Blinkit Receives  $100 Million from Zomato

Blinkit that was formerly known as Grofers has additionally received $100 million as part of its fundraising plan. These funds are being raised in the convertible note from the food delivery platform- Zomato. A person aware of the deal said that it is part of the $400 million funding Blinkit aims to raise from Zomato and other investors. Earlier in the year, 2021 Zomato invested $100 million in Blinkit. With that investment, the valuation of Blinkit was skyrocketed to one billion dollars. According to an official who doesn’t wish to disclose his identity said: “The market conditions have affected Zomato, and thus Blinkit’s planned fundraising. The funding is expected to be negotiated again, with fresh terms. To go ahead with its plans, Blinkit, for now, has raised the first tranche of $100 million from Zomato.” According to the co founder of the company Albinder Dhindsa, the raised capital will be used in the growth of the company. He said: “We have closed our next fundraise ($100 million) and will have money coming into the bank over the next week. We have come a long way in the last eight months by transitioning the business to the largest instant commerce player in the space.”