Goldman Sachs analysts recently analyzed that Blinkit, the quick commerce startup acquired by Zomato in 2022, has gained more value compared to Zomato’s food delivery business. They estimate Blinkit’s worth to be ₹119 per share, with an equity valuation of $13 billion. This is more than the value of Zomato’s food delivery business, which is valued at ₹98 per share.
Blinkit’s share is higher than Zomato’s food delivery business
Goldman Sachs recently upgraded the value of Blinkit, a company Zomato acquired, to $13 billion. This is a big jump from their earlier estimate of $8 billion made earlier this month. They increased the value because Blinkit’s gross order value (GOV) estimates are now much higher than before, tracking about 50 percent higher than a year ago.
In their report, Goldman Sachs mentioned that Blinkit’s estimated value within Zomato’s overall worth is now close to $13 billion, up from $2 billion in March 2023. What’s interesting is that each share of Blinkit is now valued at ₹119, which is higher than Zomato’s food delivery business, valued at ₹98 per share. This is the first time Blinkit’s value has surpassed that of the food delivery segment.
Goldman Sachs also said that there’s more potential for Zomato’s value to go up. Recently Zomato has reported the highest EBITDA margin among all global food delivery platforms. They still recommend buying Zomato’s stock and have raised the target price for the food delivery company to ₹240 from ₹170.
Blinkit, which was previously known as Grofers, is a famous grocery delivery service in India. It got almost $1 billion in funding from many investors. Albinder Dhindsa and Saurabh Kumar started it in 2013. Blinkit is one of the rare unicorn companies in India, valued at $1.01 billion. By November 2021, they were delivering 1.25 lakh orders every day. They’re already in more than 38 cities in India.
Blinkit brings together people who want to shop for everyday things. They are helping the consumer as well as the producer. With their new technology, Blinkit wants to help over 100 million more Indians who haven’t tried online shopping yet. They believe that they can impact a billion people in the next 10 years. Their goal is to become the number one online grocery app in India.
