Blinkit's revenue from operations zoomed 207 percent to Rs 724 crore and net loss widened to Rs 1,190 crore in FY23, the first full financial year of its operations after its pivot to quick commerce in December 2021 and also the first annual numbers after its acquisition by Zomato last year.
In FY22, Blinkit (formerly Grofers) had registered operating revenue of Rs 236 crore and its net loss was Rs 1,021 crore, according to the company’s financials sourced from PrivateCircle Research.
The company's delivery-related expenses ballooned 140 percent from Rs 236 crore in FY22 to Rs 566 crore in FY23. The quick commerce model relies on more number of delivery riders but shorter distances per delivery.
Its employee expenses rose 14 percent to Rs 311 crore in FY23, while finance costs grew 168 percent to Rs 110 crore.
The company's revenue from advertising by brands on the platform grew 124 percent to Rs 159 crore in FY23, delivery services revenue rose 127 percent to Rs 161 crore, and marketplace commissions jumped 176 percent to Rs 405 crore.
Zomato said in August that Blinkit had recorded its highest-ever sales and transacting customers in the months of June and July, after recovering from the business disruption caused by a delivery workers' strike in its biggest market, Delhi-NCR, in April.
“I can proudly say that Blinkit's GOV (gross order value) is very close to Zomato's GOV in some of the large cities where we have an overlapping presence. This is just the start, and I believe that 10 years from now, Blinkit will drive more value for our shareholders than Zomato," Zomato CEO Deepinder Goyal wrote in a letter to shareholders in August.
Blinkit has also turned contribution margin positive, a metric new-age commerce companies use to measure the profitability of a business at a per-order level. It expects to be adjusted EBITDA positive in the next four quarters.
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