Food delivery platform Zomato on Monday reported that its consolidated net loss widened to Rs 360 crore for the March quarter. The company reported net loss of Rs 134 crore in the year-ago period. Meanwhile, the company’s consolidated revenue from operations rose 75% to Rs 1,212 crore as against Rs 692 crore in Q4FY21.
Gross Order Value (“GOV”) grew by 6% QoQ and 77% YoY to a record high of INR 58.5 billion in Q4FY22. This was driven by healthy growth in order volumes while the average order value remained stable. On the profitability front, Contribution as a % of GOV increased to 1.7% in Q4FY22 as compared to 1.1% in
Q3FY22. Adjusted EBITDA (for food delivery) as a % of GOV was -1.3%, as compared to -2.2% in Q3FY22, the company said in a statement.
“Average monthly transacting customers were at an all time high of 15.7 million last quartergrowing from 15.3 million in the previous quarter. Likewise, average monthly active restaurant partners and delivery partners were at all time highs as well,” the Gurugram-headquartered company said in a stock exchange filing.
“We launched in 300+ new cities in Q4FY22. We are now present in 1,000+ towns and cities across India,” the company further said.
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We continue to remain bullish on quick commerce, especially given how synergistic it is to our core food delivery business, and are excited with the progress that Blinkit has made in this space. While there is a lot to do as the business is at its early stages, there’s still a lot of low hanging fruit to drive growth and efficiency. Blinkit has grown well in the past six months, and has also significantly reduced its operating losses. We have committed to give them a short term loan of up to $150 million to fund their short term capital needs. Beyond that, there is nothing to share at this moment.
