Blinkit Clocks INR 769 Cr Revenue In Q4 FY24, Loss Narrows To INR 37 Cr

SUMMARY

The quick commerce vertical’s adjusted EBITDA loss further improved to INR 37 Cr in the quarter ended March 2024, from INR 203 Cr in Q4 FY23

Its GoV soared 97% year-on-year (YoY) to INR 4,027 Cr in the quarter ended March 2024

The quick commerce platform currently has a presence in 26 cities with over 526 dark stores currently operational

Zomato’s quick commerce vertical Blinkit turned adjusted EBITDA positive in March 2024 as it continued to scale up the average order value and volume in the fourth quarter of FY24 (Q4 FY24).

Blinkit clocked revenue of INR 769 Cr in Q4 FY24 as against INR 363 Cr in the year-ago quarter and INR 644 Cr in Q3 FY24.

The quick commerce vertical’s adjusted EBITDA loss further improved from INR 203 Cr in Q4 FY23 and INR 89 Cr in Q3 FY24, to INR 37 Cr for the quarter ended March 2024.

Blinkit’s GOV or gross order value soared 97% year-on-year (YoY) to INR 4,027 Cr in the quarter ended March 2024.

The quick commerce platform currently has a presence in 26 cities with over 526 dark stores operational in the quarter. The focus from an expansion standpoint is the top eight cities in India.

“Of the new stores that we opened in Q4FY24, 80% are in these top eight cities. We are significantly underpenetrated in the top cities. Our second largest city (by GOV) Bengaluru is less than 30% of Delhi NCR’s GOV (our largest market), with a similar gap in store count,” Zomato said in its shareholders letter.

The company said it will add another 100 stores in Q1 FY25 and is aiming to get to 1,000 stores by the end of FY25.

“In addition to scaling up the existing store network and use cases, we will be adding more use
cases so the Blinkit platform is even more useful in the everyday lives of our customers. We plan to stick to making our service even more reliable and loved for our customers. And just like today, we will strive to maintain an edge over competition for the quality and innovation that we stand for, “Albinder Dhindsa, founder and CEO of Blinkit, said.

Overall, Zomato’s consolidated profit after tax (PAT) zoomed 26.8% to INR 175 Cr in the quarter, from INR 138 Cr in the preceding quarter.

Meanwhile, Zomato is also considering expanding Blinkit by introducing additional brands in fresh categories, with the goal of rivaling ecommerce giants such as Amazon and Flipkart.

It is pertinent to note that Blinkit has been growing faster than Zomato’s food delivery business. The implied value of Blinkit is now larger than that of Zomato’s core business, analysts at Goldman Sachs said in a note published last month. On the back of improved performance, Blinkit’s implied valuation has grown to a staggering $13 Bn.