New Delhi, April 26 (IANS): Zomato’s quick delivery service, Blinkit, has become more valuable than its core food delivery business, according to a new Goldman Sachs report.

While Zomato’s food delivery business is valued at Rs 98 per share, Blinkit’s “implied value” is at Rs 119 per share, or about $13 billion, according to the investment bank’s report.

In March last year, Goldman Sachs marked Blinkit’s valuation at $2 billion, reports TechCrunch.

The report forecasts Blinkit’s gross order value (GOV) to grow at a compound annual growth rate (CAGR) of 53 per cent from 2024-2027.

It outpaces the projected CAGR of 38 per cent for the entire online grocery market in the same period.

According to the report, the valuation surge in Blinkit is owing to robust growth potential in the quick commerce market in the country.

In the first quarter (Q3) of last fiscal year, Blinkit’s GOV growth continued unabated.

Blinkit CEO Albinder Dhindsa said that GOV grew 28 per cent (on-quarter), largely driven by the robust uptick in demand due to the multiple festivals and occasions in the quarter.

"While most of the GOV growth was order volume-led, part of it was also driven by an increase in average order value, which continued to benefit from a higher mix of high ASP (average selling price) categories such as electronics, festive needs, and home decor, among others," Dhindsa had said.