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A Deep Dive into Zomato Company


Zomato Analysis | Seben Capital

About Company

Zomato, a global restaurant aggregator and food delivery platform, has revolutionized dining experiences worldwide. Founded in 2008, the Indian-based company offers a comprehensive platform for users to discover, review, and order food from a vast array of restaurants. With its intuitive interface and expansive database, Zomato provides users with detailed restaurant information, including menus, reviews, and ratings. Through strategic acquisitions and partnerships, Zomato has expanded its presence across numerous countries, becoming a dominant force in the food delivery industry. Its commitment to innovation and customer satisfaction continues to drive its success, making Zomato a household name in the culinary world.



Zomato Limited reported earnings results for the fourth quarter and full year ended March 31, 2024. For the fourth quarter, the company reported sales were INR 35,620 million compared to INR 20,560 million a year ago. Revenue was INR 37,970 million compared to INR 22,270 million a year ago. Net income was INR 1,750 million compared to a net loss of INR 1,890 million a year ago. Basic earnings per share from continuing operations was INR 0.2 compared to basic loss per share from continuing operations of INR 0.23 a year ago. Diluted earnings per share from continuing operations was INR 0.2 compared to diluted loss per share from continuing operations of INR 0.23 a year ago.For the full year, sales were INR 121,140 million compared to INR 70,790 million a year ago. Revenue was INR 129,610 million compared to INR 77,610 million a year ago


Zomato has raised $2.7B in funding over 23 rounds. Their latest funding was raised on August 30, 2023, from a post-IPO secondary round. It’s funded by 35 investors. Invesco Mutual Fund and Societe Generale are the most recent investors.

Zomato has made 14 investments. Their most recent investment was on April 17, 2022, when UrbanPiper raised $24M. Zomato has had 2 exits. Zomato’s most notable exits include Blinkit and Grab. Zomato has acquired 15 organizations. Their most recent acquisition was BlinkIt on March 16, 2022. They acquired Blinkit for $725M.

Zomato and its Business

Food Delhivery

  1. Zomato operates as a food aggregator and delivery platform. Its business model typically involves the following key components:
  2. Restaurant Discovery: Zomato allows users to discover restaurants based on location, cuisine, reviews, and ratings.
  3. Online Ordering: Users can place food orders directly through the Zomato platform or app.
  4. Food Delivery: Zomato coordinates with delivery partners (either its own fleet or third-party delivery services) to fulfill orders and deliver food to customers.
  5. Revenue Generation: Zomato earns revenue through various channels, including commissions from partner restaurants on orders, advertising fees for featured restaurant listings, and subscription services for premium features.

Blink It

Blink operates as a short-form content creation platform with a multifaceted business model. Primarily, it generates revenue through advertising, where brands pay to promote their products or services through targeted ads and sponsored content. This advertising revenue is bolstered by the platform's ability to offer premium features or subscription tiers to users, providing an ad-free experience or access to advanced editing tools for a fee.

Additionally, Blink capitalizes on brand partnerships, collaborating with companies for branded content campaigns and influencer marketing initiatives. These partnerships enable brands to reach Blink's audience authentically through engaging content created by influencers on the platform, thereby diversifying Blink's revenue streams.

Moreover, Blink monetizes user data by collecting valuable insights into user preferences, behaviors, and interests. This data can be anonymized and aggregated to provide market research insights or sold to third parties for targeted advertising or analytics purposes, contributing further to revenue generation.

In summary, Blink's business model is built on a combination of advertising, premium features, brand partnerships, and data monetization. By providing a compelling content creation platform for users and offering valuable advertising opportunities for brands, Blink creates a symbiotic ecosystem where users, content creators, and advertisers can engage and interact. Through these various revenue streams, Blink sustains its operations and drives growth in the competitive landscape of short-form content platforms.


Hyperpure, a B2B procurement platform by Zomato, simplifies sourcing for restaurants. It partners with suppliers, ensuring quality and freshness. Through centralized procurement, it negotiates competitive prices, passing savings to customers. Quality control measures guarantee product integrity. Its tech-driven platform facilitates seamless ordering and delivery tracking. Hyperpure may offer value-added services like inventory management. Revenue streams include product sales, subscription fees, and transaction charges. By optimizing the supply chain, Hyperpure aims to support restaurant businesses efficiently and sustainably.

Revenue Sharing

Zomato’s revenue from operations grew 15.4% to Rs 3,288 crore in Q3 FY24 in contrast to Rs 2,848 crore in Q2 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange.

Compared to the third quarter of the previous fiscal (Q3 FY23) year, its operating revenue went up by 68.8% from Rs 1,948 crore. 

Zomato operates several units including a food marketplace platform connecting end users, restaurants, and delivery personnel. Hyperpure provides farm-to-fork supplies to restaurants and businesses while Blinkit offers kirana, FMCG and other essentials within 10 minutes.

Meanwhile, dining.out and Zomato Live let users discover restaurants, reserve tables, and book tickets for entertainment events.

The firm made 51.8% of its total operating revenue via food ordering and delivery business, which grew 10.2% to Rs 1,704 crore in Q3 FY24 from Rs 1,546 crore in Q2 of the same financial year. 

Collections from its Hyperpure supplies (B2B business) increased 15.3% to Rs 859 crore during the same period while quick commerce vertical (Blinkit) contributed Rs 644 crore to the group’s coffers. The remaining income came from the ‘Going-out’ segment and other operating activities during the quarter ending December 2023.



Swiggy is an online food delivery platform operating in India. It connects users with nearby restaurants through its app or website, allowing them to browse menus, place orders, and track deliveries in real-time. Swiggy operates a fleet of delivery partners who pick up orders from restaurants and deliver them to customers efficiently. Revenue is generated through commission fees from partner restaurants, delivery charges paid by customers, and advertising fees. Swiggy also offers a subscription service called "Swiggy Super" for unlimited free deliveries and other benefits. With a focus on technology and data analytics, Swiggy aims to provide a seamless and convenient food ordering experience while supporting local restaurants and eateries.

Why Zomato Not Swiggy ?

Here are some reasons why some people might prefer Zomato over Swiggy:

  1. Restaurant Discovery and Reviews: Zomato offers a comprehensive restaurant discovery platform with detailed reviews, ratings, and photos, allowing users to make informed decisions about where to dine. This additional content enhances the overall dining experience and provides valuable information beyond just food delivery.
  2. Wider Range of Services: In addition to food delivery, Zomato offers additional services such as table reservations, takeaway ordering, and grocery delivery in some locations. This diversification provides users with more options and convenience beyond just ordering food online.
  3. Zomato Pro: Zomato Pro is a subscription service that offers discounts and complimentary dishes at partner restaurants, providing additional value for frequent users. This can be appealing for users looking to save money on dining out or ordering in regularly.
  4. User Experience: Some users may prefer Zomato's user interface and app design over Swiggy, finding it more intuitive and visually appealing. Zomato's interface may be especially favored by those who value restaurant discovery and exploration.

Ultimately, whether Zomato is better than Swiggy is subjective and can vary based on individual preferences, priorities, and experiences. Both platforms have their strengths and weaknesses, and what works best for one person may not be the same for another. It's essential for users to consider their specific needs and preferences when choosing between Zomato and Swiggy for food delivery services.

Written by devesh gupta

I am Devesh Gupta, a Junior Analyst at Seben Capital, where I specialize in finance with a focus on market research and data analysis. I support investment decisions by translating complex financial data into actionable insights. My role at Seben Capital allows me to contribute significantly to our investment strategies, leveraging my analytical skills to drive success.

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