Food delivery platform Zomato Ltd. is nearing an all stock deal to take over instant grocery delivery service Blinkit, according to people familiar with the matter, reports said.

In August 2021, Zomato had received CCI approval for a $100-million investment for 9.3 percent stake in Blinkit.

Blinkit, known as Grofers earlier, rebranded itself late last year after its CEO promised accelerating deliveries of everything from groceries to electronics among dominant players like Walmart's Flipkart and Amazon's local unit.

Blinkit, known as grofers earlier, rebranded itself late last year after its ceo promised accelerating deliveries of everything from groceries to electronics among dominant players like walmart's flipkart and amazon's local unit

Niether Zomato nor Blinkit have responded to the development yet, reports said.

Zomato stated that it will invest $150 million in debt to rescue cash strapped Blinkit, according to a regulatory filing, Moneycontrol said.

"This loan will support the capital requirements of GIPL in the near tern and is in line with our stated intent of investing up to $400 million cash in quick commerce in India over the next two years".