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Business deals

India's Zomato to buy SoftBank-backed delivery startup for $570m

Purchase of Blinkit comes as mainstay food delivery revenues flatten

Indian food delivery company Zomato is buying a local instant grocery startup as competition heats up.    © Reuters

BENGALURU -- Food delivery company Zomato will buy SoftBank-backed Blinkit, a startup that promises rapid grocery deliveries, for 44.47 billion rupees ($569 million), in a deal announced Friday.

Blinkit, formerly Grofers, was one of the early stars of hyperlocal commerce in India. Set up in 2013, Grofers delivered orders from nearby stores. It was backed by SoftBank, Tiger Global Management and Sequoia Capital among others.

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