Zomato’s quick commerce arm, Blinkit, has announced a remarkable surge in revenue for the September quarter of the financial year 2024-25 (Q2 FY25), posting INR 1,156 crore, more than doubling its revenue from INR 505 crore in the same period last year.
This growth marks a 23% increase from the previous quarter’s revenue of INR 942 crore.
Despite the substantial revenue growth, Blinkit reported an adjusted EBITDA loss of INR 8 crore, an improvement from a loss of INR 125 crore in Q2 FY24.
However, the company’s sequential adjusted EBITDA loss widened from INR 3 crore in the preceding quarter, June 2024.
Zomato previously indicated that Blinkit achieved EBITDA positivity in March 2024.
Deepinder Goyal, Zomato co-founder and CEO, stated in a shareholder letter that Blinkit is operating at a near break-even adjusted EBITDA level, reflecting ongoing improvements in operational efficiency.
The company also reported a significant jump in gross order value (GOV), which soared by 122% to INR 6,132 crore compared to INR 2,760 crore in Q2 FY24. On a quarter-on-quarter basis, GOV grew 25% from INR 4,923 crore in Q1 FY25.
In a post-earnings call, Goyal revealed that Blinkit expanded its operations by adding 152 stores and seven warehouses during the quarter, contributing to an increase in capital expenditure.
The company is targeting a total of 2,000 dark stores by the end of FY26.
As of September, Blinkit operated 791 dark stores nationwide, up from 639 in the previous quarter.
The average daily GOV per store also saw significant growth, rising to INR 12.7 lakh, more than doubling from INR 5.9 lakh in Q2 FY24, and marking a 21% increase from INR 10.5 lakh in the June quarter.
Despite these successes, Blinkit is facing challenges in the Delhi NCR market, where it is experiencing a decline in market share.
The company is reportedly shifting its focus to expanding its presence in other metro cities.
Overall, Zomato’s consolidated net profit fell 30% quarter-on-quarter to INR 176 crore in Q2 FY25, although operating revenue rose over 14% to INR 4,799 crore from INR 4,206 crore in Q1 FY25.
In a strategic move to bolster its financial position, Zomato’s board has approved raising INR 8,500 crore (approximately $1 billion) through a qualified institutional placement (QIP), marking the company’s first fundraising effort since its market debut.
