Zomato’s quick commerce arm Blinkit has surpassed its food delivery business in terms of implied value for the first time, according to Goldman Sachs. At Rs 119 per share or about $13 billion in equity value, Blinkit accounts for a higher proportion of Zomato’s sum-of-the-parts valuation than the food delivery business at Rs 98 per share. “We believe the market is still under-appreciating Zomato’s growth and profit potential in the online grocery segment,” analysts Manish Adukia, Harshita Wadher and Anisha Narayan wrote. Shares of the company closed at Rs 188.1 apiece on the NSE on Friday.