1947 Rise ☀️: 203
M&A’s & funding!
1. Zomato acquires Blinkit for $568 million in instant-grocery delivery push
Zomato has acquired Blinkit, a struggling 10-minute grocery delivery startup, in a $568.1 million all-stock deal as the loss-making food delivery firm looks to broaden its offerings at a time when its shares are trading far below last year’s debut price and less than half of the all-time highs.
The Gurgaon-headquartered firm — which reached an agreement to acquire Blinkit earlier this year, TechCrunch previously reported — said on Friday its shareholders have approved the deal (PDF). The deal marks a significant value erosion in Blinkit, which became a unicorn a year ago and had raised about $700 million mostly against equity. When the two firms agreed for an acquisition earlier this year, they had valued the deal between $700 million and $750 million, TechCrunch earlier reported.
The acquisition comes as a relief to Blinkit, which struggled to raise funds from new and most of its existing investors for several quarters.
2. Lenskart acquires majority stake in Japan’s Owndays, becomes Asia’s largest Omnichannel retailer
Omnichannel retailer Lenskart has acquired a majority stake in Japanese eyewear brand Owndays to become the region’s largest Omni-channel eyewear business by taking it to 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.
Reportedly, the deal is said to be $400 million. But, the company did not disclose details of the deal.
In a press statement, the company said that Owndays’ Co-founders, CEO Shuji Tanaka, and COO Take Umiyama, will continue to be shareholders and lead the management team while the brand will continue operating independently.
Peyush Bansal, Co-Founder, and Group CEO at Lenskart said, “With OWNDAYS we move a step closer to democratizing eyewear. I have known Shuji-san and Take-san for over five years and have been an admirer of the disruptive brand and customer experience they have built with OWNDAYS. To bring about a revolutionary change such as the one the world needs in eyewear, we need to work with like-minded and complementary founders.
Worth your attention:
Arzooo raises $70 million to bring ‘best of e-commerce’ to physical stores in India Link
Proptech startup PropShare raises $47 million led by WestBridge Capital Link
Battery swapping startup Battery Smart raises $25 million funding led by Tiger Global Link
Reliance, PremjiInvest, CP Group, Swiggy look to bid for Metro India unit Link
GetVantage offers revenue-based financing to India’s founders Link
B2C credit management platform CheQ raises $10 million in funding led by Venture Highway Link
B2B marketplace Solv raises $40 million in funding led by SBI Holdings Link
Banks are rethinking partnerships with credit-card based fintech firms Link
Loco launches ‘Legends’, India’s first NFT platform for esports Link
More than 400 ads on crypto violated guidelines: Ad council Link