Blinkit Revenue Rises Threefold In FY23, Loss Widens
With FY23's losses, Blinkit's accumulated losses have grown to Rs 4,498.2 crore.
Quick commerce player Blinkit has posted a threefold growth in revenue in FY23, a year marked by its merger with Zomato Ltd.
Blinkit, which is registered as Blink Commerce Pvt., posted a revenue from operations of Rs 724.2 crore in FY23, up over three times from Rs 236.1 crore in FY22. However, its losses also widened from Rs 1,020.1 crore in FY22 to Rs 1,191.5 crore in FY23, according to filings sourced from PrivateCircle Research, a private market intelligence platform.
The Albinder Dhindsa-led company's expenditure also rose to Rs 1,939.2 crore in FY23 from Rs 1,262 crore. Its delivery and other related expenses grew to Rs 565.8 crore from Rs 235.9 crore.
With FY23's losses, Blinkit's accumulated losses have grown to Rs 4,498.2 crore.
Zomato had announced it would acquire Blinkit in June 2022 for Rs 4,447 crore, in line with its strategy to expand its business segments. It completed the transaction in August of that year.
Since then, as Zomato's core food delivery business turned profitable in Q1 FY24, the company's focus has been on reducing burn at Blinkit.
"Looking at our Blinkit business, I think our aim is to get to adjusted Ebitda positive over the next four quarters," Dhindsa said during Q1's earnings call.
"We do see a lot of expansion of the wallet share of customers because they're now starting to buy a lot more things than just the core grocery categories from us. And I think that leads to both order growth, revenue growth and obviously, we're able to harness the operating leverage that exists in a high fixed cost model like ours. I think there's nothing out of the ordinary in terms of how we think we will get to adjusted Ebitda positive," he had said.
