Q3: Zomato posts Rs 3,609 cr revenue, Blinkit ad revenue surges 220%

Food delivery platform Zomato posted a revenue of Rs 3,609 crore for Q3 FY’24, up 53% YoY. For Q3 FY’23, the revenue was Rs 2,363 crore. On the profitability front, consolidated Adjusted EBITDA was positive for the third consecutive quarter at Rs 125 crore and improved by Rs 390 crore as compared to the same quarter last year, the company said in its financial report. 

Gross Order Value (GOV) across Zomato’s B2C businesses grew 47% YoY to Rs 12,886 crore. “On an annualised basis, we have now crossed Rs 50,000 crore of GOV in our B2C businesses. Food delivery GOV grew 27% YoY, quick commerce GOV grew 103% YoY and Going-out GOV grew 154% YoY,” said Akshant Goyal, CFO, Zomato. 

According to Albinder Dhindsa. Founder, Blinkit (Zomato’s quick commerce business), Blinkit’s growth was largely driven by the robust uptick in demand that the company witnessed due to the multiple festivals and occasions in the quarter.  “The quick commerce advertising opportunity is turning out to be promising so far. Blinkit ad revenue has grown at double the pace of GOV growth over the last one year (up 220% YoY in Q3FY24 vis-à-vis 103% YoY GOV growth),” he added. 

Dhindsa further noted that factors like quick commerce being one of the most transacted categories online and being an easy-to-use self-serve ad platform have aided the increase in the number of advertisers. “Linking ad impressions to actual sales helps brands accurately measure ROI. Moreover, given the speed of order fulfilment, brands are also able to see the almost real time impact of their ad spends,” he mentioned. 

While the ad revenue growth YoY was 220%, the number of advertisers went from 242 in Q3FY23 to 557 in Q3FY24. There was a 108% YoY growth in ad spends by the top 20 advertisers on the platform. 

Zomato spent Rs 374 crore on advertising and sales promotion for Q3FY24, which is a 7.4% jump YoY.