Whalesbook
Aisa nahi hai ki ye companies kharab kar rahi hain, bas ab market ka mood thoda badal gaya hai. Pehle sab sirf growth aur user base badhane par focus karte the, par ab asli khel paisa banane ka hai. Isliye hi Zomato, Swiggy, aur Blinkit jaise food delivery players ka valuation apne sabse unche level se 35-40% tak gir gaya hai.
Elara Capital ke analysts, jaise Karan Taurani, bhi yahi observe kar rahe hain. Unka kehna hai ki ab investors yeh dekhna chahte hain ki companies actual mein profit kaise kama rahi hain, na ki sirf users badhane par focus karein. Saath hi, sector ka target ab 15% annual growth ke aas-paas hai, par woh bhi better unit economics ke saath. Matlab har order par kitna kama rahe hain aur delivery process kitna efficient hai.
Zomato ka stock price toh adjust hua hi hai. Wahi, Swiggy ka valuation abhi bhi last private funding rounds ke hisaab se $8-10 billion ke beech mein maan liya jaata hai. Aur Blinkit toh ab Zomato ke overall financial results ka hissa ban gaya hai.
Zomato ne pehle bhi tough competition dekha hai, par abhi company cost cutting aur platform fees ko optimize karne par zyada dhyan de rahi hai. Yeh ek more mature approach hai.
Lekin, sab kuch itna bhi aasaan nahi hai. Food delivery market mein itna zabardast competition hai ki koi bhi bada player kabhi bhi discounting war shuru kar sakta hai, jisse margins kam ho sakte hain aur profit banana mushkil ho sakta hai. Zomato ka bada market cap us par consistent, high-margin growth ka pressure bhi badhata hai. Upar se, regulatory bodies ki nazar platform fees aur delivery partners ke kaam karne ke tareeke par bhi reh sakti hai, jisse unexpected costs aa sakte hain. Dusri taraf, retail ya multiplexes se alag, food delivery mein har order ke liye fight hai, isliye customer ko retain karna aur new customers ko attract karna mehnga padta hai.
Aage dekhein toh analysts ka kehna hai ki Zomato ka profit kamane ka raasta ab zyada clear lag raha hai. Par current valuation abhi bhi ek bada discussion point hai. Investors abhi dekhna chahte hain ki Zomato bottom line mein tangible improvements kaise dikhata hai aur competitive pressures ko bina unsustainable promotions ke kaise manage karta hai.