Thanks for the opportunity. First question on Blinkit. How should we think about the discounting which is prevalent in the quick commerce market today and how confident you are in maintaining your pricing discipline as well as a 60% growth CAGR in the business?
But you remain confident that you are already retaining that customer who you think is the more profitable customer and sort of sits well within what Blinkit stands for. Is that the right understanding?
Hi, thank you for the opportunity. My questions are on the quick commerce business. First, this quarter witnessed a big increase in MTU addition for Blinkit. You did allude to higher ad spends and investments towards this in the letter. Is this set to continue, and hence should we expect elevated ad spends going forward as well?
All right. So, in the same line, in the last quarter, you mentioned that every new customer cohort breaks even for you at CM level in month one itself. Is there any change to this metric, especially since MTU addition has gone up so much?
Thanks for the opportunity. I had a question on the transacting user base. Now you cited the 5% to 6% QoQ increase in transacting users, and it seems to have been aided by Gold. Now logically, pace of attachments to Zomato Gold over time should slow down. So do you think even in that scenario, this 5% to 6% QoQ growth in MTUs should be maintained?
Okay. Understood. Second question basis your intelligence and understanding where are you in terms of market share in the food delivery business?
First question, again, competitive intensity on the quick commerce business, right? I mean, one aspect is discounting. The second aspect is also on elevated costs that you might see for expenses such as rental, delivery agents, et cetera. So, can you comment a little bit on the latter part? Are you seeing high rentals and other costs in general as your competition also is expanding quite rapidly?
So, Amitesh, that's the contradiction, right? Because those areas would be important to others as well. So, how does one take a call that this is the right cost structure to operate in that area? And on the same lines, have you closed any stores at all because of cost structures or competition?
First question, again, competitive intensity on the quick commerce business, right? I mean, one aspect is discounting. The second aspect is also on elevated costs that you might see for expenses such as rental, delivery agents, et cetera. So, can you comment a little bit on the latter part? Are you seeing high rentals and other costs in general as your competition also is expanding quite rapidly?
So, Amitesh, that's the contradiction, right? Because those areas would be important to others as well. So, how does one take a call that this is the right cost structure to operate in that area? And on the same lines, have you closed any stores at all because of cost structures or competition?
Yeah. Thank you so much for the opportunity. Neville, first question, in the previous call, you had mentioned that the proportion of overall store count located in cities with population of more than 1 million had declined to 60% in FY '23 from a larger nu mber earlier. So, was this a trend you witnessed in FY '24 as well and maybe this is a trend to be witnessed in the future also?
Understood. That is clear. Second, if you just look at that slide on store addition, and while, of course, a lot of stores do go back into clusters where you're already present, you do keep adding stores in newer areas as well, let's say, Rajasthan, NCR, etc. So, for specifically some of these stores, are these stores tracking metrics that are similar to those in your core geographies, let's say, of Maharashtra, Gujarat, etc.?
Let me first start off from my Q&A with a question on Pantaloons. Can you elaborate a little bit on a few initiatives that you've taken, which have actually driven th is sharp Y -o-Y margin expansion?
Understood. Just in case of Pantaloons, how large is online for you now? And you specifically mentioned that for Madura, some of these online and maybe unprofitable channels have been curled. Is a similar thing being done for Pantaloons e-commerce sales as well?