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News on Medial
Can Blinkit become bigger than parent Zomato? Here's what Zomato CFO Akshant Goyal believes is possible
Business Today
·
1y ago
Medial
Zomato's CFO, Akshant Goyal, believes that Blinkit has the potential to surpass Zomato's food delivery business in the next 3-5 years. Blinkit, a relatively new business, has been experiencing rapid growth with its top line doubling year-on-year. Goyal acknowledges the fierce competition in the food delivery and quick commerce space, but remains optimistic about Blinkit's growth and profitability. He emphasizes the vast opportunity in the offline retail market and predicts increased listings from emerging Indian tech companies.
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Blinkit appoints former Flipkart executive Vipin Kapooria as CFO
Economic Times
·
6m ago
Medial
Blinkit, the quick-commerce platform owned by Zomato, has appointed Vipin Kapooria as its new CFO. Kapooria previously worked at Flipkart as the vice president in charge of business finance for mobiles, electronics, and large appliances. Zomato raised Rs 8,500 crore through a qualified institutional placement recently and intends to use a significant portion for expanding quick-commerce operations. Kapooria will work closely with Blinkit CEO Albinder Dhindsa and Zomato CFO Akshant Goyal. Blinkit aims to have 1,000 dark stores by April 2025 and 2,000 by December 2026.
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ET Corporate Awards | At the core, our startup DNA still continues: Zomato CFO Akshant Goyal
Economic Times
·
4m ago
Medial
Zomato, a pioneering Indian consumer internet startup, quickly scaled from its 2021 public debut to joining the BSE Sensex. Expanding beyond food delivery, it acquired Blinkit and Paytm Insider, significantly boosting its market capitalization. Despite the growth, Zomato maintains its startup spirit, focusing on innovative business practices. At the ET Corporate Awards, CFO Akshant Goyal highlighted the company's significant employment impact, attributing its success to the ecosystem's backbone, including restaurants and delivery partners.
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Blinkit seeing growth in smaller cities: Zomato CFO Akshant Goyal
Economic Times
·
10m ago
Medial
Blinkit, a quick commerce platform under Zomato, is experiencing growth in smaller cities and plans to expand its presence gradually, according to Zomato's CFO, Akshant Goyal. The company intends to focus on both large and small cities, with an aim to double its dark stores to 1,000 by the end of FY25 and over 2,000 by 2026. Blinkit contributes significantly to Zomato's market cap, and its growth in the previous year was driven by the addition of dark stores and expanding product offerings. Zomato also announced the completion of its acquisition of Paytm's entertainment and events ticketing business.
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“Will grow Blinkit’s market share aggressively”: Eternal CFO Akshant Goyal
Economic Times
·
2m ago
Medial
Quick commerce platform Blinkit, under parent company Eternal, faced profitability challenges in Q4FY24 despite expanding its dark store network. The company reported Ebitda losses of Rs 178 crore but saw a 21% sequential growth in gross order value. Eternal's operating revenue rose by 64% to Rs 5,833 crore, but net profit dropped by 78%, largely due to Blinkit's growth investments. CFO Akshant Goyal emphasized prioritizing market share expansion, predicting sustained competition in the segment.
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We had little visibility on profits while going public: Zomato CFO
Inshorts
·
9m ago
Medial
Zomato CFO Akshant Goyal said the food delivery platform was "a loss-making business with very little visibility on profitability" when it launched its IPO. "That's how we sold our IPO to public market investors...they were...okay with the profile of our business," he stated. He added that going public was an unplanned move and was decided "over a lunch break".
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'Not raising money for aggressive discounting': Zomato CFO
YourStory
·
8m ago
Medial
Zomato, the foodtech company, is planning to raise around $1 billion to strengthen its balance sheet. The company's finance chief, Akshant Goyal, stated that the focus is on what is right for the business and not on discounting. Zomato aims to expand its quick commerce offerings and open more dark stores. While the company has seen success in most markets, it remains focused on the top eight cities for building infrastructure and believes it is underserved from a supply standpoint. Zomato's food delivery segment witnessed a lower growth rate compared to previous quarters. On a consolidated basis, the company reported 68.5% higher operating revenue in Q2FY25 at INR 4,799 crore.
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Zomato CEO Deepinder Goyal turns billionaire amid record share rally
YourStory
·
1y ago
Medial
Zomato CEO Deepinder Goyal has become a billionaire as the company's shares surged 4.75% to reach an all-time high of Rs 232 on the BSE. Goyal owns a 4.1% stake in Zomato. The food delivery platform recently raised its platform fee by 20% to Rs 6 per order to support expansion and improve profits. Zomato ended FY24 with a 71% YoY growth in revenue and a net profit of Rs 351 crore. Its quick commerce arm, Blinkit, has also become adjusted EBITDA-positive.
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It's official: Zomato is now Eternal
Economic Times
·
4m ago
Medial
Zomato shareholders have approved a resolution to rename the company as Eternal Ltd. Eternal will encompass four verticals: Zomato (food delivery), Blinkit (quick commerce), District (going-out vertical), and Hyperpure (B2B grocery supply). This rebranding, initiated internally in 2022 following Blinkit's acquisition, aligns with organizational restructuring aimed at distinguishing the parent company from individual brands and recognizing Blinkit's growing significance, according to co-founder Deepinder Goyal.
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Paytm’s Vijay Shekhar Sharma cheers Deepinder Goyal as camaraderie adds fizz to Zomato’s 16th anniversary ad
Livemint
·
1y ago
Medial
Zomato's 16th anniversary is making headlines as Paytm CEO Vijay Shekhar Sharma shared the celebration ad released by Zomato's CEO Deepinder Goyal. Sharma congratulated Goyal and the executive team while expressing admiration for the advertisement. As a gesture of gratitude to its users, Zomato is offering an exclusive Zomato Gold membership for ₹30 for six months. The advertisement features key team members such as Akriti, Akshant, Rakesh, and Vipin. The online food delivery market in India is projected to reach $43.78 billion by 2024, according to Statista.
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Blinkit could be bigger than Zomato in one year: Co-Founder Deepinder Goyal
Thehindubusinessline
·
1y ago
Medial
During the Startup Mahakumbh event, Blinkit CEO Deepinder Goyal discussed the potential of the quick-commerce platform, stating that it has the capacity to surpass Zomato, its parent company's food delivery business, within a year. He emphasized the importance of disrupting one's own businesses to stay ahead and revealed that Zomato is currently operating as its fourth version. Goyal also stressed the need for innovation and building a strong company culture, while also acknowledging the benefits of competition in driving growth. He advised start-up founders to align their spending with the potential returns.
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