FoodTech platform Zomato, which started charging a platform fee on orders last August, has collected INR 83 Cr through this new levy by March, according to the company’s annual report.
In addition, Zomato collected INR 53 Cr in platform fees for the financial quarter ending June (Q1) of the financial year 2024-25 (FY25).
Of the INR 83 Cr earned in FY24, the quarterly figures for platform fees were INR 13 Cr in Q2FY24, INR 37 Cr in Q3FY24, and INR 33 Cr in Q4FY24.
The sequential increase in platform fees is attributed to Zomato raising its platform fee three times this year from INR 2 per order to INR 6.
Initially, the fee was increased to INR 4 per order in key markets on New Year’s. It was then hiked by 25% to INR 5 per order in April, followed by an increase to INR 6 last month.
Both the April and June increments contributed to the significant rise in platform fee collection for Q1 FY25 at INR 53 Cr, marking a 60.6% increase from the INR 33 Cr collected in Q4 FY24.
However, Zomato has seen stagnant average monthly transacting customers on a sequential basis. For instance, the average monthly transacting customers for Q1 FY24, Q2 FY24, Q3 FY24, Q4 FY24, and Q1 FY25 were 17.5 Mn, 18.4 Mn, 18.8 Mn, 19 Mn, and 20.3 Mn, respectively.
For the financial year 2023-24, the platform fee was one of the three key factors driving Zomato’s adjusted revenue, along with revenue from operations and customer delivery charges.
Notably, Zomato’s adjusted revenue for FY24 grew to INR 13,545 Cr from INR 8,693 Cr in the previous fiscal year, representing a 55.8% growth for the period.
Zomato introduced its platform fee of INR 2 per order in August last year. Its counterpart, Swiggy, also implemented a standardized 2% collection fee on all orders starting December 20.
This development aligns with Zomato’s continued profitability in consolidated financials for the quarter ending June of FY25, following its maiden profitable quarter in Q1 FY24.
Zomato’s consolidated net profit surged to INR 253 Cr in Q1 FY25, with Blinkit leading the performance. Revenue from operations jumped 74% to INR 4,206 Cr in Q1 FY25 from INR 2,416 Cr in the corresponding quarter last year. Operating revenue rose 18% from INR 3,562 Cr in Q4 FY24.
