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Blinkit’s adjusted EBITDA loss surged about 13X QoQ from INR 8 Cr. It grew 15.7% from INR 89 Cr in Q3 FY24
Zomato CEO Deepinder Goyal attributed the rise in the adjusted EBITDA loss to upfront investments made by the quick commerce arm
Blinkit’s revenue jumped 120% to INR 1,399 Cr in Q3 FY25 from INR 644 Cr in the year-ago quarter
Zomato’s quick commerce arm Blinkit’s adjusted EBITDA loss surged about 13X to INR 103 Cr in the third quarter of FY25 (Q3 FY25) from INR 8 Cr in the preceding quarter, amid rising competition.
On a year-on-year basis, its adjusted EBITDA loss grew 15.7% from INR 89 Cr in Q3 FY24.
In the company’s shareholder letter, Zomato CEO Deepinder Goyal attributed the rise in the adjusted EBITDA loss to upfront investments made by the quick commerce arm.
“The losses in our quick commerce business this quarter are largely on account of pulling forward the growth investments in the business that we would have otherwise made in a staggered manner over the next few quarters,” Goyal said.
Because of this investment, the CEO said that Blinkit is likely to achieve its target of opening 2,000 dark stores by December 2025, a year earlier than its previous target of December 2026.
Notably, the company crossed the 1,000-store mark in the quarter under review, adding 368 net new stores in the last two quarters.
As a result, Blinkit’s revenue jumped 120% to INR 1,399 Cr in Q3 FY25 from INR 644 Cr in the year-ago quarter. On a sequential basis, it grew about 21% from INR 1,156 Cr.
However, Blinkit CEO Albinder Dhindsa said that competition temporarily stalled margin expansion but also noted that there was no attrition among core customers.
Looking ahead, Zomato CFO Akshant Goyal anticipates Blinkit’s gross order value (GOV) growth to exceed 100% for FY25 and FY26.
Akshant believes that mature stores will drive profitability as the network stabilises.
“Once we come out from this period of expansion, the business is likely to turn sharply from being loss making to becoming meaningfully profitable as a larger part of our business starts comprising mature stores compared to newly added ones,” said Akshant.
Meanwhile, Zomato saw its consolidated net profit slump 57.2% to INR 59 Cr in Q3 FY25 from INR 138 Cr in the year-ago quarter due to a slowdown in the food delivery segment and rising competition in quick commerce.
On a sequential basis, profit declined 66% from INR 176 Cr.
Shares of Zomato ended Monday’s (January 20) trading session 3.14% lower at INR 240.95 on the BSE.
Editor’s Note: The story has been edited to correct the increase in adjusted EBITDA loss.
