India’s deals market is not only about sensational takeover-it is mostly about intelligent integrations which keep the essence of the brand while opening up the road to value worth a billion dollars. These are the five that changed the game of M&A into sustainable growth.
Zomato x Blinkit: Quick commerce, quicker compounding
The 4,447 crores Zomato’s all-stock acquisition of Blinkit in 2022 was a move not to get into the grocery business but to gain control over speed and frequency. The company took over the hardware part of Blinkit from Eternal Ltd., while the logistics and users merged. As a result, the new segment made Blinkit the fastest-growing vertical of Zomato and therefore its main driver of the revival in 2024–25.
Flipkart x Myntra: Fashion moat at scale
Flipkart’s acquisition of Myntra in 2014 for ₹2,000 crores was more about going deep into a category than going wide with the catalog. Myntra continued to operate independently, launched successful private labels like Roadster and HRX, and became the number one online fashion brand of India—thus, it raised the valuation story of the lifestyle sector at Flipkart.
MakeMyTrip x Ibibo: Consolidation that stuck
The 2016 US$1.8 billion all-stock merger of MakeMyTrip and Ibibo was about combining ecosystems with the idea of keeping Goibibo and redBus as separate entities. Despite the pandemic, this brand-focused merger, which avoided the pitfall of forced integrations, has been successful till now.
Swiggy x Dineout: Dining beyond delivery
By acquiring Dineout to the tune of US$120-200 million in 2022, Swiggy extended its business from last-mile delivery to last-table dining. Dineout’s network of 50,000 restaurants and loyalty stack gave Swiggy an offline advantage over Zomato—still operating under its own brand.
Reliance Retail x Zivame: Focus over force-fit
Reliance’s 2020 move to invest in Zivame (around ₹1,200 crore valuation) was more about showing self-control than being overpowering-by allowing Zivame’s app, site, and stores to remain independent and at the same time scaling the backend. It made an indispensable albeit unobtrusive component of Reliance’s lifestyle and digital flywheel.
Why these five worked
Purchasers of these companies did not only purchase revenue. They invested in community, category leadership, and playbooks. By maintaining the autonomy of the brand and only merging in those areas where it was necessary, they converted their acquisitions into growth engines that they could scale and that lasted their maturities.
