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Zomato acquires 15-minute delivery platform Blinkit for Rs 4,447 cr

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 Online food delivery platform Zomato on Friday announced it had acquired quick-commerce platform Blinkit for Rs 4,447 crore (about $568 million) in an all-stock deal.

Zomato already owned more than 9 per cent stake in Blinkit (earlier Grofers).

While the earlier Blinkit deal value was around $700 million, the drop in Zomato’s share price reduced it to $568 million.

“This foray into the next big category is timely as our existing food business is steadily growing towards profitability,” said Zomato CEO Deepinder Goyal.

Zomato has grown at a CAGR of 86 per cent in the last four years to an adjusted revenue of $710 million “while the adjusted EBITDA margin has improved from (153 per cent) in FY19 to (18 per cent) in FY22”, Goyal added.

Zomato’s restaurant supplies subsidiary Hyperpure will acquire the warehousing and ancillary services business of Hands on Trade Private Ltd (HOTPL) for Rs 60.7 crore.

Akshant Goyal, Chief Financial Officer, Zomato said the company is not acquiring the B2B trading business as “that no longer fits strategically into our plans”.

“Our existing Rs 2,228 million investment in HOTPL is protected through our liquidation preference right,” he said.

Blinkit is a quick commerce marketplace delivering grocery and other essentials to customers within minutes (average delivery time of 15 minutes in the month of May).

Blinkit was rebranded from Grofers after a pivot to quick commerce last year. Their erstwhile business model was next-day grocery delivery.

“Blinkit’s business pivoted to 100 per cent quick commerce in January 2022 and since then, the business has made tremendous progress on all important and relevant metrics for this business,” said Goyal.

In the month of May 2022, Blinkit did gross order value (GOV) of Rs 4,028 million, which is 1/5th of Zomato’s monthly average food delivery GOV in Q4 of FY22.

In August last year, Blinkit (then Grofers) raised $100 million from Zomato.

“As a food company, we are already tapping into the large food delivery opportunity in India. In addition to that, we now also want to focus on quick commerce as a natural extension of our food delivery business,” said Goyal.

“Quick commerce will help us increase the customer wallet share spent on our platform and also drive higher frequency and engagement from our customers,” he added.

The closing of the transaction is expected to happen in early August 2022.

International

Vile, senseless act: Global condemnation pours after Pahalgam terror attack (Ld)

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New Delhi, April 23: Condolences poured in from across the globe following the ghastly Pahalgam terror attack in Jammu and Kashmir that left 16 dead and dozens injured.

The attack, which occurred on Tuesday in the picturesque Baisaran Valley, saw terrorists emerge from surrounding forests and indiscriminately open fire on a group of tourists, leaving dozens injured in addition to the fatalities.

Unequivocally condemning the barbaric attack on innocent tourists, Nepal said that it stands in steadfast solidarity with the Government and people of India in this time of sorrow.

The Foreign Ministry of Nepal stated, “We extend our deepest condolences to the bereaved families and express our sincere wishes for the swift and full recovery of those injured.”

“In line with our firm and principled position, Nepal condemns terrorism in all its forms and manifestations and believes that such heinous acts of terrorism cannot and should not be justified on any ground,” the ministry added.

Meanwhile, Nepal’s Foreign Minister Arzu Rana Deuba took to her social media and expressed deep shock and sadness at the heinous terrorist attack that took place in Pahalgam, Kashmir.

“We strongly condemn this act of terrorism and the senseless violence that has claimed innocent lives. Our thoughts and prayers are with the victims and their families during this difficult time, and we wish a swift and full recovery to those who have been injured. Nepal stands in steadfast solidarity with the Government and people of India in this time of sorrow,” she posted

Australian Prime Minister Anthony Albanese also condemned the horrific terror attack, stating that violence can not be justified.

“I am shocked by the horrific terror attack on innocent civilians in Jammu and Kashmir overnight. There is no justification for this violence, and Australia condemns it. Our hearts go out to the injured, to those mourning loved ones, and to everyone in Australia touched by this terrible news.”

Calling the horrific attack in Kashmir “utterly devastating,” UK Prime Minister Keir Starmer took to social media and posted, “The horrific terrorist attack in Kashmir is utterly devastating. My thoughts are with those affected, their loved ones, and the people of India.”

President of the EU Commission Ursula von der Leyen also offered her deepest condolences over the “vile” terror attack.

“The vile terror attack in Pahalgam today stole so many innocent lives. My deepest condolences to PM Narendra Modi and every Indian heart grieving today. Yet I know that India’s spirit is unbreakable. You will stand strong in this ordeal. And Europe will stand with you.”

Furthermore, the Ambassador of the European Union to India, Herve Delphin, stated that the EU stands against all forms and terrorism.

“Deeply shocked & saddened by the despicable Pahalgam terrorist attack against innocent tourists. Our deepest condolences to the families of the victims & best wishes of recovery to those injured. The EU stands against all forms of terrorism.”

Ono Keiichi, Ambassador of Japan to India, expressed deepest condolences and condemned the act of terrorism.

“I offer my deepest condolences to the victims of the terrorist attack in Pahalgam today. Japan strongly condemns any and all acts of terrorism. We stand firmly with India,” the Japanese Ambassador said.

Armenia’s Prime Minister Nikol Pashinyan also extended heartfelt condolences on the terrorist attack and condemned terrorism in all its forms.

“Deeply saddened by the heinous terrorist attack in Pahalgam. I extend my heartfelt condolences to the families of the victims. Armenia strongly condemns terrorism in all its forms. Our thoughts and prayers are with the friendly people of India.”

Early reports suggest the Pakistan-based terror outfit, The Resistance Front, an offshoot of the banned Lashkar-e-Taiba, has claimed responsibility for the assault, marking one of the worst attacks in the region in recent years.

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Business

South Korea: Democratic Party’s presidential contenders to hold another public debate for primary race

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Seoul, April 23: Three contenders of the Democratic Party (DP) for South Korean presidential elections are set to hold their second public debate on Wednesday, four days before the party plans to pick its candidate for the June 3 presidential election.

The debate will bring together former DP leader Lee Jae-myung, Gyeonggi Province Gov. Kim Dong-yeon and Kim Kyung-soo, a former South Gyeongsang Province governor.

During the 90-minute debate, the candidates will present their visions in key areas, including politics, the economy, diplomacy, security and social policy.

Lee, who declared his presidential bid earlier this month and is leading opinion polls for the presidential election, recently won two regional primaries by a large margin, Yonhap news agency reported.

The DP will hold two more regional primaries before it picks a presidential candidate on Sunday.

The upcoming election is triggered by former President Yoon Suk Yeol’s ouster over his short-lived martial law declaration in December. Lee lost the presidential race to Yoon by a thin margin in 2022.

Meanwhile, earlier on April 22, the People Power Party (PPP) shortlisted four contenders in the first round of its presidential primary race.

The four candidates are former Labour Minister Kim Moon-soo, former PPP leader Han Dong-hoon, former Daegu Mayor Hong Joon-pyo, and lawmaker Ahn Cheol-soo, according to the party’s election commission.

The results were determined based on surveys conducted by five polling agencies from Monday to Tuesday, covering a combined total of 4,000 respondents.

The PPP originally had eight presidential primary candidates, which also included PPP lawmaker Na Kyung-won, Incheon Mayor Yoo Jeong-bok, North Gyeongsang Governor Lee Cheol-woo and former DP Rep. Yang Hyang-ja.

In the second round, two candidates will be selected through a process that equally combines party member votes and public opinion polling. The party will confirm its candidate on May 3.

The presidential election will be held on June 3 after Yoon was ousted on April 4 over his shocking martial law bid.

According to a Realmetre poll released early this week, Rep. Lee Jae-myung, former DP leader, kept a strong lead with 50.2 per cent support.

Trailing Lee was Kim with 12.2 per cent. Han received 8.5 per cent and Hong garnered 7.5 per cent.

While the conservative contenders have intensified political attacks against the former DP leader Lee, the PPP seemed to be perplexed by Lee’s strong lead in opinion polls.

Last week, a plan to create a new political party in support of Yoon was put on hold.

Rep. Lee Yang-soo of the PPP told SBS radio that such a plan would have a negative impact on the party in the face of the presidential election.

Meanwhile, candidates will be required to register by May 11 and the official campaign period will kick off on May 12.

The law also requires a public servant running for President to resign at least 30 days before an election, making May 4 the deadline.

The new President will assume office immediately after the election without a transition team.

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Business

PLI pushes electronics exports to move up from 5th spot to 3rd in one fiscal: Minister

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New Delhi, April 22: Electronics exports from India has moved up from fifth position to third within one fiscal, owing to the transformative production-linked incentive (PLI) scheme, Union Minister Ashwini Vaishnaw said on Tuesday.

In a post on social media platform, the minister said that electronics exports clocked an all-time high of Rs 3.27 lakh crore in FY25, with mobile exports standing at Rs 2 lakh crore.

“Electronics exports moves up from fifth position to third within one fiscal. Three years in a row, electronics is India’s fastest growing export amongst India’s top 10,” Vaishnaw informed.

He further stated that lakhs of new jobs have been created in the electronics ecosystem, especially for women, along with “skilling, increasing DVA and Indian MSMEs joining global supply chains”.

The electronics manufacturing industry has seen a five times growth in the last 10 years, surpassing Rs 11 lakh crore while the entire ecosystem has created 25 lakh jobs.

In the last decade, electronics exports have risen six times to surpass Rs 3.25 lakh crore.

In a historic achievement, smartphones emerged as India’s largest export category in the first 10 months of FY25 — marking a major success story under the government’s PLI scheme. In FY14, smartphones were ranked as India’s 167th export category — a sharp contrast to their number 1 position today.

The Union Minister also hailed hardware brands now lining up for India, as China stands to lose amid the ongoing trade tariff war with the US.

The PLI 2.0 scheme for IT Hardware saw more than Rs 10,000 crore production and 3,900 jobs in just 18 months of its launch, the government said in January this year. In a groundbreaking development for India’s electronics manufacturing sector, the production of laptops has started in the country.

Moreover, the electronics manufacturing sector has received a major boost with the government notifying the much-awaited ‘Electronics Component Manufacturing Scheme’ (ECMS).

The scheme marks a turning point for strengthening India’s component manufacturing ecosystem and increasing domestic value addition.

With a financial outlay of Rs 22,919 crore over six years, ECMS aims to generate production worth Rs 4.56 lakh crore, attract investments of Rs 59,350 crore and create nearly 91,600 direct jobs.

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