Zomato had launched the pilot grocery delivery service in July this year in select markets offering grocery delivery within 45 minutes to its customers.
The foray of Tata Group with a majority acquisition of Big Basket as well as the launch of JioMart by Reliance last year have consolidated the $2-billion industry.
Zomato, last month, said it has invested USD 100 million (around Rs 745 crore) for acquiring a minority stake in Grofers as the company looks to have more exposure to the online grocery segment.
The company was reportedly valued at $644 million in a Series F funding round led by a US-based asset management company Euler Firm.
The development comes at a time when the SoftBank-backed company is looking at launching an initial public offering (IPO).
Indian startups are following their counterparts in the US and Southeast Asia, which have been eyeing Nasdaq listings through billion-dollar SPAC deals.