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.

    While Zomato is backed by China's Ant Group, Swiggy has the backing of Japanese multinational conglomerate SoftBank Group Corp.

    A new chapter has been added to the growing corporate rivalry between online food-delivery platforms Zomato and Swiggy. The new twist comes after Zomato has reached an all-stock merger with Blinkit. Following the deal, instant-delivery service firm Blinkit, formerly known as Grofers, will be valued between $700 million and $750 million, according to a Reuters report.

    ZOMATO-BLINKIT DEAL

    Zomato said in a statement that it would loan as much as $150 million to Blinkit for the start-up's near-term capital needs.

    Zomato in August acquired a more than 9 per cent stake in SoftBank-backed Blinkit for nearly $68 million.

    Earlier this year, Zomato said it would invest as much as $400 million in the Indian quick commerce market over the next two years.

    ZOMATO VS SWIGGY

    • 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. Both of these online delivery platforms consider the quick commerce market as the next big thing for the foodtech sector.
    • Blinkit rebranded itself late last year as its CEO promised to speed up deliveries of everything from groceries to electronics in a burgeoning market dominated by Walmart's Flipkart and Amazon's local unit.
    • The instant-delivery startup Blinkit, which operates in more than 20 locations across India, offers the convenience of delivery in 10 minutes, far lower than the hours or days most competitors take.
    • In December last year, Swiggy announced that it would invest $700 million in its grocery delivery service, Instamart, to strengthen its footing in a highly competitive domestic market.
    • Swiggy's grocery delivery service, Instamart, has started to compete with the likes of Blinkit and Zepto.
    • While Zomato is backed by China's Ant Group, Swiggy has the backing of Japanese multinational conglomerate SoftBank Group Corp.

    IPO

    In February 2022, Reuters reported that Swiggy had started preparations to raise at least $800 million in an IPO early next year.

    Swiggy has begun adding independent directors to the board, and plans to position itself as a logistics company and not just a food delivery firm, according to the report.

    Last year, Zomato's initial public offering (IPO) had a stellar debut in the share markets. Zomato had announced it would raise $1.26 billion.

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    Has Zomato bought Swiggy?
    Zomato in talks with Swiggy for a merger: Report. Gurugram-based food discovery and ordering startup Zomato is in talks for a merger with its Bengaluru-based rival Swiggy, according to reports. While Zomato has reportedly proposed a stock-based merger, Swiggy is looking to acquire the online food delivery arm of Zomato more
    Who bought Lehman?
    Barclays acquisition On September 16, 2008, Barclays PLC announced that they would acquire a "stripped clean" portion of Lehman for $1.75 billion, including most of Lehman's North America operations. more
    Who bought Oblock?
    Chicago, IL – Lil Durk has been emphatic about purchasing Chicago's infamous O-Block, a place he and his late Only The Family artist King Von once called home. Late last month, he tweeted money was no object after he learned the Parkway Gardens housing complex was up for sale. “I'll buy it,” he tweeted on April 30. more
    Who bought Carvana?
    ADESA U.S. President John Hammer additional senior and executive leadership and teams will transition to Carvana after the deal is closed. The ADESA U.S. business generated over $800M of revenue and over $100M of EBITDA* in 2021. more
    Who bought Paytm?
    Vijay Shekhar Sharma has purchased 1.72 lakh shares in One97 Communications which is listed as Paytm. more
    Who bought AMP?
    Resolution Life Group Holdings LP (“Resolution Life”), a global manager of in-force life insurance businesses, is delighted to announce that it has completed the A$3bn acquisition of AMP Life. more
    Who bought GameStop?
    founder Ryan Cohen Just when meme stocks seemed down for the count, Chewy co-founder Ryan Cohen stepped in and bought 100,000 shares of GameStop on Tuesday. more
    Who owns Zomato?
    Deepinder Goyal Mumbai: Deepinder Goyal, founder and CEO of Zomato, took to Twitter on Tuesday after the company's new 10-minute good delivery service Zomato Instant was widely criticised on social media. more
    Who funds Zomato?
    Zomato is funded by 25 investors. Fidelity Management and Research Company and Tiger Global Management are the most recent investors. more
    Can Zomato survive?
    We thus reckon that Zomato is well-poised to grow at a strong pace over the next decade led by attractive market opportunity and potential cross-sell and up-sell opportunity by adding other value-added services like grocery delivery into the portfolio. Zomato has been burning cash ever since its existence. more
    Who bought Coinbase?
    The purchases brought holdings of Coinbase by Paradigm to more than 3.6 million shares. Ehrsam also holds 1.1 million shares via a trust. more

    Source: www.indiatoday.in

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