Key Points
- Blinkit revenue in Q2 FY25 reached INR 1,156 Cr, more than doubling from last year.
- Gross order value went up by 122% to INR 6,132 Cr.
- Adjusted EBITDA loss increased to INR 8 Cr from INR 3 Cr in the last quarter.
- Blinkit added 152 stores and 7 warehouses in the September quarter.
- The goal is to reach 2,000 dark stores by the end of FY26.
Looma News
Zomato’s quick delivery service, Blinkit, saw a big boost in revenue for Q2 FY25, hitting INR 1,156 Cr, which is more than double the INR 505 Cr from the same time last year. Revenue also grew by 23% from INR 942 Cr in the previous quarter.
Blinkit’s gross order value (GOV) shot up 122% year-over-year to INR 6,132 Cr, up from INR 2,760 Cr. Compared to the last quarter, GOV increased by 25% from INR 4,923 Cr. Despite these gains, the adjusted EBITDA loss grew to INR 8 Cr, compared to a loss of INR 3 Cr in Q1 FY25. A year ago, in the same quarter, Blinkit had a much larger adjusted EBITDA loss of INR 125 Cr.
In the Q4 FY24 earnings report, Zomato mentioned that Blinkit became EBITDA positive by March 2024. CEO Deepinder Goyal noted in the shareholder letter that the quick delivery business is close to breaking even.
During the September quarter, Blinkit expanded by adding 152 stores and 7 warehouses, significantly increasing its spending. The company aims to operate 2,000 dark stores by the end of FY26, up from 639 in the previous quarter to a total of 791 now. The average daily GOV per store grew to INR 12.7 Lakh, doubling from INR 5.9 Lakh in Q2 FY24 and increasing by 21% from INR 10.5 Lakh in the last quarter.
However, Blinkit is losing market share in the Delhi NCR region as it focuses on growing in other metro areas. Zomato itself reported a 30% drop in net profit to INR 176 Cr in Q2 FY25, even though operating revenue rose 14% to INR 4,799 Cr from INR 4,206 Cr in Q1 FY25.
Additionally, Zomato’s board has approved a plan to raise INR 8,500 Cr (around $1 billion) through qualified institutional placement (QIP), marking the company’s first fundraising effort since going public. Goyal mentioned that this move is aimed at boosting the company’s cash reserves.
