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Zomato, the Indian food delivery company backed by China's Ant Group, is considering reorganising its management so that each of its individual businesses would have its own CEO, while the parent company would be renamed "Eternal". Zomato's CEO, Deepinder Goyal, in the memo stated that the company was now not only running the Zomato food delivery business but also other large businesses. Goyal said these included Zomato's proposed purchase of grocery-delivery startup Blinkit, kitchen and food ingredients supply…

Zomato Founder and CEO Deepinder Goyal has announced a new structure for the company that will see its businesses like Zomato, Blinkit and Hyperpure run by different CEOs under one umbrella organisation called 'Eternal'.In a note sent to employees on an internal communication channel, Goyal said that they are now at a stage of life where "we are maturing from running (more or less) a single business, to now running multiple large companies"."Now that the Zomato-Blinkit deal is approved, we have three companies -- Zomato,…

Shares of Indian food delivery company Zomato fell more than 14% to a record low on Monday, as a one-year share lock-in period for promoters, employees and other investors expired following the 2021 listing. Zomato made a stellar debut on July 23, 2021 in the Mumbai market, but its shares have lost more than 60% of their value since then on concerns about valuations and as global growth stocks cratered. "Investors are concerned about the sell-off through employees and promoters," said Prashanth Tapse, vice president of…

Food aggregator Zomato announcement of the acquisition of instant delivery service platform Blinkit has not gone down well with the investors as the former's shares tumbled over 20 percent since the announcement.The food aggregator company Zomato's Board of Directors on June 24 approved a proposal to acquire the cash-strapped quick commerce company Blinkit for Rs 4,447 crore. Blinkit was earlier known as Grofers.Zomato said quick commerce increases the company's potential market, the potential profit pool and also makes…

Ashutosh Joshi / Bloomberg: After announcing plans to acquire Blinkit, Zomato's stock dropped 6.6% on Monday and 8.4% on Tuesday, cutting $1.1B from its market value — Zomato Ltd. lost about $1.1 billion of market value in two days after the food-delivery platform announced the acquisition of loss-making quick-commerce … Ashutosh Joshi / Bloomberg: After announcing plans to acquire Blinkit, Zomato's stock dropped 6.6% on Monday and 8.4% on Tuesday, cutting $1.1B from its market value …

Shares of Zomato fell by over 6 percent on Monday after announcement that the online food delivery platform will acquire Blink Commerce (formerly known as Grofers) for Rs. 4,447.48 crore.The stock declined 6.40 percent to settle at Rs. 65.85 on the BSE. During the day, it fell 7.53 percent to Rs. 65.05. At the NSE, it went lower by 6.59 percent to settle at Rs. 65.85 a piece. Zomato on Friday said it will acquire Blink Commerce for Rs. 4,447.48 crore in a share swap deal as part of its strategy of investing in quick…

Poco this week finally launched the much-awaited Poco F4 – a spiritual successor to Poco F1 – in India. The vanilla F4 is the second smartphone in the F4 lineup, which consists of another gaming-oriented F4 GT. Poco F4’s key specifications include a 6.67-inch 120Hz AMOLED display, Snapdragon 870 chipset, 64MP triple camera setup and a 4500mAH battery with 67W fast charging. The Poco F4 is said to be a rebranded Redmi K40S.The Poco F4 comes in three storage variants in India - 6GB+128GB, 8GB+128GB and 12GB+256GB. The base…

Image Source : BLINKIT Blinkit Online food delivery platform Zomato, which saw its stock tumbling below its IPO price as India reopened and retail food industry came back on track, had acquired quick-commerce grocery delivery platform Blinkit for a whopping Rs 4,447 crore (about $568 million). Will this acquisition change its future prospects? Zomato already owned more than 9 per cent stake in Blinkit (earlier Grofers). While the earlier Blinkit deal was valued around $700 million, the drop in Zomato's share price…

Online food delivery platform Zomato on Friday said it will acquire Blink Commerce (formerly known as Grofers India) for a total purchase consideration of Rs 4,447.48 crore in a share swap deal.The company's board at a meeting held on Friday has approved acquisition of up to 33,018 equity shares of Blink Commerce from its shareholders for a total purchase consideration of Rs 4,447.48 crore at a price of Rs 13.45 lakh per equity share, Zomato said in a regulatory filing.This transaction will be carried out through issuance…