Blinkit, Zomato’s quick commerce vertical, achieved positive adjusted EBITDA in March 2024 as it continued to scale up the average order value and volume in the fourth quarter of FY24.
In Q4 FY24, Blinkit recorded revenues of INR 769 Cr, a significant increase from INR 363 Cr in the same quarter of the previous year and INR 644 Cr in Q3 FY24.
The adjusted EBITDA loss of the quick commerce vertical showed continued improvement, decreasing from INR 203 Cr in Q4 FY23 and INR 89 Cr in Q3 FY24 to INR 37 Cr for the quarter that ended in March 2024.”
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In the quarter that ended March 2024, Blinkit’s gross order value (GOV) surged by 97% year-on-year (YoY) to INR 4,027 Cr.
The quick commerce platform is currently operational in 26 cities, boasting over 526 dark stores in the quarter. Expansion efforts are primarily concentrated on the top eight cities in India.
“In Q4FY24, 80% of the new stores we opened are located in these top eight cities. Our presence in these key urban centers remains notably lower than desired. For instance, our second-largest city by gross order value (GOV), Bengaluru, comprises less than 30% of Delhi-NCR’s GOV, our largest market, with a similar disparity in store count,” stated Zomato in its shareholder letter.
The company announced plans to incorporate an additional 100 stores in Q1 FY25, with a target of reaching 1,000 stores by the end of FY25.
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