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Zomato’s Blinkit Launches International Service for Raksha Bandhan

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Synopsis:

Blinkit, under CEO Albinder Dhindsa, launches international orders for Raksha Bandhan gifts, furthering its quick-commerce expansion. This allows customers from abroad to send Raksha Bandhan gifts to their siblings in India. Zomato’s share price will remain in focus, influenced by Blinkit’s expansion.

Zomato News Today

Albinder Dhindsa, the co-founder and CEO of Blinkit, formerly Grofers, has introduced a new service that allows customers from abroad to send Raksha Bandhan gifts to their siblings in India. This service expansion is a strategic move ahead of the festive season, further enhancing Blinkit's quick-commerce capabilities.

International Orders for Raksha Bandhan

In a recent post on X (formerly Twitter), Dhindsa announced that Blinkit has enabled international orders, allowing customers from the USA, Canada, Netherlands, Germany, France, and Japan to send Rakhis and gifts to their loved ones in India.

This service is available until August 19, ensuring timely deliveries with the promise of a 10-minute delivery window once the order is placed.

Blinkit’s Growth and Zomato's Acquisition

Blinkit, launched in 2013 by Dhindsa, has quickly become a major player in the quick-commerce sector. The platform was acquired by Zomato in 2022 for $569 million in an all-stock deal.

Initially, this acquisition was viewed as a distress sale, leading to a 20% drop in Zomato’s share prices. Later, Zomato made a major turnaround, gaining 194.99% in one year. Despite initial investor concerns, Blinkit's valuation soared to nearly $13 billion by April 2024, a significant increase from its $2 billion valuation in March 2023.

Impact on Zomato Share Price

The successful expansion of Blinkit's services will positively impact Zomato's stock performance. On Friday, Zomato share price closed at ₹264.75, marking a gain of ₹4.61 or 1.77%.

This increase reflects the strong investor confidence in Zomato’s quick-commerce strategy, driven by Blinkit's growth and service innovations.

Strategic Significance

Blinkit’s introduction of international orders is not just a service enhancement but a strategic move that could further strengthen its market position. By tapping into the emotional significance of Raksha Bandhan, Blinkit is likely to drive higher customer engagement and loyalty.

Moreover, this expansion supports Zomato's broader business strategy, which increasingly relies on Blinkit's quick-commerce model to fuel growth.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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