This surge can be attributed to Blinkit’s acquisition. Zomato’s revenue from operations grew by 62.20% YoY to Rs 1,661 crore in Q2FY23.
When checked, iPhone booking details were not available on the Blink Commerce Pvt Ltd (formerly known as Grofers) platform yet.
In May, Grover had said that buying Zomato shares, even when it had been falling for months, wouldn't be a bad idea.
The shares of foodtech platform Zomato fell 6.40% on Monday following its announcement to acquire quick commerce delivery firm Blinkit Rs 4,447.48 crore in a share swap deal.
This acquisition comes at a time when Blinkit scaled down its business in many cities and started focusing more on 10-minute grocery delivery.
According to various reports, the deal is expected to value Blinkit at around $700 million, and SoftBank Vision Fund is the largest investor in Blinkit.
VCs as well as restaurant owners flag several challenges in the instant food delivery service
And here we are with Zomato Instant,” said Deepinder Goyal, co-founder and CEO of Zomato. Customers are increasingly demanding quicker answers to their needs.
Earlier, in its third quarter earnings, Zomato said that it will invest $400 million over next two years in the quick commerce segment.