Key takeaways

1. Topline (Adjusted Revenue) growth remains strong at 58% YoY (12% QoQ); INR 5,746 crore ie. broadly in line with GOV (B2C business) growth.
2. Consolidated Adjusted EBITDA grew 128% YoY to INR 285 crore in Q3FY25, largely driven by improvement in food delivery Adjusted EBITDA margin  (as a % of GOV) to 4.3% compared to 3.0% a year ago.
3. 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. 
4. 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.
5. 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.
6. Launched the all-new District and Bistro mobile apps.

More details in the following pages.