Zomato Reduces Loss To ₹251 Crore, Surpasses $1 Billion Revenue
The income increased by a substantial 62.2 % to ₹1,661 crore from ₹ 1,024 crore in the same period last year, according to a statement from the company.
Zomato, an online platform for food delivery, reported on Thursday that its consolidated net loss for the September quarter dropped to Rs 251 crore from Rs 430 crore in the corresponding quarter last year.
The income increased by a substantial 62.2 percent to Rs 1,661 crore from ₹ 1,024 crore in the same period last year, according to a statement from the company.
Zomato stated that this quarter marked the first time it has exceeded $1.05 billion in annualized revenue.
On August 10, the purchase of Blinkit (rapid commerce) was finalized.
The business explained that because of this, “this quarter contains 50 days of Blinkit financials combined into our overall financials.”
Gross Order Value (GOV) for Blinkit increased by 26% on a quarterly basis to Rs 14.82 billion, while revenue increased by 44% on a quarterly basis.
According to the business, “Adjusted EBITDA loss in fast commerce decreased to ₹ 2.59 billion versus ₹ 3.26 billion in the prior quarter (Q1FY23)”.
Zomato’s managing director and CEO, Deepinder Goyal, expressed his satisfaction with the acquisition of Blinkit.
“The team came together quickly and did a fantastic job (not saying it was easy). The majority of Zomato/Blinkit staff (internally referred to as “Eternal” employees) likely feel like one cohesive team these days “In his letter to shareholders, Goyal stated.
Although some employees didn’t like the change and left, he continued, “we are through all the hardship and now have a consistent team at Blinkit that is executing really effectively to deliver results that would amaze the best of us.”
According to Goyal, the majority of investors now place no value on the Blinkit business, which is understandable.
But he added, “I am optimistic that this will alter in due time.
Blinkit’s quick-commerce platform was acquired by Zomato in June for ₹ 4,447 crore (about $568 million) in an all-stock transaction.