Swiggy rival Zomato's profit climbs 283% to Rs 138 crore in Q3FY24; revenue up 69% YoY

Zomato, a food delivery platform and competitor of Swiggy, has reported a significant increase in profit and revenue in Q3FY24.

The company's net profit rose by 283% to Rs 138 crore, compared to a net loss of Rs 347 crore in the same quarter last year.

The profit surge is attributed to increased demand during the Cricket World Cup and the festive season.

Zomato's revenue also saw a substantial rise, with a 69% year-on-year increase to Rs 3,288 crore.

The company's Gross Order Value (GOV) experienced strong growth, with food delivery GOV growing by 27% YoY.

Zomato's quick commerce segment, Blinkit, saw a remarkable 103% YoY growth, while the Going-out GOV soared by 154% YoY.

The company added 40 new stores to Blinkit, taking the total count to 451.

Zomato's focus on enhancing its Gold Membership program and introducing a platform fee for all customers has contributed to margin improvement.

The quick commerce and food delivery segments have shown impressive performance, with Blinkit doubling its GOV and the food delivery business seeing a 48% revenue increase.