Historical Revenue Timeline
Financial Narrative
Zomato's financial story is one of disciplined losses giving way to hard-won profitability — a trajectory that has made it a reference case for how Indian internet companies can mature from growth-at-all-costs to sustainable unit economics.
In FY2022, Zomato reported revenues of approximately ₹4,192 crore, still posting a net loss of ₹1,222 crore as it absorbed Blinkit integration costs and continued investing in geographic expansion. The loss, while significant, was narrowing on a per-order basis — a more meaningful signal for platform businesses than absolute losses.
FY2023 represented a pivotal year. Revenue scaled to approximately ₹7,079 crore — nearly 70% year-over-year growth — driven by strong food delivery recovery post-pandemic and the early contributions of Blinkit. Net losses narrowed substantially, and more importantly, Zomato's adjusted EBITDA for the food delivery segment turned positive, demonstrating that the core business model worked when stripped of growth investments.
The FY2024 inflection was the one investors had been waiting for. Zomato reported its first full-year net profit — approximately ₹351 crore — on revenues of approximately ₹12,114 crore, representing 71% revenue growth. This profitability milestone was significant not just symbolically but structurally: it validated that Zomato's cost base — dominated by delivery partner costs, technology, and marketing — was scalable in ways that didn't require proportional increases in spending.
The Gross Order Value (GOV) metric has been central to Zomato's investor narrative. Food delivery GOV crossed ₹32,000 crore in FY2024, with Blinkit adding another ₹12,000+ crore. The combined GOV trajectory suggests Zomato is on track to process over ₹75,000 crore in annual transactions across both platforms by FY2026, positioning it among the highest-volume commerce platforms in India.
Take rate — the percentage of GOV that Zomato retains as platform revenue after paying delivery partners and discounts — has been a key margin lever. Food delivery take rate has improved from around 18% in FY2022 to approximately 23% in FY2024 as the company reduced subsidies, improved delivery efficiency through AI-powered routing, and shifted more value to Gold subscribers who generate less discount dependency.
Blinkit's financial profile differs materially from food delivery. Dark store economics require 18-24 months to achieve contribution positivity after store launch, making near-term Blinkit margins appear dilutive. However, mature Blinkit stores — those operational for over 18 months — show contribution margins in the 4-6% range, broadly comparable to food delivery at equivalent maturity. This maturation curve means Blinkit's overall margin profile will improve structurally as its store network ages.
Hyperpure generated revenues of approximately ₹3,400 crore in FY2024, growing over 80% year-over-year. Its gross margin profile is thinner than platform revenues — approximately 5-7% — but its strategic value in restaurant retention and data generation justifies the investment. As Hyperpure scales to cover a larger share of Zomato's restaurant network, its contribution to overall revenue mix will increase meaningfully.
Capital allocation has been another area of financial maturity. Zomato ended FY2024 with over ₹12,000 crore in cash and liquid investments, providing a substantial runway for the Blinkit dark store rollout and potential acquisitions. The company's decision to issue equity for the Blinkit acquisition rather than cash preserved this financial flexibility — a capital allocation choice that proved wise given the subsequent acceleration in Blinkit's growth.