Tech3 | Zomato aims to clock net profit by March 2024; BGMI is coming back to India; and more

Breaking: Tesla 'serious' about manufacturing in India , says MoS Rajeev Chandrasekhar

One quick thing: BGMI, one of India’s most popular mobile games, is coming back after a 10-month suspension. But there is a caveat. Read more .

In today’s newsletter:

• Zomato aims to clock net profit by March 2024
• ONDC sales plunge after discounts disappear
• Another headache for Byju's

Zomato aims to clock net profit by March 2024

Zomato is now in its post-adjusted EBITDA era: It is ditching the metric and is eyeing full profitability.

• ?The food delivery major is now adjusted EBITDA profitable as of Q4FY23, excluding Blinkit's expenses
• The company now aims to achieve full profitability by March 2024, this time including expenses related to Blinkit as well

This appears to be a rebuttal to Zomato's competitor, as the timing is suspect - Swiggy announced it is adjusted EBITDA profitable in March 2023 , excluding ESOP expenses.?

Q4 report card:?

• Losses narrowed to Rs 188.2 crore in Q4FY23 from Rs 359.7 crore YoY
• Revenue from ops rose to Rs 2,056 crore, up 70% YoY?

More on the numbers here .

A new top deck

Between Nov 2022 and Jan 2023, Zomato lost four top executives. Now, it has made three new appointments :?

• Rakesh Ranjan as CEO of the food ordering and delivery business?
• Rinshul Chandra as COO of the food ordering and delivery business
• Rishi Arora as CEO of Hyperpure

Is ONDC a threat?

Zomato has become the first food delivery giant to comment on ONDC , following reports suggesting that the government-backed open network could pose a threat to the duopoly of Swiggy and Zomato.

“At Zomato, we welcome all innovations that could help the restaurant industry in India grow. We continue to watch the ONDC progress closely and learn from it,” said Chief Financial Officer Akshant Goyal

In other news?

Along with Zomato, logistics major Delhivery also reported its Q4-FY23 numbers .?

• Losses widened to Rs 159 crore in Q4FY23, up from Rs 119.8 crore YoY
• Revenue dropped for the second straight quarter amid a slowdown in e-commerce

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