Zomato’s Blinkit launches Bistro, enters 10-minute food delivery space

Blinkit, the quick commerce platform owned by India’s food delivery market leader Zomato, has stepped into the 10-minute food delivery space by launching its standalone app, Bistro. The new platform offers snacks, desserts, and beverages to be delivered in 10 minutes, raising competition for other quick commerce platforms like Zepto Cafe and Swiggy Bolt. Bistro is currently accessible in a few areas of Gurugram.

Earlier in 2022, Zomato tested a 10-minute food delivery called Zomato Instant in Gurugram but discontinued it quickly. Zomato’s meal delivery service, which offers home-cooked meals made by home chefs, Zomato Everyday, replaced its 10-minute delivery service back in 2023. Zomato Everyday is currently functional in many cities nationwide, providing affordable, home-cooked meals to many.

While Swiggy’s Bolt is now serviceable in more than 400 cities and accounts for 5% of its total deliveries, Zepto is also upscaling its Zepto Cafe and is all set to launch its separate application this week. According to reports, Zepto Cafe clocks nearly 30,000 orders per day.

Zomato Q2 results

Zomato’s net profit for the July-September quarter of the current fiscal year stood at ₹176 crore, climbing significantly from ₹36 crore profit after tax (PAT) posted in the year-ago period. When compared sequentially, PAT was down by 30% as compared to ₹253 crore recorded in the April-June quarter of FY25.

The company’s food delivery segment posted a gross order value (GOV) of ₹9,690 crore for Q2 FY25, and its grocery delivery vertical, Blinkit, had a GOV of ₹6,132 crore.

Zomato recently completed its ₹8,500 Qualified Institutional Placement (QIP), allocating 33.65 crore shares at ₹252.62 per share. The company aims to use the money to expand its quick commerce operations and for marketing purposes. The allotment was at a 5% discount compared to the floor price of ₹265.91 per share.

Zomato shares

While Zomato’s shares opened in the red at ₹279 apiece, down from its previous close of ₹284.9, the stock quickly recovered in the morning trade on Friday, December 13.

The company said on Thursday that Thane’s GST department has imposed a tax liability of ₹803.4 crore, which includes interest and penalty. The tax demand order is due to the non-payment of GST on delivery charges with interest and penalty on the same, as per Zomato’s regulatory filing.

Zomato’s scrip is ready to enter the BSE SENSEX on December 23, 2024 marking a significant development for the company. The stock has seen an upward trend over the year and has given 129% year-to-date (YTD) returns and a 138% surge in the past 12 months.

Shares of the company are currently trading 0.9% up at ₹287.5 apiece on the NSE at 1:50 pm.