Zomato-owned instant ecommerce grocery delivery platform Blinkit revenue has increased to a by 207 per cent i.e., a rise of Rs 724 crore but parallelly the net loss has widened to Rs 1,190 crore in FY23. This financial year represented Blinkit’s initial full year of operations following its transition to the quick commerce sector in December 2021 and marked the first annual financial report since its acquisition by Zomato in the previous year.
In FY22, according to the company’s financials sourced from PrivateCircle Research, Blinkit, previously known as Grofers, reported operating revenue of Rs 236 crore, while its net loss amounted to Rs 1,021 crore.
The company doubled its operational expenditure from Rs 236 crore FY22 to Rs 566 crore in FY23 which grew by 140 per cent. The quick commerce model relies on a greater number of delivery riders but shorter distances per delivery.
During FY23, employee expenses for the Blinkit increased by 14 per cent to reach Rs 311 crore, and finance costs experienced a growth of 168 per cent to reach Rs 110 crore.
Blinkit earned Rs 159 crore, this was a 124 per cent growth compared to the previous year from advertising the brands on the platforms. Delivery services revenue saw an 127 per cent increase to Rs 161 crore, and marketplace commissions increased by 176 per cent to Rs 405 crore.
Zomato said in August that Blinkit had recorded its highest-ever sales and transacting customers in the months of June and July, after recovering from the business disruption caused by a delivery workers’ strike in Delhi-NCR region, its biggest marketplace, in the month of April.
In the month of August, in a letter to shareholders, Zomato CEO Deepinder Goyal expressed his pride, “Blinkit’s GOV (gross order value) is very close to Zomato’s GOV in some of the large cities where we have an overlapping presence. This is just the start, and I believe that 10 years from now, Blinkit will drive more value for our shareholders than Zomato.”
