Wednesday, June 19, 2024
HomeBusinessZomato is more confident than ever about Blinkit's success. Proof: ₹300 crore...

Zomato is more confident than ever about Blinkit’s success. Proof: ₹300 crore fresh capital

Blinkit will receive 300 crore in fresh capital from parent company Zomato,- it was reported. With this, Zomato’s total investment in Blinkit is at 2,300 crore, Moneycontrol reported citing regulatory filings sourced via Tofler. The food delivery platform acquired Blinkit in August 2022 and has focussed more and more as the quick commerce division grows in India.

Blinkit and Zomato logos are seen in this illustration. Blinkit is currently the number one player in quick delivery space followed by Swiggy Instamart and Zepto.(Reuters)

Blinkit is currently the number one player in the space followed by Swiggy Instamart and Zepto but it was bought by Zomato in a distress sale of 4,447 crore, nearly half of its earlier valuation. The new capital infusion comes at a time when Zepto is in the middle of a fresh fundraise and Flipkart is also setting up its quick commerce business. Swiggy is also increasing focus on its quick commerce arm Swiggy Instamart.

Date mein Crickit, late mein Crickit! Catch the game anytime, anywhere on Crickit. Find out how

This comes as Blinkit turned adjusted EBITDA positive in March 2024 as it continued to scale up the average order value and volume in the fourth quarter. The company clocked revenue of 769 crore in Q4 FY24 against 363 core in the year-ago quarter. Adjusted EBITDA loss further improved from 203 crore in Q4 FY23 and 89 ceore in Q3 FY24. Its gross order value soared 97% year-on-year (YoY) to 4,027 crore in the quarter ended March 2024.

Blinkit currently has a presence in 26 cities with over 526 dark stores operational in the quarter, it said.

Source link



Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments