Zomato's profits up, WinZO’s ₹1,000 Cr. Strategy & Zypp’s ₹500 Cr. EV Game💡
A lot to unpack - some highs & lows.
We're back with our “business edition” newsletter, which covers three important business topics in one go. Today, we discuss Zomato’s Q4 results, WinZO’s ~₹1,000 Cr. Strategy, and Zypp’s ~₹500 Cr. B2B EV Game.
Zomato’s Q4 results 📈
First, some context.
Zomato (now Eternal) saw a nice revenue growth of 64% YOY but it is overshadowed by a steep decline in net profit by 78%. The market’s response? Mixed. Some see a company making bold long-term bets, especially in the fast-growing quick commerce space. Others worry Eternal might be spreading itself too thin, too fast — sacrificing profitability for scale. Let’s break down.
The food demand is flat.
Eternal’s food delivery business — once its core growth engine — is starting to show signs of fatigue. Let’s look at the numbers:
Gross Order Value (GOV): ₹9,700 Cr. down 1.3% QoQ.
Monthly users: ~2.09 Cr. vs. 2.05 Cr. last quarter.
The top-line and user base are almost where they were a quarter ago. But why? Well, it looks like India’s food delivery market — especially in top metros — is approaching saturation. Customer growth has plateaued, and average order sizes aren’t moving up either.
The BlinkIt masterstroke.
BlinkIt is growing fast, but not cheap. Eternal is opening dark stores at record speed to capture market share while the quick commerce space is still being defined. But that expansion comes at a cost — underutilised stores and falling AOVs are putting pressure on margins.
Fact.
This quarter, Blinkit’s revenue soared to ₹1,700 Cr., up 122% YoY, with 294 new stores added, bringing the total to 1,301. However, the aggressive expansion led to an EBITDA loss of ₹180 Cr., nearly 5 times higher than last year. It will be interesting to see how BlinkIt eventually becomes the “face” of the business.
WinZO’s ~₹1000 Cr. Empire 🎮
First, some context.
WinZO, India’s top gaming platform, just had an epic year. Its revenue shot up by 70% to ₹1,055 crore, and profits surged by 151% to ₹315 crore. The platform has over 10 Cr. users, with 90% of its user base hailing from Tier 2 to Tier 5 cities, and 80% consuming content in regional languages like Hindi, Tamil, Telugu, and Bengali.
The micro-transaction insight.
A big part of their success comes from micro-transactions: these are small payments players make for things like game upgrades, skins, or extra lives. Instead of paying a large amount all at once, users make tiny payments as they go, which feels less overwhelming. WinZO processes a mind-blowing 55 billion transactions every year. What makes this even smoother is that most of these payments are made using UPI. This enables almost no friction during the transaction process.
The global opportunity.
WinZO’s growth isn’t just about domestic success — it’s expanding globally, with recent moves into markets like Brazil. Domestically, the company has also partnered with regional banks to offer localized UPI promotions, making it easier for users in smaller cities to access the platform. These efforts help WinZO tap into new user bases and add to the top-line.
What will we see ahead?
As the gaming industry continues to expand, especially with the rise of mobile gaming in emerging markets, platforms like WinZO will need to stay ahead by offering localized content and innovating in payment systems to cater to diverse user needs.
Zypp’s ~₹500 Cr. Playbook 💡
First, some context.
Zypp Electric’s revenue shot up 50% YoY to ₹455 Cr. in FY25, thanks to its rapid expansion in top cities and the rising demand from quick commerce players. Now, it's aiming for EBITDA breakeven in the coming quarters. The company runs on a driver rental model and might lead the B2B EV disruption. Let’s dig.
Fact.
Zypp crossed 10 Cr. deliveries since inception, with quick commerce accounting for 47% of total deliveries.
The moat of software.
Zypp isn’t the only EV logistics player — names like Euler Motors, Battery Smart, and Bounce Infinity are also making moves. But Zypp stands out by building a full-stack tech platform: from fleet management to route optimisation and driver performance tracking. This tech stack helps reduce delivery costs and improves uptime, key metrics in last-mile logistics. In a market where hardware can be copied, Zypp’s software moat is becoming its real edge.
The right partnerships.
By collaborating with EV manufacturers, fintech leasing companies, and battery-swapping networks, Zypp has created a sustainable ecosystem that lowers entry barriers for businesses. These alliances allow Zypp to scale rapidly and offer affordable, green logistics solutions to companies across India.
The 3 wheeler story.
Zypp isn’t just riding the 2-wheeler wave — it’s quietly scaling a 900-strong 3-wheeler EV fleet. These larger vehicles are perfect for heavier, high-volume deliveries, making them a solid fit for e-commerce and grocery clients.
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