Quick commerce business (Blinkit) turned Adjusted EBITDA profitable in the month of March’24
FinTech BizNews Service
Mumbai, May 13, 2024: Zomato reported on Monday a consolidated net profit of Rs1.75 billion for the quarter ended March 2024. Y/y topline growth of the Zomato has accelerated to 61% and it continues to trend above the stated outlook of 40%+. Growth is driven by growth in both Food delivery and quick commerce.
GOV growth across B2C businesses (food delivery, quick commerce and going-out) accelerated to 51% YoY (5% QoQ) to INR 13,536 crore. Food delivery GOV grew 28% YoY (-0.6% QoQ). Quick commerce GOV grew 97% YoY (14% QoQ), and Going-out GOV grew 207% YoY (25% QoQ).
Its B2B business Hyperpure’s revenue grew 99% YoY (11% QoQ). Consolidated Adjusted Revenue growth accelerated to 61% YoY (6% QoQ) to INR 3,873 crore.
On the profitability front, consolidated Adjusted EBITDA was INR 194 crore and improved by INR 369 crore as compared to the same quarter last year. Quick commerce business (Blinkit) turned Adjusted EBITDA profitable in the month of March and Hyperpure losses also reduced meaningfully.
In Q4FY24, the company added 75 net new stores taking its total store count to 526. Rapid store expansion is underway in quick commerce business: Aiming for 1000 stores by March 2025.
