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Going Out Shines For Zomato In Q2, ‘District’ Launch In 4 Weeks
- Zomato's Q2 FY25 net profit took a hit with costs increment and the core food delivery vertical seeing a slowdown. On a YoY basis, the profit rose 389% from INR 36 Cr during Q2 FY24. However, Zomato’s operating revenue rose over 68.5% to INR 4,799 Cr in Q2 FY25 from INR 2,848 Cr in the September quarter of the previous fiscal.
- The gross order value (GOV) and revenue of the food delivery vertical rose only 5% and 4% QoQ, respectively, to INR 9,690 Cr and INR 2,340 Cr in Q2 FY25. Indicating a slowdown in the food delivery segment, on a YoY basis, GOV and revenue grew by a significant 21% compared to the September 2023 quarter.
- The going out business arm scaled 46% QoQ and 171% YoY following the acquisition of Paytm Insider. GOV of the vertical increased to INR 1,849 Cr in Q2 FY25, with a revenue jump of 214% to INR 154 Cr compared to INR 49 Cr in Q2 FY24.
- Blinkit continues its march, with an adjusted EBITDA loss of INR 8 Cr during Q2 FY25 as against INR 125 Cr in the year-ago quarter. The quick-commerce vertical added 152 stores and 7 warehouses during Q2 FY25, and the GOV was INR 6,132 Cr, which jumped 122% compared to INR 2,760 Cr from the previous year's quarter.
- Blinkit's market share in Delhi NCR declined to 40% during Q2 FY25 from about 47% a couple of quarters ago, as the company is expanding its presence in other metro cities. Blinkit is targeting a total dark store count of 2,000 by the end of FY26. Blinkit’s average daily GOV per store grew more than 2X jump from INR 5.9 Lakh in Q2 FY24 to INR 12.7 Lakh in Q2 FY25.
- Zomato’s B2B arm, Hyperpure, which supplies fruits, vegetables, and groceries to restaurants, witnessed revenue nearly doubling YoY to INR 1,473 Cr in Q2 FY25 from INR 745 Cr in Q2 FY24.
- Zomato has secured the nod from its board to raise INR 8,500 Cr (about $1 Bn) via qualified institutional placement (QIP) to enhance its cash balance. The foodtech major also announced that it has received the board’s nod to acquire an 8% stake in kitchen appliances maker Byondnxt.
- Zomato founder and CEO, Deepinder Goyal, gave an update on the launch of its new “District” app, stating that it would likely be live in the next 4 weeks. The app is expected to offer an improved user experience and migrate the business from Zomato and Paytm platforms to the new District app.
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