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Blinkit Valued Higher Than Zomato’s Core Business: Goldman Sachs

Rajeshwari R by Rajeshwari R
April 26, 2024
in Business
Reading Time: 2 mins read
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Blinkit Valued Higher Than Zomato's Core Business: Goldman Sachs

Blinkit Valued Higher Than Zomato's Core Business: Goldman Sachs

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Zomato’s Blinkit Surpasses Core Food Delivery Business in Value, Says Goldman Sachs Report

According to a recent report by Goldman Sachs, Zomato’s Blinkit, the quick delivery service, has attained a higher valuation compared to its core food delivery operations. While Zomato’s food delivery business is valued at Rs 98 per share, Blinkit’s “implied value” stands at Rs 119 per share, amounting to approximately $13 billion.

Goldman Sachs had previously valued Blinkit at $2 billion in March of the previous year, as reported by TechCrunch. The report from the investment bank anticipates Blinkit’s gross order value (GOV) to witness a compound annual growth rate (CAGR) of 53 percent from 2024 to 2027, outpacing the projected CAGR of 38 percent for the entire online grocery market during the same period.

The valuation surge in Blinkit is attributed to the substantial growth potential in the quick commerce sector within the country. During the first quarter (Q3) of the last fiscal year, Blinkit experienced continued robust growth in its GOV. Blinkit CEO Albinder Dhindsa noted that GOV expanded by 28 percent on a quarterly basis, driven significantly by increased demand stemming from various festivals and occasions.

Dhindsa further elaborated that while much of the GOV growth was propelled by order volume, there was also a notable increase in average order value. This increase was attributed to a higher mix of categories with elevated average selling prices, such as electronics, festive items, and home decor.

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