Bangalore36 minutes ago
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Deepinder Goyal, founder of Zomato.
Food delivery company Zomato’s profit in the April-June quarter has increased 126.5 times year-on-year to Rs 253 crore. The company’s consolidated net profit in the same quarter a year ago was Rs 2 crore.
Zomato’s revenue in the first quarter has increased by 74% to Rs 4,206 crore. The revenue in the same quarter a year ago was Rs 2,416 crore. Zomato has released the results of the first quarter of the financial year 2024-25 today i.e. on 1 August.
Plan to build 2,000 stores by the end of 2026
Zomato’s quick commerce business ‘Blinkt’ is growing rapidly. It had 526 stores as of March 31, 2024, which increased to 629 in June. That is, 113 new stores have been opened in the June quarter. Blinkt’s co-founder Albinder Dhindsa said – The company aims to build 2,000 stores by the end of 2026. Most of these stores will be in the top 10 cities of India.
Zomato shares rose 3.68%, closed at Rs 237.90
After the results, Zomato’s stock rose 3.68% to close at Rs 237.90. In the last 6 months, the company’s stock has increased by 69.26%. At the same time, in the last one year, the company’s stock has given a return of 180%. On August 1, 2023, Zomato was at Rs 84.75.
Consolidated Profit means performance of the entire group
The results of companies come in two parts – standalone and consolidated. In standalone, the financial performance of only one unit is shown. Whereas in consolidated or consolidated financial report, the report of the entire company is given.
Here, Zomato has 28 subsidiaries, 1 trust and 1 associate company including Blinkit. The financial reports of all these will be called consolidated. Whereas, the separate results of Blinkit will be called standalone.
Deepinder founded Foodibay in 2008, then changed its name to Zomato
- Deepinder Goyal and Pankaj Chaddha together launched their food directory website called FoodieBay in the year 2008. In just nine months, FoodieBay became the largest restaurant directory in Delhi NCR.
- After two successful years, in 2010, the company was renamed as Zomato. Soon after its success in Delhi-NCR, the company started expanding its branches in cities like Pune, Ahmedabad, Bangalore, Chennai, and Hyderabad.
- By 2012, Zomato began expanding overseas by expanding its services to Sri Lanka, the UAE, Qatar, South Africa, the UK, and the Philippines. New Zealand, Turkey, and Brazil were added to the list in 2013.
- Zomato is the country’s first foodtech unicorn. A startup valued at more than $1 billion is called a unicorn. Zomato first reported a profit of Rs 2 crore in the first quarter of financial year 2024.
- Zomato is a technology platform that connects customers, restaurant partners and delivery partners. Zomato founder Deepinder Goyal bought Blinkit in August 2022 for grocery delivery in addition to food delivery.
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