Earlier, in 2021, it had acquired a 9 per cent stake in Grofers, as Blinkit was known at that time, for $100 million.Back then, Deepinder Goyal, founder and chief executive officer (CEO) of Zomato, had said quick commerce was a priority because it had growth potential.
On Monday, in a letter to shareholders, Deepinder Goyal reminisced: "We are just grateful that the bet we took on Blinkit worked out just fine, and we are not at a point where Akshant (Goyal, chief financial officer, Zomato) and I are getting fired for an expensive acquisition gone wrong." Looking at the numbers revealed as part of Zomato's results, Blinkit is working out better than "just fine". It turned operationally profitable in March, and there is more.
GOV on the double
Bu hikaye Business Standard dergisinin May 15, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Standard dergisinin May 15, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Using private car as cab can lead to claim rejection
Insurance companies are trying to simplify the motor insurance claims process.
India, Vietnam to gain from 'China+1': Nomura
Bets big on RIL, BEL and Exide stocks
Retail investors make bold bets in derivatives markets
Delhi, 28 May Retail investors seem to be making bold bets in derivatives markets a few days ahead of the Lok Sabha poll outcome.
Q4 showing, valuations to keep Bosch under stress
Auto component major Bosch posted a subdued performance in the March quarter leading to the selloff.
India Vix hits two-year high
Indian equity benchmarks ended with losses for the third consecutive day amid elevated volatility ahead of the Lok Sabha election results on June 4.
A quantum leap: MFs dive into quant theme
3 fund houses lead the charge with offerings in this space
Metal firms yet to deliver on hope
Though buoyant on bourses, their earnings, sales have lagged overall listed universe in past 2 yrs
High vegetable prices raise the 'heat' in election season
Food inflation has emerged as one of the main talking points of the ongoing Lok Sabha polls.
Indian firms step up for planet's health
3D PRINTING TO WATER STEWARDSHIP Climate-friendly measures include apps that help employees track and reduce their carbon footprint
Inside Delhi's ghost malls
A shadow of their former selves, these shopping centres are struggling to stay relevant