Revenue from operations jumped 71.46% to Rs 2,848 crore in Q2 FY24 as compared with Rs 1,661 crore posted in corresponding quarter last year.

Adjusted revenue increased 53.16% year on year to Rs 3,227 crore (39% YoY growth ex-quick commerce) during the quarter.

Total adjusted EBITDA grew to Rs 41 crore in the second quarter of FY24 as compared with EBITDA loss of Rs 192 crore in Q2 FY23. Adjusted EBITDA margin improved 1% in Q2 FY24 as compared with negative 9% posted in Q2 FY23.

In the food delivery business, Gross Order Value (GOV) growth was 20.34% YoY to Rs 7,980 crore during the period under review. Adjusted revenue stood at Rs 1,925crore in Q2 FY24, registering a growth of 21.76% YoY.

Average monthly transacting customers grew 5% to 18.4 million in Q2 FY24 as compared to 17.5 million in Q1 FY24.

"Starting Q2FY24, customers are being charged a nominal platform fee (in the range of Rs 2-5 per order) on every order, including those of Zomato Gold members. It is a small fee to make our economics better and viable in the long run," the company said in press release.

In a letter to shareholders, Rakesh Ranjan, chief executive officer, said, “GOV growth was almost entirely led by growth in order volumes, while the average order value remained largely flat. A visible uptick in demand coupled with some great execution by the team led to the robust growth in order volumes. Order volume growth is typically negatively impacted in this quarter due to lower delivery partner availability during rains. However, this year we were able to improve on that through better all-round execution.

Another key driver of GOV growth in the quarter was the growing adoption of our Gold program, which is continuing to drive higher ordering frequency amongst members. We now have 3.8 million members (as at the end of Q2FY24) that contribute approximately 40% of GOV in the food delivery business.”

Quick commerce business posted revenue of Rs 505 crore, up 113.98% as against Rs 236 crore recorded in the corresponding previous quarter.

Moving on to Blinkit, Zomato said, “GOV growth was largely driven by same store sales growth as we continue to focus on serving more customer needs and ensuring consistency of service levels. We also saw a net addition of 28 new stores during the quarter, taking our overall store count to 411 stores as at the end of the quarter.

We have also seen festivals driving much stronger growth for quick commerce as compared to food delivery. With major festivals like Navratri, Dussehra, Diwali etc. lined-up in the December quarter, we expect another high growth quarter from Blinkit."

The cash balance on a consolidated basis as at the end of 30 September 2023 was Rs 11,761 crore as compared to Rs 11,463 crore as at the end of 30 September 2022.

Zomato stated, "We are aiming for at least 100 new (net) stores within FY24, and should exit March 2024 with somewhere around 480 stores in total."

Zomato connects customers, restaurant partners and delivery partners. Customers use Zomato to search and discover restaurants, read and write customer generated reviews and view and upload photos, order food delivery, book a table and make payments while dining-out at restaurants. On the other hand, it provides restaurant partners with industry-specific marketing tools which enable them to engage and acquire customers to grow their business while also providing a reliable and efficient last mile delivery service. The company also operates a one-stop procurement solution, Hyperpure, which supplies high quality ingredients and kitchen products to restaurant partners.