Zomato Limited, India’s leading food delivery and technology company, has reported significant growth and profitability across all its business verticals in the financial year 2024 (FY24).
Zomato’s consolidated Gross Order Value (GOV) for its business-to-consumer (B2C) operations reached INR 47,918 crore in FY24, a 48% increase from the previous year.
The company’s adjusted revenue saw a remarkable 56% growth, reaching INR 13,545 crore, up from INR 8,693 crore in FY23.
This growth has been driven by the performance of its key business segments: food delivery, quick commerce, going-out services, and B2B supplies through Hyperpure.
Food Delivery and Quick Commerce
The food delivery segment, which includes Zomato’s core business, saw its GOV grow to INR 32,224 crore, serving over 18 million customers through a network of 247,000 restaurant partners and 400,000 delivery partners.
Zomato’s focus on improving the customer experience and expanding its reach to over 800 cities in India has been instrumental in this success.
Quick commerce, facilitated through the Blinkit platform, which Zomato acquired in August 2022, has also shown impressive growth. The segment’s GOV nearly doubled, reaching INR 12,469 crore, with an average delivery time of just 12.5 minutes.
Blinkit’s quick commerce services now operate in 26 cities, meeting diverse customer needs ranging from groceries to electronics.
Going-Out Services and Hyperpure
The going-out segment, which encompasses dining-out and event ticketing, recorded a GOV of INR 3,225 crore, reflecting a 136% year-on-year increase.
This growth is attributed to Zomato’s expansion into new cities and the increasing popularity of Zomato Live events, which include food carnivals and music concerts.
Hyperpure, Zomato’s B2B supplies business, which provides quality ingredients to restaurants, saw its revenue increased to INR 3,172 crore.
The service, operational in eight cities, now serves over 75,000 unique outlets and is becoming an essential part of the restaurant supply chain in India.
Profitability and Future Outlook
Zomato’s focus on operational efficiency and scale has resulted in the company turning adjusted EBITDA positive in FY24, with a profit of INR 372 crore compared to a loss of INR 783 crore in FY23.
The company also achieved a profit after tax (PAT) of INR 351 crore in FY24 compared to a loss of INR 971 crore in FY23, marking its first profitable year.
The company expects to maintain a growth rate of over 40% year-on-year in the coming years, driven by its robust business model and continuous innovation in the food and quick commerce sectors.
