Blinkit, Zomato‘s quick commerce segment, reported a revenue of INR 1,156 Cr for Q2 FY25. This is more than double the INR 505 Cr it made in the same quarter last year.
Blinkit reports revenue growth to INR 942 cr, GOV jumps 122%
As quarter-on-quarter, revenue increased by 23% from INR 942 Cr. Led by Albinder Dhindsa, Blinkit reduced its adjusted EBITDA loss to INR 8 Cr in Q2 FY25 from a INR 125 Cr loss in the same quarter last year.
Continue Exploring: Zomato’s net profit drops 30% to INR 176 Cr in Q2 FY25
However, Blinkit’s adjusted EBITDA loss increased to INR 8 Cr in Q2 FY25 from a loss of INR 3 Cr in the June quarter. Notably, Zomato had reported that Blinkit turned EBITDA positive in March 2024 in its Q4 FY24 earnings statement.
In the Q2 FY25 shareholder letter, Zomato co-founder and CEO Deepinder Goyal said the company’s quick commerce business is nearly breaking even on adjusted EBITDA. Blinkit’s gross order value (GOV) jumped 122% to INR 6,132 Cr in the quarter from INR 2,760 Cr in the same period last year. Quarter-on-quarter, Blinkit’s GOV grew 25% from INR 4,923 Cr in the June quarter (Q1 FY25).
Blinkit operates 791 dark stores
By the end of September, Blinkit, owned by Zomato, operated 791 dark stores across the country, up from 639 in the previous quarter. The average daily GOV per store increased to INR 12.7 lakh this quarter, more than doubling from INR 5.9 lakh in Q2 FY24. It also rose 21% from INR 10.5 lakh in the June quarter.
Continue Exploring: Zomato ventures into kitchen appliances, secures 8% stake in Byondnxt
Meanwhile, Zomato’s consolidated net profit fell 30% quarter-on-quarter to INR 176 Cr in Q2 FY25. However, its operating revenue increased by over 14% to INR 4,799 Cr from INR 4,206 Cr in Q1 FY25.
Furthermore, Zomato has secured board approval to raise up to INR 8,500 Cr (approximately $1 billion) through a qualified institutional placement (QIP). The foodtech major revealed its board has created a fundraising committee to decide on the structure, issuance form, price, discounts, and terms of the QIP, in an exchange filing.
