New Delhi: Online food delivery platform Zomato clocked a wider fourth quarter (Q4) ended March 2022 loss on Monday as expenses nearly doubled, although revenue surged 75 per cent.
The consolidated net loss of the firm widened to Rs 360 crore for the three months ended March 31, 2022 from Rs 131 crore a year earlier.
Consolidated revenue from operations rose 75 per cent to Rs 1,212 crore as against Rs 692 crore recorded in the corresponding period of last year.
Gross Order Value grew by 6 per QoQ and 77 per cent YoY to a record high of Rs 5,850 crore in Q4FY22. This was driven by healthy growth in order volumes while the average order value remained stable, the company said.
Zomato CEO Deepinder Goyal said, “We continue to remain bullish on quick commerce, especially given how synergistic it is to our core food delivery business, and are excited with the progress that Blinkit has made in this space. While there is a lot to do as the business is at its early stages, there’s still a lot of low hanging fruit to drive growth and efficiency. Blinkit has grown well in the past six months, and has also significantly reduced its operating losses. We have committed to give them a short term loan of up to $150 million to fund their short term capital needs. Beyond that, there is nothing to share at this moment,” said CEO Deepinder Goyal.
The company in a stock exchange filing said, “Average monthly transacting customers were at an all-time high of 15.7 million last quarter growing from 15.3 million in the previous quarter. Likewise, average monthly active restaurant partners and delivery partners were at all-time highs as well," the company said, while adding “We launched in 300+ new cities in Q4FY22. We are now present in 1,000+ towns and cities across India," the company further said.