Deepinder Goyal of Zomato says 'No More' minority investments

Deepinder Goyal of Zomato says 'No More' minority investments

by 5paisa Research Team Last Updated: Dec 10, 2022 - 05:56 pm 10.3k Views
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On November 10, 2022, Zomato announced its Q2FY23 results.

Zomato’s loss narrows to Rs 250.8 crore and revenue increased by 17.5% QoQ basis. Adjusted revenue grew by 16% QoQ and 48% year over year. The Gross Order Value growth was 3% QoQ (23% YoY) driven by growth in both order volumes and average order value.

Deepinder Goyal in the shareholder’s letter said the focus is on three potentially large business – Food delivery, Hyperpure and quick commerce (Blinkit). He also shared his views on Blinkit’s acquisition, “I know that most investors currently ascribe zero value to the Blinkit business, and that’s understandable. But I am confident this will change in due course of time”.

Zomato is gaining sustainable growth in monthly transacting customers by repeat rate of the order. Customer retention on the Zomato platform grew from 1.0x to 1.9x per customer from the fiscal year 2021, and ordering frequency increases consistently with each passing year.

Zomato’s Hyperpure has now started supplying the sellers of Blinkit, which is giving another opportunity to Hyperpure to accelerate revenue growth. Hyperpure infrastructure is been further leveraged for Blinkit’s requirements after its integration with Zomato.

Dining out revenue continues to fall and is going under full product revamp to make it even more relevant and attractive for customers and restaurant partners. The interface for new dining-out products will be based on content that customers consume these days reels/videos and it will also add a payment option in the Zomato app. The new experience is already live in 12 cities in India and UAE.

Blinkit’s business performance continues to improve with the Average order value increasing from 528 to 568. Average monthly customers increased from 2.2 million to 2.6 million. Factors impacting growth in this segment are driven by the existing customer base of Blinkit (Grofers), experienced local teams leading to operations scale-up, and achieving ‘product mix’ market fit in the first go.

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