Ant-backed Zomato loses $1.1-billion market value in just two days

Zomato lost about $1.1 billion of market value in two days after the food-delivery platform announced the acquisition of loss-making quick-commerce firm Blink Commerce – a move some analysts said will weigh on future growth. 

Zomato – among the first-generation of internet unicorns to tap into India’s capital market – tumbled 8.4 per cent in Mumbai trading on Tuesday on top of a 6.6 per cent drop on Monday. 

The two-day fall to Rs 60.3 put shares 21 per cent below the initial public offering (IPO) price. 

The acquisition will increase Zomato’s operating loss to fund activities of Blink and its Blinkit application,