
<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="375" style='width:100%' src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?resize=640%2C375&#038;ssl=1" alt="" class="wp-image-14449" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?resize=1024%2C600&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?resize=300%2C176&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?resize=768%2C450&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?resize=1536%2C900&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?resize=2048%2C1200&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?resize=1200%2C703&amp;ssl=1 1200w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?resize=1568%2C919&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2025/01/Q3FY25-Headline-results.png?w=1920&amp;ssl=1 1920w" sizes="auto, (max-width: 640px) 100vw, 640px" /></figure>



<h3 class="wp-block-heading"><strong>Key takeaways</strong></h3>



<ol class="wp-block-list">
<li>Topline (Adjusted Revenue) growth remains strong at 58% YoY (12% QoQ); INR 5,746 crore ie. broadly in line with GOV (B2C business) growth.</li>



<li>Consolidated Adjusted EBITDA grew 128% YoY to INR 285 crore in Q3FY25, largely driven by improvement in food delivery Adjusted EBITDA margin&nbsp; (as a % of GOV) to 4.3% compared to 3.0% a year ago.</li>



<li>On a QoQ basis, consolidated Adjusted EBITDA declined by 14% (or INR 45 crore) despite the improvement in food delivery margins, largely due to accelerated investments in expanding our quick commerce store network, where quarterly losses increased by INR 95 crore QoQ.&nbsp;</li>



<li>Blinkit store count crossed the 1,000 store mark, one quarter ahead of plan. Aiming to get to 2,000 stores by Dec 2025, one year ahead of earlier guidance of Dec 2026.</li>



<li>Muted 2% QoQ (17% YoY) GOV growth in food delivery this quarter, driven by broad-based demand slowdown. Sharp rise in Adjusted EBITDA margins from 3.5% in Q2FY25 to 4.3% in Q3FY25.</li>



<li>Launched the all-new District and Bistro mobile apps.</li>
</ol>



<p>More details in the following pages.</p>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1VSdVYcWRESglCdUb6KFpFWekzaA2jWSN/view">Click here to download Q3FY25 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em"href="https://drive.google.com/file/d/1VSdVYcWRESglCdUb6KFpFWekzaA2jWSN/view" download="">Download</a></div>



<p></p>


Q3FY25 shareholders’ letter and results


<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="375" style="width:100%" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?resize=640%2C375&#038;ssl=1" alt="" class="wp-image-14189" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?resize=1024%2C600&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?resize=300%2C176&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?resize=768%2C450&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?resize=1536%2C900&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?resize=2048%2C1200&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?resize=1200%2C703&amp;ssl=1 1200w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?resize=1568%2C919&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/10/Headline-results_Q2FY25.png?w=1920&amp;ssl=1 1920w" sizes="auto, (max-width: 640px) 100vw, 640px" /></figure>



<h3 class="wp-block-heading"><strong>Key takeaways</strong></h3>



<ol class="wp-block-list">
<li>Sustained topline growth momentum with 58% YoY Adjusted Revenue Growth, above the stated outlook of 40% YoY growth.</li>



<li>Bottomline (Adjusted EBITDA) continues to improve, driven by steady increase in food delivery margins and quick commerce business continuing to remain near break-even.</li>
</ol>



<p>More details in the following pages.</p>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1UGD9CJ9f_wl7oP8YOdHn6IXLp2I9ys1c/view?usp=drive_link">Click here to download Q2FY25 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em"href="https://drive.google.com/file/d/1UGD9CJ9f_wl7oP8YOdHn6IXLp2I9ys1c/view?usp=drive_link" download="">Download</a></div>



<p></p>


Q2FY25 shareholders’ letter and results


<p>She walked into our office, not knowing who she would meet, what she would do, or where the journey would lead. What began as a spontaneous afternoon in 2011, soon became one of the most pivotal moments at Zomato—the day I met Akriti Chopra.</p>



<p>What followed was over a decade of unforgettable memories and countless milestones.</p>



<p>In hindsight Tuki, as we affectionately call her, has been the most crucial piece of this big, audacious Zomato puzzle—a piece that seemed to fit perfectly, as if it had always belonged.</p>



<p>Akriti has always had the knack for turning chaos into order and has always made the impossible seem effortless. She’s been so much more than a leader or a colleague—she has been the glue holding us all together. Or the countless moments when she provided the much needed “adult supervision” through some of our most complex financial transitions, with so much poise and patience.</p>



<p>Through all the various roles she’s done at Zomato – being our Chief Financial Officer, or Chief People Officer, and of-course the catch-all role as our co-founder—she has maintained that signature ‘Tuki Charm’—a perfect balance of fierce determination, utmost humility, and a love for Zomato that’s <s>almost</s> impossible to replicate.</p>



<p>Zomato wouldn’t be what it is today without her wisdom, her unyielding optimism, and her belief in all of us, and in me—even when we had no idea what we were doing.</p>



<p>With time, Zomato evolved, and we did too. A few months ago, Akriti shared with me that she wanted to hang her boots at Eternal (our internal name for Zomato + Blinkit + District + Hyperpure), to focus on long-deferred personal aspirations and pursuits. This includes her health, her relationships, and the life experiences she’s had on her bucket list since she was five years old—things that the demands of startup life don’t always leave room for.</p>



<p>Of course, she assured me that she will be here for as long as needed, helping the team to stand on their own without needing her day to day support. I am proud to say that over the last few months, we have achieved the exit goal that we set out for her, with her.</p>



<p>Tuki, as you set off on your next adventure, I truly hope you find what your heart seeks. And I hope you know that I will always be cheering you on every step of the way. You say that I don&#8217;t need you anymore, but I respectfully disagree. Here at Eternal, your spirit will live on &#8211; and I will replace your presence during our toughest moments with a question we will collectively ask ourselves &#8211; “what would Tuki do?”</p>



<p>Thank you for being the gold standard of what it means to be human.</p>



<p>With love and gratitude,<br>Deepi</p>


Farewell Akriti


<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="375" style="width:100%" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=640%2C375&#038;ssl=1" alt="" class="wp-image-13906" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=1024%2C600&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=300%2C176&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=768%2C450&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=1536%2C900&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=2048%2C1200&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?resize=1568%2C919&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/08/Headline-results.png?w=1920&amp;ssl=1 1920w" sizes="auto, (max-width: 640px) 100vw, 640px" /></figure>



<h3 class="wp-block-heading"><strong>Key takeaways</strong></h3>



<ol class="wp-block-list">
<li>Year-on-year topline (Adjusted Revenue) growth steady at 62% (61% in the previous quarter) and continues to trend above the stated outlook of 40%+.</li>



<li>Bottomline continues to grow with Adjusted EBITDA expanding to INR 299 crore compared to INR 194 crore in the previous quarter. This was driven by margin expansion in all the 4 businesses.</li>



<li>Quick commerce business sustains Adjusted EBITDA break-even (achieved in the month of March 2024) despite investments in new store openings.
<ul class="wp-block-list">
<li>Adjusted EBITDA in Q1FY25 = INR -3 crore</li>



<li>Net addition of 113 stores as against our guidance of 100 stores</li>
</ul>
</li>
</ol>



<p>More details in the following pages.</p>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1cslKieFe2sNFPevVer1AjT01SakUk9x7/view?usp=sharing">Click here to download Q1FY25 results</a><a style="margin-left:0.75em;background: #32373c;border-radius: 2em;color: #fff;font-size: 13px;padding: 0.5em 1em"href="https://drive.google.com/file/d/1cslKieFe2sNFPevVer1AjT01SakUk9x7/view?usp=sharing" class="wp-block-file__button" download="">Download</a></div>



<ol class="wp-block-list"></ol>
