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Jayant Mundhra
•
Dexter Capital Advisors • 2m
Why is nobody talking about how Blinkit’s discount per order has gone up by a massive 27% YoY 📛📛 This is proof that Blinkit is under intense pressure to protect market share, a fall in which could have a massive negative impact on Zomato/Eternal’s stock price. Let me show you the data. .. You see, the company yday, for the first time since IPO released Blinkit’s NET ORDER VALUE (NOV) Until now, they had only been reporting what’s called GROSS ORDER VALUE (GOV). And the clearly defined NOV as GOV - Discounts. Thus, dividing NOV by GOV gives me the exact %age of an order’s value that was given away as discounts to generate sales. .. And this is how the discounts as a %age of GOV have changed in the last 5 quarters. Q4FY24: 17.16% Q1FY25: 17.51% Q2FY25: 19.63% Q3FY25: 22.80% Q4FY25: 21.86% This means that earlier, Zomato gave discounts of ~Rs 170 on an order of Rs 1k. Now, it’s giving away ~Rs 220. Up 27% YoY! And somehow, whenever Blinkit and Zomato’s management has been asked about rising losses on Blinkit front, they never revealed this. They simply kept saying that losses are because of front-loaded investments to increase the pace of dark store opening. But, giving away 22% as discounts is no joke, especially in a SUPER THIN MARGIN business like q-com. Now tell me, did you know this?
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