Zomato, the popular food delivery and quick commerce platform, had a strong financial year in 2023-24 (FY24). The company reported significant revenue growth and achieved profitability, marking a major milestone in its business journey.
Zomato’s Financial Performance in FY24
Revenue Growth and Profitability
For the fiscal year ending March 31, 2024, Zomato’s revenue from operations surged by an impressive 71% year-on-year, reaching ₹12,114 crore. This growth was largely driven by the robust performance of its food delivery services and the quick commerce division, Blinkit. The company also reported a net profit of ₹351 crore for the year, a stark contrast to the net loss of ₹971 crore in FY23.
Quarterly Highlights
In the fourth quarter of FY24, Zomato’s revenue from operations stood at ₹3,562 crore, marking a 73% increase from the same quarter in the previous year. The quarter also saw Zomato recording a net profit of ₹175 crore, a significant turnaround from the loss of ₹188 crore reported in Q4 FY23. The success of Blinkit, which achieved positive EBITDA in March 2024, played a crucial role in this financial improvement.
Blinkit’s Contribution
Blinkit, Zomato’s quick commerce segment, doubled its revenue year-on-year to ₹769 crore in Q4 FY24. Over the entire fiscal year, Blinkit contributed ₹2,301 crore in revenue, up from ₹806 crore in FY23. This growth underscores the increasing demand for quick commerce and Zomato’s successful expansion in this segment.
Zomato yearly revenue
Zomato’s Future Outlook
Looking ahead, Zomato plans to continue its aggressive expansion, particularly in the quick commerce space. The company aims to increase the number of Blinkit stores to 1,000 by March 2025, further solidifying its position in the Indian market. Moreover, Zomato’s focus on enhancing service quality and innovation indicates that it is well-positioned for sustained growth.
FAQ
1. What was Zomato’s revenue in FY24?
Zomato’s revenue in FY24 was ₹12,114 crore, a 71% increase year-on-year.
2. Did Zomato turn a profit in FY24?
Yes, Zomato reported a net profit of ₹351 crore in FY24, marking a significant recovery from a loss of ₹971 crore in FY23.
3. How did Blinkit perform in FY24?
Blinkit contributed ₹2,301 crore to Zomato’s revenue in FY24 and achieved positive EBITDA in the March quarter.
4. What were the key drivers of Zomato’s revenue growth in FY24?
The key drivers were the strong performance of its food delivery services and the rapid expansion of Blinkit, Zomato’s quick commerce division.
5. What are Zomato’s plans for the future?
Zomato plans to expand its Blinkit stores to 1,000 by March 2025 and continue focusing on improving service quality and customer experience.
