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E-commerce
Key Takeaways
Yesterday, foodtech major Zomato published its earnings for the quarter ended March 2024, reporting a fourth consecutive quarter in the green. However, despite Zomato posting a consolidated profit of Rs 175 crore, a 28% increase over the previous quarter, its core business—food delivery—wasn’t the star of the show.
Instead, the limelight was stolen by the Gurugram-headquartered company’s quick commerce subsidiary, Blinkit. Even the main theme picture from the shareholder note of Zomato focused on Blinkit. Blinkit’s prominence in the Zomato story shouldn’t come as a surprise. In late April, a Goldman Sachs report stated that Blinkit’s contribution to Zomato’s market cap was larger than that of its food delivery business.
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