Turning point for
The ZomBi merger and 10-minute delivery
Zomato will lend $150 million to the beleaguered instant delivery service provider at 12% per annum.
Blinkit, (formerly Grofers) and the food delivery unicorn Zomato have merged.
Zomato paid $100 million for a 10% stake in the company last year.
The development comes when Blinkit is struggling to raise funds, shutting down its warehouses, laying off employees to cut costs.
The announcement landed the company in hot soup with netizens highlighting the risks involved.
‘Zomato Instant’ will kickstart with four hyperlocal delivery stations in Gurugram
The competition is surely increasing in the food tech space.
"The 30-minute average delivery time by Zomato is too slow, and will soon have to become obsolete." - Deepinder Goyal, CEO of Zomato.