Blinkit posts stellar growth as Q2 revenue jumps 129% YoY, adds 152 new stores; Is it a dark horse for Zomato?

Zomato’s quick commerce arm reported stellar year-on-year growth in gross order value (GOV) and revenue. Blinkit’s operating losses also contracted significantly in the September quarter compared to the year-ago period.

According to the stock exchange filing, Blinkit’s GOV increased 122% year over year and 24.5% quarter over quarter. In the September quarter, Blinkit’s total GOV stood at ₹6,132 crore, compared to ₹2,760 crore a year ago and ₹4,923 crore in Q1FY25.

The GOV refers to the value of all delivery orders placed online on the platform, including taxes, customer delivery charges and all discounts. The GOV does not include the tips offered to delivery partners.

The quick commerce arm of Zomato reported an adjusted EBITDA loss of ₹8 crore in Q2FY25 as against ₹3 crore in the June quarter. The EBITDA loss contracted significantly compared to a loss of ₹125 crore a year ago. Blinkit’s adjusted revenue stood at ₹1,156 crore, up 129% compared to ₹505 crore in Q2FY24. On a QoQ basis, adjusted revenue increased 23% against ₹942 crore in the June quarter.

Blinkit’s store count nearly doubles YoY

Blinkit’s total number of dark stores nearly doubled in the September quarter compared to the year-ago period. The total store count stood at 791 outlets in Q2 F25, compared to 411 stores in the same period a year ago. In the June quarter, the total number of stores stood at 639. Blinkit reported an average GOV per day per store at ₹9.81 lakh compared to ₹7.57 lakh a year ago.

The company added 152 new stores in the September quarter compared to 28 stores in the same quarter a year ago. The net store additions for Blinkit also grew compared to 113 stores in the June quarter.

In Q2FY25, Blinkit’s total orders grew by more than 104% to 92.9 million compared to 45.5 million in Q2FY24. Sequentially, the total orders for Q2FY25 grew by more than 17%, from 78.8 million in Q1FY25.

The quick commerce arm’s contribution to total GOV of Zomato increased to 3.8% in Q2FY25 from 1.3% in Q1FY25. On a QoQ basis, Blinkit’s contribution to GOV decreased from 4% in the June quarter of FY25.

Zomato revenue rises 68% YoY, profit up 388%

On the other hand Zomato’s consolidated revenue from operations for the September quarter of FY25 increased over 68% to ₹4,799 crore compared to ₹2,848 crore in the September quarter of FY24. Its total income stood at ₹5,020 crore.

The company’s consolidated profit after tax for Q2FY25 grew by 388% to ₹176 crore compared to ₹36 crore in Q2FY24.

Blinkit vs Zepto

Compared to its key competitor Zepto, the quick commerce arm of Zomato has registered a robust growth in terms of key metrics.

Zepto had roughly 350 dark stores across seven cities in India as of June 2024, while Blinkit’s total store count touched 791 as of September 30, 2024.

In terms of the average order value (AOV) Blinkit also remained ahead of Zepto. Blinkit’s AOV stood at ₹660 as of September quarter while for Zepto it stood at ₹400–500, according to reports.