The online food delivery firm Zomato has approved the purchase of online grocery company Blinkit.
This deal has been done for $ 568.16 million i.e. Rs 4,447.48 crore.
Let us tell you that Blinkit was earlier known as Grofers.
Zomato said in the information sent to the stock market on Friday that this deal will be done under the exchange of shares.
Under the deal, 62.85 crore fully paid-up equity shares of face value of Re 1 of Zomato will be issued at a price of Rs 70.76 per equity.
"This acquisition is in line with our strategy to invest in the Quick Commerce business," Zomato said.
Significantly, Zomato has announced to be 100% neutral in terms of plastic use from April 2022.
Apart from this, it has set a target of making over 100 million deliveries in eco-friendly coaches in the next three years, the company said on Friday.
The founder and CEO of Zomato said that it is important to promote alternatives that dissolve in nature without harming the environment.
He said that by promoting these such products can be made more affordable and available.