(Bloomberg) -- India’s online food delivery platform Zomato Ltd. said its board has approved a proposal to acquire shares of instant grocery delivery service company Blink Commerce Pvt. for 44.47 billion rupees ($568 million).  

The Zomato board on Friday approved the issuance of up to 628.5 million fully paid-up equity shares worth 70.76 rupees per share, according to a statement issued by the company to the stock exchanges. 

Zomato was among the first generation of Internet unicorns to tap India’s capital market. It raised $1.3 billion via an initial public offering in July 2021. The Blink acquisition is in line with the Zomato’s strategy of investing in the quick commerce business, it said in the statement. Zomato shares closed 1.4% higher at 70.5 rupees on Friday, the highest since June 3.

Zomato Hyperpure Pvt., a subsidiary of Zomato, has also entered into a business transfer agreement with Hands on Trades Pvt. and others to purchase their warehousing and ancillary services business for up to 607 million rupees, the statement said.

Blink was formerly known as Grofers India Pvt.

©2022 Bloomberg L.P.