Akshata Sharma
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Blinkit is not just a vertical for Zomato, it could soon become larger than food delivery. In fact, analysts such as Bernstein estimate that Blinkit will have larger revenue than Zomato's food delivery by FY30
This remarkable surge is attributed to Blinkit's strong performance. Here are some key highlights of Blinkit's FY24:
* Blinkit reported total revenue of over INR 2,300 Cr for the year, and turned adjusted EBITDA positive in March 2024!
* Blinkit's standalone revenue soared 186% YOY, significantly outperforming the food delivery segment's 40% YoY growth.
Blinkit's share of Zomato's total revenue grew from 11% in FY23 to nearly 20% in FY24, showcasing its increasing importance.
Delhi NCR is Blinkit's biggest market and the biggest contributor to Blinkit's GOV and revenue.
Beyond the numbers, the focus on Blinkit was clear from the fact that Zomato's now-signature 'Shareholders' Letter' was largely dedicated to the quick commerce vertical!
* The rapid growth seen in the quick commerce business has compelled Zomato to double down on Blinkit. It is looking to nearly double its store count by the end of FY25.
The quick commerce industry in India is experiencing explosive growth, with Goldman Sachs estimating the addressable market size in the top 50 cities alone to be a whopping $150 billion as of 2023.
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