Zomato acquires Blinkit for $568 million in instant-grocery delivery push

Zomato has acquired Blinkit, a struggling 10-minute grocery delivery startup, in a $568.1 million all-stock deal as the loss-making food delivery firm looks to broaden its offerings at a time when its shares are trading far below last year’s debut price and less than half of the all-time highs.
The Gurgaon-headquartered firm — which reached an agreement to acquire Blinkit earlier this year, TechCrunch previously reported — said on Friday its shareholders have approved the deal (PDF). The deal marks a significant value erosion in Blinkit, which became a unicorn a year ago and

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