As Zomato’s quick commerce arm Blinkit focuses on achieving its target of 2,000 stores by December 2025, instead of December 2026, only the top 50 stores as of the third quarter of the financial year 2025 (Q3FY25) registered a contribution margin (CM) of 6.4% to the gross order value (GOV). Meanwhile, the next 101 stores added a CM of 5.2%, and the following 101 stores added a CM of 4.4% to the GOV.
Further, the company’s GOV across B2C businesses saw a 57% Year-on-Year (YoY) increase from Rs 12,886 crore in Q3FY24 to Rs 20,206 crore in Q3FY25. While the food delivery segment saw a 17% YoY growth in GOV, its quick commerce arm rose 120% YoY, and the going-out business noted a 191% GOV rise from the same quarter last year. Regarding the food delivery GOV fell shy of the company’s 20% expectation, Zomato Chief Financial Officer Akshant Goyal attributed this to a “broad-based slowdown in industry demand.”
Key operational metrics: How did the individual segments fare?
FOOD DELIVERY
Average monthly transacting users: The average monthly transacting users for this segment stood at 20.5 million customers up from 18.8 million users in Q3FY24.
Active food delivery partner restaurants: More food delivery partner restaurants were onboarded to the platform, with the average number reaching 3.06 lakh from 2.54 lakh in the same quarter last year.
Average monthly active delivery partners: This figure rose to 4.80 lakh in Q3FY25 from 4.19 lakh delivery partners in Q3FY24.
QUICK COMMERCE
Average monthly transacting users: The average monthly transacting users for this segment stood at 1.06 crore customers up from 0.54 crore users in Q3FY24.
Orders: The platform registered 11.03 crore orders in Q3FY25, rising from 5.58 crore orders in Q3FY24.
Average order value (AOV): The AOV also increased to Rs 707 in Q3FY25 from Rs 635 per order in the corresponding quarter of the last financial year.
Total number of stores: The total number of stores also increased to 1,007 in FY25 from 451 in Q3FY24.
Average GOV per day, per store: This figure rose to Rs 9.7 lakh in the quarter from Rs 8.89 lakh in Q3FY24.
Financial metrics
Zomato’s consolidated Adjusted Revenue grew 58% Year-on-Year (YoY) in Q3FY25 to Rs 5,746 crore from Rs 3,646 crore in Q3FY24. Meanwhile, the company’s Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 128% YoY to Rs 285 crore compared to the same quarter last year, which stood at Rs 125 crore.
Further, the company’s consolidated profit after tax declined to Rs 59 crore in the quarter, denoting a 58.5% YoY plunge from Rs 138 crore in Q3FY24. This loss was driven by investments in its newly-launched District app, including team, marketing, and tech costs. In the coming quarters, the app will see investments for customer acquisitions, the company explained. The District app, which rivals Swiggy’s Scenes, has crossed 6.5 million downloads since its launch in November 2024.
food delivery
Adjusted revenue: This figure rose from Rs 2,062 crore in Q3FY24 to Rs 2,413 crore in Q3FY25, noting a 17% YoY growth.
Adjusted EBITDA: This figure rose from Rs 252 crore in the same quarter of the previous financial year to Rs 423 crore in Q3FY25.
GOV: A 17% YoY growth from Rs 8,486 crore in Q3FY24 to Rs 9,913 crore in Q3FY25 was noted.
quick commerce
Adjusted revenue: This figure rose to Rs 1,399 crore in Q3FY25 from Rs 644 crore in Q3FY24, noting a 117% YoY growth.
Adjusted EBITDA: This segment noted a loss of Rs 103 crore, a 13.5% increase in its losses in the previous quarter last year which stood at Rs 89 crore.
Zomato CEO Deepinder Goyal attributed this figure to the accelerated nature of the “growth investments” to achieve its target of 2,000 Blinkit stores by December 2025. Blinkit CEO Albinder Dhindsa stated the company increased its warehousing network by 30% within the past two quarters and directed funds toward digital marketing to enable new customer acquisition. Capital expenditure of Rs 370 crore was also shelled out to set up IT hardware, racks, and cold storage in company stores and warehouses.
GOV: A 120% YoY growth to Rs 7,798 crore in Q3FY25 from Rs 3,542 crore in Q3FY24 was noted.
Akshant Goyal also noted that while the company expects its losses to continue in the near time, the additional investments in infrastructure will allow GOV growth for the current and next fiscal year. The company claims that as they engage in store expansion, their networks will shoulder a “greater load of under-utilised stores,” potentially impacting profits in the next two quarters.
However, despite the losses, Blinkit saw continued support from its core customer base.
Is Blinkit still a top choice for core customers?
Core customers (those active between September 2022 and December 2022) have sustained on the platform, with customer retention rising to 42% in Q3FY25 from 39% in the same quarter last year. Dhindsa added that such customers (contributing 1/3rd of the platform’s GOV for this quarter) paid an average delivery fee of Rs 20 per order, despite other quick commerce players offering negligent delivery charges.
going-out (district)
Adjusted revenue: This figure rose to Rs 259 crore in Q3FY25 from Rs 73 crore in Q3FY24, noting a 255% YoY growth.
Adjusted EBITDA: This vertical registered a loss of Rs 17 crore in this quarter as compared to a profit of Rs 1 crore in Q3FY24.
GOV: A 191% YoY growth to Rs 2,495 crore in Q3FY25 from Rs 858 crore in Q3FY24 was noted.
Hyperpure (b2b supplies)
Adjusted revenue: This figure rose to Rs 1,671 crore in Q3FY25 from Rs 859 crore in Q3FY24, noting a 95% YoY growth.
Adjusted EBITDA: This vertical registered a loss of Rs 19 crore in this quarter down from a loss of Rs 34 crore in Q3FY24.
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