Zomato: After navigating a period of intense competition over the last few years, the online food delivery market is now poised for a phase of a rapid expansion in the profit pool, Equirus said.
Zomato reported a consolidated net profit of Rs 2 crore for the June quarter, compared to a loss of Rs 186 crore a year ago, and a loss of Rs 189 crore a quarter ago. This was on the back of a sharp 71% growth in revenue to Rs 2,416 crore.
Zomato issued fresh equity shares to all the selling shareholders of Blinkit as consideration for the M&A last year. Following the transaction, Zomato had negotiated a 12-month lock-in for these shares, compared to the statutory lock-in requirement of six months.