While announcing its third quarter results, Zomato had said it would invest an additional $400 million over the course of the next two years to fuel its quick-commerce ambitions. The company did not make any new minority investments from the $400 million corpus it had earmarked for its quick commerce aspirations. Online food-delivery major, , which announced its fourth quarter results on Monday, said it has roughly $1.6 billion (Rs 12,200 crore) worth of unrestricted cash but won’t make any new investments.

In this regard cofounder and chief executive officer Deepinder Goyal said; “There is currently no plan for any more minority equity investments at this stage given that we have covered most of the ground on our objectives cited above.” On March 15, Zomato said it will extend a loan of up to $150 million to Blinkit, which has struggled to raise funds. This comes on the back of Zomato’s talks to acquire quick commerce startup Blinkit (formerly Grofers), for which the food-delivery firm had come under the scanner.

n a shareholder letter, Zomato’s chief financial officer Akshant Goyal said, “We have about Rs 122 billion (around $1.6 billion based on an exchange rate of Rs 75 to a dollar) unrestricted cash at this point. The minority equity investments that we wanted to do are done. As far as quick commerce is concerned, we had given an upper bound of $400 million investment in the next two years (CY22 and CY23) in the last quarterly letter. As of now, we are on plan to stick to this upper limit. Just to be clear, we are not planning to make any new minority investments as part of this $400 million outer limit,” said Goyal.

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