Zomato’s net profit surged to ₹253 crore in the quarter ended March 31, up nearly 126 times compared to the corresponding period last year. Revenue from operations stood at ₹4,206 crore, up 74 per cent in the quarter under review.
The company said Gross Order Value (GOV) of its B2C businesses stood at ₹15,455 crore, up 53 per cent year-on-year. Food delivery GOV grew 27 per cent year-on-year, quick commerce GOV was up 130 per cent while going-out GOV grew 106 per cent year-on-year. The B2B business Hyperpure’s revenue grew 96 per cent y-o-y.
On food delivery business, the company’s management said, “Between FY20 (pre-Covid) to FY24, food delivery GOV has grown at a CAGR of 30 per cent. With expected structural demand growth and robust supply side dynamics in India, we anticipate the industry to compound at the same rate over the next five years.”
Blinkit
The company said it plans to expand Blinkit’s dark store network to 2,000 stores by the end of 2026 while remaining profitable. “Most of these stores would be in top 10 cities in India. Beyond the large cities, the size of the market is still undiscovered,” said Albinder Dhindsa, Founder & CEO, Blinkit. Earlier, the company had said it aims to get to 1,000 stores by March 2025.
“GOV throughput per store of our existing network has grown from about ₹6 lakh per day per store when we were at 383 stores exactly a year ago to about ₹10 lakh today when we are at 639 stores. For our top 50 stores, today this number is at ₹18 lakh. Over the last six quarters, we have launched and scaled products in electronics, beauty and make-up, pet care, and children’s toys and we will continue to invest behind in in newer categories,” he stated.
District app
Meanwhile, the company said its “dining-out business” is now operating at a “run-rate of $500m-plus annualised GOV” and is profitable.“There is an opportunity to further expand our going-out offering, building on top of our dining-out business. Additional use cases for customers in the going-out space include movies, sports ticketing, live performances, shopping, staycations etc., some of which we have already launched. Building a one-stop destination app for going-out could be a game changer for each of these use cases, and we intend to do exactly that with our new District (by Zomato) app. If we execute this well, we see going-out becoming the third largest B2C business emerging out of Zomato,” said Deepinder Goyal, Founder & CEO, Zomato.