
<p style="text-align:justify"><strong>Milestone Alert</strong><br>Our business excluding quick commerce turned Adjusted EBITDA positive in Q4FY23 driven by the food delivery business generating INR 0.78 billion of Adjusted EBITDA in the quarter. In August 2022, we had announced that this business will get to break-even within the next 3-5 quarters, and we are pleased to have delivered on that goal in the third quarter post that announcement 🚀</p>



<p></p><p style="text-align:justify">Next up – we are aiming to get to positive Adjusted EBITDA (and also PAT) on a consolidated basis (including quick commerce) within the next 4 quarters 🔥</p><p></p>



<p class="has-small-font-size"></p><p style="text-align:justify" class="has-small-font-size">(Note: The difference between Adjusted EBITDA and Profit after Tax (PAT) has narrowed significantly over time)</p><p></p>



<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="436" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=640%2C436&#x26;ssl=1" alt="" class="wp-image-12886" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=1024%2C697&#x26;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=300%2C204&#x26;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=768%2C523&#x26;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=1536%2C1045&#x26;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=2048%2C1394&#x26;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?w=1280&#x26;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?w=1920&#x26;ssl=1 1920w" sizes="auto, (max-width: 640px) 100vw, 640px"></figure>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/13917CIypRtDtpxydl_gR9qSVfxsJaeiw/view?usp=sharing">Click here to download Q4FY23 results</a></div>



<p></p>



<p style="text-align:justify"><strong>Milestone Alert</strong><br>Our business excluding quick commerce turned Adjusted EBITDA positive in Q4FY23 driven by the food delivery business generating INR 0.78 billion of Adjusted EBITDA in the quarter. In August 2022, we had announced that this business will get to break-even within the next 3-5 quarters, and we are pleased to have delivered on that goal in the third quarter post that announcement 🚀</p>



<p><p style="text-align:justify">Next up – we are aiming to get to positive Adjusted EBITDA (and also PAT) on a consolidated basis (including quick commerce) within the next 4 quarters 🔥</p></p>



<p class="has-small-font-size"><p style="text-align:justify" class="has-small-font-size">(Note: The difference between Adjusted EBITDA and Profit after Tax (PAT) has narrowed significantly over time)</p></p>



<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="436" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=640%2C436&#038;ssl=1" alt="" class="wp-image-12886" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=1024%2C697&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=300%2C204&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=768%2C523&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=1536%2C1045&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?resize=2048%2C1394&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2023/05/Consolidated-2.png?w=1920&amp;ssl=1 1920w" sizes="auto, (max-width: 640px) 100vw, 640px" /></figure>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/13917CIypRtDtpxydl_gR9qSVfxsJaeiw/view?usp=sharing">Click here to download Q4FY23 results</a></div>



<p></p>


Q4FY23 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>


Q1FY25 shareholders’ letter and results


<figure class="wp-block-image alignfull size-large"><img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="355" style="width:100%" src="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=640%2C355&#038;ssl=1" alt="" class="wp-image-13632" srcset="https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=1024%2C568&amp;ssl=1 1024w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=300%2C166&amp;ssl=1 300w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=768%2C426&amp;ssl=1 768w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=1536%2C852&amp;ssl=1 1536w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=2048%2C1136&amp;ssl=1 2048w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?resize=1568%2C870&amp;ssl=1 1568w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?w=1280&amp;ssl=1 1280w, https://i0.wp.com/zomatoblog.com/wp-content/uploads/2024/05/headline-results_f.png?w=1920&amp;ssl=1 1920w" sizes="auto, (max-width: 640px) 100vw, 640px" /></figure>



<h3 class="wp-block-heading"><strong><strong>Milestone alert</strong></strong></h3>



<ul class="wp-block-list">
<li>Quick commerce business (Blinkit) turns Adjusted EBITDA positive in March 2024 🏃‍➡️</li>
</ul>



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



<ul class="wp-block-list">
<li>Year-on-year topline growth accelerates to 61% and continues to trend above the stated outlook of 40%+. Growth driven by robust growth in both food delivery and quick commerce.</li>



<li>Bottomline continues to expand and grow with Adjusted EBITDA at INR 194 crore. Margin expansion continues in both food delivery and quick commerce. Quick commerce business gets to Adjusted EBITDA break-even milestone for March 2024.</li>



<li>Rapid store expansion underway in quick commerce business. Aiming for 1,000 stores by March 2025.</li>



<li>Proposal for a new ESOP pool equivalent to 2% of fully diluted share capital.</li>
</ul>



<div class="wp-block-file"><a href="https://drive.google.com/file/d/1cqHmjwh8wDOsZu-dUmNN3PVT4zABeq51/view?usp=drive_link">Click here to download Q4FY24 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/1cqHmjwh8wDOsZu-dUmNN3PVT4zABeq51/view?usp=drive_link" class="wp-block-file__button" download="">Download</a></div>



<p></p>


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