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Quick commerce firms like Zepto, Swiggy, and Blinkit reported record-breaking sales on Valentine's Day. There was a surge in orders for flowers, chocolates, perfumes, and contraceptives. These firms likely posted their best-ever single-day sales, surpassing their previous records set on New Year's Eve.
Macquarie maintained an underperform rating on Zomato with a target price of Rs 76. The company has seen steady margin improvements and strong Quick Commerce growth, it said.
During the third quarter, Blinkit said its growth was faster than the year-on-year increase in its gross order value (GOV). Blinkits GOV for the quarter ended December 31 doubled to Rs 3,542 crore.
To be sure, the growth of over 200 percent was also because the total revenue from ads was coming off of a low base.
The Tata group-backed company expects to turn profitable early next year, reaching a rarefied milestone in the online grocery space. But first, BigBasket needs its quick-commerce arm to hustle.