- Zomato made its first investment in Blinkit (formerly Grofers) in 2021, whereas Goyal has been an investor since 2015.
- The development comes a few months after Goyal sold all of his personal shareholding in logistics firm Shiprocket.
- Serial investor Mohandas Pai called him out for a potential conflict of interest as Shiprocket was a portfolio company of Goyal when Zomato decided to invest in it.
Zomato’s founder and chief executive officer (CEO)
Deepinder Goyal has sold all of his personal shareholding in Blinkit (formerly known as Grofers) to New York-based hedge fund
Tiger Global.
Zomato, however, will continue to be a shareholder in the online grocery delivery company.
The development comes a few months after Goyal sold all of his personal shareholding in logistics firm Shiprocket after serial investor Mohandas Pai called him out for a potential conflict of interest.
“Shiprocket to raise $185 million in Series E round co-led by Zomato, Temasek. Is there a conflict of interest if a listed co invests in a start up where the founder of listed co had invested?,” Pai had tweeted on December 10.
No such issue has been raised publicly on Goyal’s investment in Blinkit.
Goyal first invested in Blinkit nearly six years ago. Meanwhile, Zomato made its
first investment of $120 million in the company only last year at a valuation of over $1 billion.
The latest development around Deepinder Goyal’s exit from Blinkit was
first reported by Deal Street Asia, quoting Tiger Global's filing with Singapore's Accounting and Corporate Regulatory Authority.
Business Insider has reached out to Zomato for more details.
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