Zomato cut his overall investment guidelines in Blinkit to $ 320 million from $ 400 million, because the fast-commerce company has reduced its loss which also includes an $ 150 million investment into the company so far, one of the founders of Zomato Deepinder Goyal said in an income call. on August 2.
However, Goyal did not reveal Blinkit’s profitability time line.
During the call, Goyal also clarified this time that nothing was hidden about the acquisition of Blinkit and the legal process was followed during the transaction.
“The relationship between Albinder and Akriti/ I is the public and has been known – nothing is hidden there. The council is aware of it and all parties, including Akriti himself, ensuring that he has never been involved in any discussion or decision with respect for transactions,” said Zomato CEO.
In the results of the first quarter, Zomato said the food delivery segment had reached rest even with EBITDA that was adjusted 0. The period in this segment.
Zomato reported 10% growth in the gross sequence of quarter-to-quarter. The company said the contribution margin increased to 2.8% of GMV, around RS 11 per order, which caused adapted EBITDA resting- even for the food delivery business. But, EBITDA margin for food is still negative in RS16 per order.
The average order value for Zomato remains almost stagnant at RS 397. However, Goyal added that the cost of their customer acquisition has been stable which has caused lower marketing expenditure.
Zomato was closed at RS 56 on BSE on August 2, up 20 percent during the day, after the company reported that the net loss narrowed 48 percent to RS 186 Crore in the June quarter. At 11:07 Wednesday, shares were traded in RS 54.35 each, down 2.25 percent, while Benchmark Sensex fell 241.13 points or 0.41 percent to 57,895.23.
Zomato is likely to see a major block agreement on August 3, because Uber is likely to sell 7.8 percent of its shares in the food delivery aggregator.
