By Deepinder, Founder & CEO, Zomato
Quick commerce has been our stated strategic priority since the last one year. We have seen this industry grow rapidly both in India and globally, as customers have found great value in quick delivery of groceries and other essentials. This business is also synergistic with our core food business, giving Zomato the right to win in the long-term.
We are proposing to acquire Blinkit, a quick commerce business in India and where we first invested in August last year. This foray into the next big category is timely as our existing food business is steadily growing towards profitability – Zomato has grown at a CAGR of 86% in the last 4 years to an adjusted revenue of INR 55.4 billion ($710 million) while the adjusted EBITDA margin has improved from (153%) in FY19 to (18%) in FY22.
I am sure there are a lot of questions on your mind with regards to this proposed acquisition and the Q&A below between Akshant (CFO), I and Ms Savvy (reminder – she is a fictitious character) will candidly address all of them. We will also host a conference call at 5 pm India time, June 25, 2022 to address any further questions and clarifications.