Blinkit Q2 Revenue More Than Doubles YoY To INR 1,156 Cr

Zomato’s quick commerce arm Blinkit posted a revenue of INR 1,156 Cr in the September quarter of the financial year 2024-25 (Q2 FY25), a more than 2X jump from INR 505 Cr in the year-ago period.

On a quarter-on-quarter-basis, revenue grew 23% from INR 942 Cr.

The Albinder Dhindsa-led quick commerce major managed to narrow its adjusted EBITDA loss to INR 8 Cr in the reported quarter from INR 125 Cr loss it posted in the corresponding quarter last year. 

However, sequentially, Blinkit’s adjusted EBITDA loss widened from a loss of INR 3 Cr logged during the June quarter. It is pertinent to note that Zomato, in its Q4 FY24 earnings statement, said that Blinkit turned EBITDA positive in the month of March 2024.

In the shareholder letter for Q2 FY25 performance, Zomato cofounder and CEO Deepinder Goyal said the company’s quick commerce business continues to operate at a near adjusted EBITDA break-even.

Blinkit’s gross order value (GOV) zoomed 122% to INR 6,132 Cr during the quarter under review from INR 2,760 Cr in the September quarter last year. On a QoQ basis, Blinkit reported a strong 25% growth in its GOV from INR 4,923 Cr in the June quarter (Q1 FY25).

In a post-earnings call, Goyal said that Blinkit added 152 stores and 7 warehouses during the September quarter, which led to an significant  increase in the foodtech major’s overall capital expenditure. Blinkit is targeting a total dark store count of 2,000 by the end of FY26.

As of the quarter ended September, Zomato-owned Blinkit operated 791 dark stores across the country as compared to 639 in the previous quarter. Blinkit’s average daily GOV per store grew to INR 12.7 Lakh in the reported quarter, a more than twofold increase from INR 5.9 Lakh in Q2 FY24. Sequentially, it advanced 21% from INR 10.5 Lakh in the June quarter.

Meanwhile, Blinkit is seeing a decline in its market share in the Delhi NCR region as the company has shifted its focus on expanding its presence in other metro cities.

Overall, Zomato saw its consolidated net profit decline 30% QoQ to INR 176 Cr in Q2 FY25. Operating revenue rose over 14% to INR 4,799 Cr in the reported quarter from INR 4,206 Cr in Q1 FY25.

Further, the foodtech major has also secured approval from its board to raise INR 8,500 Cr (about $1 Bn) via qualified institutional placement (QIP). The company is undertaking its first fundraise post listing to enhance its cash balance, Goyal said.