Not Concerned About New Entrants In Quick Commerce: Blinkit CEO

Not Concerned About New Entrants In Quick Commerce: Blinkit CEO

SUMMARY

Albinder Dhindsa said that the company’s razor sharp focus on customers would help it offset any competition from new entrants

This comes close on the heels of reports saying that parent Zomato was mulling raising INR 9,000 Cr via QIP

The comments come at a time when the quick commerce space is witnessing intense competition with the entry of new players such as Flipkart Minutes, BigBasket and JioMart

Zomato-owned Blinkit’s cofounder and CEO Albinder Dhindsa reportedly said that the quick commerce major is not concerned about new competitors entering the market.

Dhindsa hinted that there is enough space for everyone, adding that Blinkit would continue to focus on customers, Economic Times reported.

“We are not too worried about competition entering the space. The space is not small. We provide customers with a service they didn’t know they needed. We will stay focused on the customer,” Blinkit CEO said at the India Mobile Congress 2024.

On the same day, Blinkit’s parent Zomato said that its board would consider raising funds by issuing equity shares via qualified institutional placement (QIP) at its upcoming meeting on October 22. 

While the company did not disclose the quantum of the funding, reports claimed that the foodtech major is eyeing raising INR 9,000 Cr, which is expected to further fuel its quick commerce vertical. 

Blinkit clocked INR 942 Cr in revenue in the first quarter (Q1) of the fiscal year 2024-25 (FY25), up nearly 2.5X from INR 384 Cr during the same period last fiscal. 

In a bid to further bolster the bottomline, the quick commerce platform now plans to increase its total dark store count to 2,000 by the end of 2026. Zomato announced plans to pump INR 300 Cr in Blinkit in June 2024 but scaling up the venture amid rising competition will likely require much more capital than that. 

Dhindsa’s comments come at a time when the quick commerce space is witnessing intense competition. While ecommerce juggernaut Flipkart debuted its “10-minute” delivery service recently to take on the incumbents, the likes of Tata-owned BigBasket and Reliance-backed JioMart also recently announced their quick commerce foray. 

Meanwhile, Swiggy, which operates Instamart, is eyeing an initial public offering (IPO) by the end of the year, which could see the Bengaluru-based foodtech raise big bucks to further bolster its quick commerce operations. 

On similar lines, Zepto has raised more than $1 Bn in the past few months and was valued at a massive $5 Bn during its last fundraise. Additionally, the company is also said to be in advanced talks with Motilal Oswal, high-net-worth individuals (HNIs), and family offices to raise another $100 Mn

You have reached your limit of free stories
This Diwali, Get Up To 72% Off On Inc42 Plus

Become A Startup Insider With Inc42 Plus

Offer Fading Away This Week
countdownmail.com
2 YEAR PLAN
₹19999
₹6999
₹291/Month
UNLOCK 65% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹3999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Not Concerned About New Entrants In Quick Commerce: Blinkit CEO-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Not Concerned About New Entrants In Quick Commerce: Blinkit CEO-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Not Concerned About New Entrants In Quick Commerce: Blinkit CEO-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Not Concerned About New Entrants In Quick Commerce: Blinkit CEO-Inc42 Media
Not Concerned About New Entrants In Quick Commerce: Blinkit CEO-Inc42 Media
You’re in Good company