Zomato-owned quick delivery platform Blinkit witnessed an 8.2 percent rise in losses, with figures climbing from INR 996.7 crore in FY22 to INR 1,078.9 crore in FY23, as reported by the media on Thursday.
According to Entrackr, delivery and associated fees accounted for 29.2 percent of the overall expenses.
“This cost elevated 2.4X to INR 565.8 crore in FY23 from INR 235.9 crore in FY22. Its employee, advertising, rental, and outsourcing manpower costs drove its overall expenditure to INR 1,939 crore in FY23,” the report said.
As per the statement submitted to the Registrar of Companies (RoC), Blinkit reported a remarkable three-fold increase in its revenue for FY2023. Revenue from its operations soared from INR 236.1 crore in FY22 to INR 724.2 crore in FY23.
“Blinkit makes money from the marketplace commissions which accounted for 55.9 per cent of the total operating collection. This income grew 2.75X to INR 404.5 crore in the last fiscal year from INR 146.8 crore in FY22,” the report noted.
Zomato acquired Blinkit in an all-stock transaction valued at $568 million. The online food delivery platform, which is preparing to disclose its Q2 FY24 results, recently announced a net profit of INR 2 crore in the initial quarter of the current financial year and year-over-year revenues of INR 2,416 crore, reflecting a substantial 70.9 percent increase compared to the corresponding period in the previous year.
During the corresponding quarter in the previous year, Zomato reported a net loss of INR 186 crore alongside revenues of INR 1,414 crore. In accordance with the submission to the stock exchanges, the quick commerce venture (Blinkit) achieved its first-ever positive contribution in June 2023. The Q1FY24 statistics indicate that there were 1.75 crore transacting customers, compared to 1.67 crore in the previous year.