Zomato has proposed to acquire Blinkit (erstwhile Grofers) for $570 million after first picking up a stake in the firm in August last year, according to a statement by Zomato. The company expects to close the deal by August 2022, the statement added. Why it matters: Zomato* pivoted to quick commerce in the last year as growth in the food delivery market saturates gradually. The deal may help Zomato lead its diversification effort but the Indian quick commerce is in a nascent stage and exposes the company to cutthroat competition from several players present currently. Why is Zomato acquiring Blinkit: Zomato’s Founder and CEO Deepinder Goyal reasoned that quick commerce is a natural extension of the company’s food delivery business because it relies on a hyperlocal model. “Quick commerce will help us increase the customer wallet share spent on our…
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