Advertising
‘Why will I buy time? I will buy end outcomes’: Tata Motors CMO Shubhranshu Singh
Blinkit’s ad revenue surges by 220 percent in Q3, with 557 advertisers on its platform
Blinkit's ad revenue grew faster than order value in the December quarter and it had 557 advertisers on its platform as of Q3 FY24, up from 242 advertisers in Q3 FY23.
While the company’s total order value grew 103 percent, its revenue from ads outpaced that and registered an increase of 220 percent YoY during the December quarter. But the total revenue from ads was coming off of a low base and the company did not share how much it earned through ads on the platform. (Image source: CNBC-TV18)
The quick-commerce advertising opportunity is turning out to be promising so far,” Blinkit chief executive Albinder Dhindsa said in Zomato’s shareholder letter for the December quarter.
Blinkit, Zomato’s quick-commerce arm, saw its gross order value (GOV) doubling to Rs 3,542 crore in Q3 FY24, registering a growth of 103 percent year-on-year (YoY) from Rs 1,749 crore clocked in Q3FY23.
While the company’s total order value grew 103 percent, its revenue from ads outpaced that and registered an increase of 220 percent YoY during the December quarter. But the total revenue from ads was coming off of a low base and the company did not share how much it earned through ads on the platform.
Blinkit said it had 557 advertisers on its platform as of Q3 FY24, an increase of 130 percent YoY from 242 advertisers in Q3FY23. The top 20 advertisers accounted for 40 percent of the total revenue from ads for Blinkit, down from a share of 61 percent during the same period in the previous fiscal. As per reports, the drop in share meant that the Gurugram-based company was diversifying its base and relying less on a select set of advertisers.
Quick-commerce being one of the most transacted categories online, easy-to-use self-serve ad platform and measurable and high return on investments (ROI) on ad spends were the three factors that helped improve ad monetisation for Blinkit.
SPOTLIGHT
Storyboard18's signature initiative 'Share The Spotlight' returns with its Delhi edition, bringing together business leaders and changemakers to honour women rewriting the rules and sparking transformation.
Read MoreIN PHOTOS: At Global Pioneers Summit, visionaries chart the future of business and creativity
From the chiefs of Nestle, Diageo, Colgate, PepsiCo, Zetwerk and CRED to AI visionaries, marketing mavens, top creators, ad legends and leading global agencies' CEOs, the brightest minds converged at the Storyboard18 Global Pioneers Summit for an action-packed day of meaningful dialogues on creativity, commerce and culture.