Zomato brings down net loss; spikes up revenue by 62%

New Delhi: The consolidated net loss of the food delivery platform Zomato got reduced to Rs 251 crore for the September quarter, it said on Thursday. The net loss was 432 crore during the same quarter in 2021.

Zomato's revenue climbed to reach Rs 1,661 crore in the mentioned quarter, while it was Rs 1,024 crore in the same quarter in 2021. This was a major jump of 62.2 per cent.

"This is the first quarter where we have crossed the billion dollars annualised revenue mark (at $1.05 billion)," Zomato said in a statement.

Zomato's acquisition of the quick commerce platform Blinkit closed on August 10. "Hence, this quarter includes 50 days of Blinkit financials consolidated into our overall financials," the firm said.

Blinkit's Gross Order Value (GOV) grew 26 per cent quarter-on-quarter to Rs 14.82 billion, while the revenue grew 44 per cent quarter-on-quarter.

"Adjusted EBITDA loss in quick commerce reduced to Rs 2.59 billion from Rs 3.26 billion in the previous quarter (Q1FY23)," the company said.

Deepinder Goyal, the Managing Director and CEO of Zomato, said that he is very happy with the Blinkit acquisition.

Goyal said, "The team integration was quick and turned out great (not saying it was easy). I am confident that the majority of Zomato/Blinkit employees (internally, 'Eternal' employees) feel like one team nowadays."

He added that there were many who didn't approve of the transition and decided to leave. But it is all past, and they "now have a stable team at Blinkit which is executing very well to produce outcomes that would surprise the best of us", Goyal added.

He further said that most investors now ascribe zero value to the Blinkit business, and that's understandable. "But I am confident this will change in due course of time," he said.

It was in June this year, Zomato acquired Blinkit for Rs 4,447 crore (about $568 million) in an all-stock deal.