zomato: Tech Earnings Wrap: Zomato, Paytm, Nykaa achieved record revenues

Newly listed tech startups such as,, and MapMyIndia experienced solid year-on-year (YoY) revenue growth during the first quarter (Q1) of the current financial year (FY23) due to an increase in gross order value ( GOV), respectively strong monetization in payments, an increase in the gross value of goods (GMV) and unique new age deep-tech digital products.

Of the four, Paytm, driven by an increase in device subscriptions and accelerated adoption of high-margin businesses like lending, experienced the highest year-over-year revenue growth at 88.5% as the figure rose to Rs 1,679.6 crore over the period of the previous year.

Zomato’s revenue increased 67% year-on-year to Rs 1,413.90 driven by sequential 10% growth in GOV to Rs 6,430 crore in the April-June quarter and revenue growth per order. GOV’s momentum was supported by robust growth in order volumes and slight growth in average order values ​​compared to the previous quarter.

Digital map company CE Info Systems, which operates under the MapMyIndia brand, came in third as its revenue from operations grew approximately 50% to Rs 65 crore over the period a year ago thanks to providing services such as highly differentiated and unique advanced digital maps, SaaS products, API platforms and IoT devices.

Omnichannel beauty retailer FSN Ecommerce Ventures, popularly known as Nykaa, posted a 41% year-on-year revenue growth to Rs 1,148.4 crore, mainly catalyzed by an outstanding stock market listing in November last year. and a 47% YoY growth in gross commodity value (GMV) to Rs 2,156 crore. The consolidated GMV of Nykaa grew at a 3-year CAGR of 61%. The GMV of the proprietary brands represented 11.2% of the total GMV.

Long way to profitability

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It was a mixed bag in terms of profits for the four major tech startups that debuted on the stock markets last year. Although most of them kicked off soon after their initial public offering when stock prices rose, they have yet to see profitability.

In addition, there has been a significant correction in stocks since the beginning of 2022 following the outbreak of the war between Russia and Ukraine, the tightening of global macroeconomic conditions, the rise in interest rates in a general inflationary environment and the beginning of a ‘tech winter’ has made the road to profitability more difficult.

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