The Indian company Zomato believes in fast commerce

Zomato is going in the right direction at the wrong time — at least that’s what the market seems to think.

On Friday after market hours, the Indian food delivery company said it would buy 10-minute grocery delivery startup Blinkit for about $578 million in a stock and cash deal. face: a long-awaited game for the fiercely competitive marketplace of fast commerce—delivery within 10 to 30 minutes of placing an order. But the stock fell as much as 7% on Monday before recoupling some of the losses. Shares are down 61% since hitting a record in November. The Indian company Zomato believes in fast commerce

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