Zomato, Swiggy call claims of antitrust probe by CCI as ‘misleading’
Zomato addressed the claims of the antitrust investigation by the Competition Commission of India (CCI) into its business practices, and called them “misleading”.
Online food delivery platform Zomato on Thursday said that its consolidated net loss decreased to Rs 251 crore for the September quarter, against Rs 430 crore in net loss in the same quarter last year.
The revenue went up to Rs 1,661 crore against Rs 1,024 crore in the year-ago period, a significant 62.2 per cent jump, the company said in a statement.
“This is the first quarter where we have crossed the billion-dollar annualized revenue mark (at $1.05 billion),” said Zomato.
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The acquisition of Blinkit (quick commerce) closed on August 10.
“Hence, this quarter includes 50 days of Blinkit financials consolidated into our overall financials,” said the company.
Blinkit’s Gross Order Value (GOV) grew 26 per cent quarter-on-quarter to Rs 14.82 billion while the revenue grew 44 per cent quarter-on-quarter.
“Adjusted EBITDA loss in quick commerce reduced to Rs 2.59 billion from Rs 3.26 billion in the previous quarter (Q1FY23),” the company said.
Deepinder Goyal, Managing Director, and CEO, Zomato, said that he is very happy with the Blinkit acquisition.
“The team integration was quick and turned out great (not saying it was easy). I am confident that the majority of Zomato/Blinkit employees (internally, ‘Eternal’ employees), feel like one team nowadays,” Goyal said in the letter to shareholders.
There were a number of people who didn’t like the transition, and decided to leave, but “we are past all the pain, and now have a stable team at Blinkit which is executing very well to produce outcomes that would surprise the best of us”, he added.
Goyal said 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,” he noted.
Zomato in June acquired quick-commerce platform Blinkit for Rs 4,447 crore (about $568 million) in an all-stock deal.
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