Zomato’s stock has been on the decline, but a partnership with Blinkit, which is owned by Grofers India Pvt. Ltd has had a good influence.
In early morning trade on Wednesday, Zomato’s share price on the Sensex and Nifty rose. On the BSE, the online meal delivery platform’s stock hit Rs 76.95, while on the NSE, it hit Rs 76.90. This increase in share price came after Grofers India Pvt. Ltd’s commerce start-up Blinkit agreed to join with Zomato.
PRICE OF ZOMATO SHARE
Zomato’s stock rose 0.46 percent, or 0.35 points, to Rs 76.95 on the BSE. The stock increased 0.46 percent, or 0.35 points, to Rs 76.90 on the NSE.
DEAL WITH ZOMATO-BLINKIT
Zomato and Blinkit will collaborate on an all-stock arrangement. According to a Business Today article, investors in SoftBank-backed Blinkit would receive proportionate shares in Zomato.
According to the Business Today storey, Blinkit is allegedly delaying vendor payments and laying off employees.
The Competition Commission of India (CCI) has previously approved Zomato’s $100 million investment for a 9.3% stake in Blinkit in August 2021.