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.
https://www.wsj.com/articles/indias-zomato-bites-the-bullet-on-quick-commerce-11656341513?mod=rss_markets_main The Indian company Zomato believes in fast commerce