Deepinder Goyal of Zomato sells personal stake in Blinkit to Tiger Global

Zomato founder and chief executive Deepinder Goyal has sold his personal stake in online grocery delivery firm Blinkit to New York-based hedge fund Tiger Global. The move comes at a time when Blinkit looks to raise $500 million from the food delivery start-up.

It was first reported by Deal Street Asia, quoting Tiger Global's filing with Singapore's Accounting and Corporate Regulatory Authority.

As per the report, Goyal's first investment in Blinkit was made in 2015 and assuming share price of Blinkit's last fundraise of $67.48, Goyal is expected to have made $2.86 million through this deal.

The deal happened over six months after Zomato signed up to invest $120 million in Blinkit (then Grofers) along with Tiger Global at a valuation of over a billion dollars.

The company owns 9.3% of Blinkit where it invested $100 million. However, this deal was signed before the company got listed and announced its $1 billion war chest to invest in other startups.

Blinkit , which offers 10-minutes grocery delivery to customers, has set up 300 partner stores across the country through founder and CEO Albinder Dhindsa said in a blog on December 23. This happened soon after the company decided to pull the plugs in areas it wasn't able to deliver groceries in 10 minutes.

Quick commerce, which is defined as the delivery of items under 45 minutes, is the new battlefield as players look to outdo each other by reducing delivery time of essentials to minutes. The segment in India is expected to grow 10-15 times over the next four years to become a $5 billion market by 2025.