Remarkable Achievement: Zomato’s Deepinder Goyal Skyrockets to India’s Elite Billionaire Circle
Zomato’s quick commerce division, Blinkit, achieved a significant milestone in March, turning adjusted EBITDA positive. In the fourth quarter of FY24, Zomato reported a consolidated net profit of Rs 175 crore, a performance that led brokerages to elevate their target prices for the company. Analysts have lauded Blinkit’s robust performance, highlighted by a 13.7% quarter-on-quarter (QoQ) increase in gross order value (GOV). This growth was primarily driven by a 17% QoQ rise in order volume, although it was partly offset by a 3% decline in the average order value (AOV).
Further fueling this optimism, Blinkit announced plans to expand its number of dark stores from 525 in Q4 to 1,000 by the end of FY25. This strategic move has realigned expectations and bolstered Blinkit’s positioning within the quick commerce sector. The proposed expansion underscores Blinkit’s commitment to strengthening its infrastructure, aiming to enhance operational efficiency and meet growing consumer demand more effectively.
Overall, Zomato’s performance in the last quarter and the promising future prospects for Blinkit present a compelling narrative in the business sector, capturing the attention of investors and market analysts alike.
Original Story https://www.pratidintime.com/assambusinessnews/zomato-co-founder-deepinder-goyal-joins-indias-elite-billionaire-club
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