Online food delivery company Zomato has invested Rs 300 cr in its quick commerce vertical, Blinkit. As it is being projected that this segment is soon going to surpass its main food delivery business.
The board-approved investment of Rs 300 cr in Blinkit Commerce has been revealed from the filings with the Registrar of Companies, accessed via TheKredible.
Besides this, Zomato is going to spend Rs 100 crore in Zomato Entertainment, which is doing events selling the tickets of concerts, parties, and other festivals.
Zomato has so far pumped Rs 2,300 crore ($277 million) into the quick commerce company in the wake of the Blinkit acquisition in August 2022. Blinkit was bought for a deal valued at Rs 4,477cr ($568 million) all in stock.
According to a recent report, Zomato announced that Blinkit achieved an adjusted EBITDA in positive territory for the month of March. For the quarter of January-March of FY24, the company reported Rs 194 crores as adjusted EBDITA.
This is consolidated adjusted EBITDA with an improvement of Rs 369 crores in the same quarter over the previous year.
Besides, Zomato's combined revenue for the three months is at Rs 3,873 crore, up 61 percent year on year. The food govt was 28 percent higher, year on year, according to the company.
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