100 crore in Zomato Entertainment, its events arm, which specialises in curating and selling tickets for concerts, parties, and festivals.
With this investment, Zomato has injected Rs 2,300 crore ($277 million) into Blinkit since acquiring it in August 2022. BlinkIt was bought by the food delivery giant in an all-stock transaction for Rs 4,477 crore ($568 million).
Meanwhile, Zomato has said that Blinkit turned adjusted EBITDA positive in March, as the online food delivery platform clocked Rs 194 crore in adjusted EBITDA for the January-March quarter of FY24.
The consolidated adjusted EBITDA improved by Rs 369 crore as compared to the same quarter last year.
The adjusted revenue was Rs 3,873 crore, a 61 per cent growth (year-on-year) for the quarter, as food gross order delivery (GOV) grew 28 per cent (on-year), the company said in a statement.
–IANS
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