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Zomato savours Blinkit's rise
Mint Mumbai
|February 12, 2024
Zomato Ltd seems to have perfected the recipe for delivering strong results quarter after quarter.
In the three months ended December (Q3FY24), the company's food delivery business remained stable, but what truly caught the attention was the impressive performance of its quick commerce arm-Blinkit.
In Q3, Blinkit's gross order value (GOV) grew 28% sequentially thanks to festive tailwinds. While most of the growth was volume-led, a rise in the average order value also helped. 90% of Blinkit's GOV originates from the top eight cities, highlighting significant acceptance. Moreover, the average time taken for new stores to reach 1,000 orders per day dropped to two months in October from 5.8 months in Q4FY23. Little wonder, its shares rose 6.5% in the past two trading sessions following Q3 results, scaling to a new 52-week high of 151.40 on Friday.
This story is from the February 12, 2024 edition of Mint Mumbai.
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