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Zomato set to acquire 9.3 percent stake in Grofers, seeks CCI approval

The grocery delivery app has become popular in recent months due to the COVID-19 pandemic and subsequent lockdowns.  Zomato is looking to acquire a 9.3 percent stake in online grocery delivery platform Grofers, a filing with the Competition Commission of India (CCI) revealed. In seeking CCI's approval for the deal, Zomato and Grofers submitted that the "proposed transaction will have no impact on the competitive landscape in any potential relevant market in India, in any manner" and that the concerned markets are "are highly fragmented with the presence of multiple players, including several unorganised players, who will continue to impose significant competitive constraints." Zomato will invest around $100 million in Grofers as part of a larger funding round that values the grocery start-up at over one billion dollars, The Economics Times reported. Last year, the two firms were looking at a merger, but…

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