Questions across 12 calls

Vijit Jain

Citigroup

ETERNAL LIMITED

ETERNAL LIMITED CC-May26.pdf · 2026-04-28

Hi, thank you for the opportunity. My first question is, within that guidance of 60%+ CAGR on quick commerce, the top 20 cities that you call out, would they still be about 40% within that? Any kind of broad assessment of what that embeds for top 20 cities that you could give would be helpful. That's my first question. My second question is within QC in terms of the ad monetization. Is it mostly driven by the SKUs that you stock and that you're able to surface to the customers, or the ad loads at checkout and top of the funnel ads are also meaningful? That's the second thing I wanted to ask. Third, if you could give more color on how you think about the whole supply chain automation. You talked about it in 3Q and I just wanted to get a sense if we are looking in the next two to three years at more of these automation capex for your business? Any sort of guidance you can give on how you're thinking about capex beyond the store additions that you would do. Those are my three questions. Thank you.

Just wanted to understand the ads business, the ad monetization that you achieve. My guess would be the biggest chunk of that is the brands themselves advertising on you for stock that you actually hold on the platform but there will also be ads, that you show on checkout or ads which are more like the brand page that you have. I wanted to get a sense of what the composition of your ad revenue looks like between these two / three different kinds of categories?

ETERNAL LIMITED CC-Jan26.pdf · 2026-01-21

Hi, thanks for the opportunity and congratulations, Albinder on the promotion to CEO role and to the team for the break even. My first question, you said earlier that store size in general continues to go up every quarter. I'm wondering, in mature cities, are store sizes going up there as well? And related question to that, when you say automation in stores, could you talk a little bit about where the automation will come in the stores? That's my first question.

Okay, got it. The second question, you mentioned earlier, you talked about assortment changes as business grows and matures. In terms of the metrics that you track, is gross profit per square feet per day, I know you've mentioned in the past, is it still the north star? And do you care about maximizing order throughput per dark store per day at all? I'm just trying to get a sense on this because there are certain conversations that tend to focus too much on orders per dark store per day.

ETERNAL LIMITED CC-Sep25.pdf · 2025-10-16

Yeah, hi. Thank you for the opportunity. My first question is, the take-rate commentary that you have, the 300 bps QoQ, nearly half of it seems to be coming from that first mile change. I wanted to understand if the majority of the rest came from advertising. There has been a lot of industry commentary recently, around FMCG companies significantly raising advertising budgets on QC. I'm just wondering if that is true and if you've reinvested those advertising revenues into customer acquisition? Is that a reasonably accurate way of looking at this?

Okay. Got it. And my second question is, in question 7, one you said that the QC marketing spends went up 4x YoY, and I think 40% QoQ, and obviously your user growth has also been pretty high too, I think 2.3x YoY (25% QoQ). So, my question I suppose is when you say that your marketing expenses will remain elevated, is that going to be proportionate to new user additions, or are you having to see incrementally as well, some spends for retention work as well?

ETERNAL LIMITED CC-Jun25.pdf · 2025-07-21

Hi, thank you for the opportunity. My question is on quick commerce. Looking at just the AOV, and I know your comments from last quarter around not really looking at driving the basket sizes up. Just in that context, given the AOVs in the smaller cities is 10% lower, I wanted to see whether in the top cities naturally without, let's say, specific interventions from your side, are basket sizes still continuing to rise?

Ok. Got it. And my second question is on the switch to inventory model. Just looking at marketplace versus inventory model for a second - In terms of how small sellers or D2C brands, those kinds of people get onboarded or featured or promoted on the platform, does anything change at all with this switch? I'm guessing some of them would at least want to feature products on the platform that they want to promote and those kinds of things. So those things, do they change at all under this new architecture or continues to go onwards as it was earlier as well?

ETERNAL LIMITED CC-Mar25.pdf · 2025-05-01

Hi, thank you. So, my first question is on food delivery. Now that you've shut down the Quick thing and one of the three growth vectors you've called out here is delivery timelines, as you know, one of the mechanisms to grow the food delivery business and the other was affordability, where you obviously shut down Everyday. So, specifically to the delivery timeline thing, what is the path to lowering that going forward in the medium term now that you think the Quick model didn't work?

Got it. So, if I understand it right, the kitchen infrastructure side improvements is really hard to do with restaurant partners and in a very quick timeframe. And whatever you could do on the delivery fleet optimization, where you place them, those kinds of improvements you would. Is that a fair understanding?

ETERNAL LIMITED CC-Dec24.pdf · 2025-01-20

Thank you. My first question is on food delivery. Just taking off from what Sachin asked earlier, your response in that question seems to acknowledge Zomato Instant, which you had experimented with earlier. Overall, it seems like you're being a bit cautious about the whole 15-minute food delivery offering from restaurants, relatively speaking. Is that interpretation, correct? And secondly, if so, is it because you think it's harder to achieve the desired metrics, NPS, or other performance indicators? Is that why you seem a bit more cautious about it?

Got it. My second question is on quick commerce. First, were the customer delivery charges broadly lower across both new and old customers? Would you say they had an impact on the take rate? I noticed in one of your answers, you mentioned the customer delivery charges for the customers acquired in October, November, and December, highlighting that specifically. I'm wondering outside of those older customers, did the delivery charges also go down across the board for customers acquired in the last two years?

ETERNAL LIMITED CC-Sep24.pdf · 2024-10-22

Yeah, hi, thank you. My question is on quick commerce. Overall, in quick commerce, has the audience overlap with the food delivery business in Zomato increased over the last three to four quarters as quick commerce has expanded meaningfully? And a related question to that, do new categories and SKUs actually bring in a new kind of audience into quick commerce?

Correct. Yeah, sure. And would you say that new categories bring in new customers, but is the GMV mix is still skewed towards, say, the top 500 - 1,000 SKUs disproportionately? For example, just as cities are currently skewed more toward Delhi NCR, would you say the same applies to the top 500 - 1,000 SKUs?

Swiggy Limited

Analysts/Institutional Investor Meet/Con. Call Updates Swiggy Limited has informed the Exchange about Transcript · 2025-07-31

Yes, hi. Thank you for the opportunity. My question first is, so, it looks like non-grocery share increase is also significantly led by Maxxsaver, is the assumption correct? And if I try to understand, how that is happening, essentially, if you were under-indexed to non-groceries with Maxxsaver, you put a lot of add-to-cart prompts for these non-grocery items and with higher subsidies there and that explains, all the take rate impact and everything that we are seeing here. Is that accurate understanding of how you are basically ramping up Maxxsaver and non-groceries here?

Got it. And my second question is, so, you said earlier in your comment that going forward investment from ecosystem players will make Maxxsaver more sustainable. Is that referring to better commissions they will pay you or higher ad share? And if you can talk about, what do you believe is your gap in terms of your ad revenues versus your larger peers? And is there any gap in the ad product itself that you still need to build to kind of cover that gap?

Swiggy Limited CC-Jun25.pdf · 2025-07-31

Yes, hi. Thank you for the opportunity. My question first is, so, it looks like non-grocery share increase is also significantly led by Maxxsaver, is the assumption correct? And if I try to understand, how that is happening, essentially, if you were under-indexed to non-groceries with Maxxsaver, you put a lot of add-to-cart prompts for these non-grocery items and with higher subsidies there and that explains, all the take rate impact and everything that we are seeing here. Is that accurate understanding of how you are basically ramping up Maxxsaver and non-groceries here?

Got it. And my second question is, so, you said earlier in your comment that going forward investment from ecosystem players will make Maxxsaver more sustainable. Is that referring to better commissions they will pay you or higher ad share? And if you can talk about, what do you believe is your gap in terms of your ad revenues versus your larger peers? And is there any gap in the ad product itself that you still need to build to kind of cover that gap?

Cartrade Tech Limited

Cartrade Tech Limited CC-Jun25.pdf · 2025-07-28

My first question is just looking at the traffic growth, right, 7% Y-o-Y is slightly lower than the trend we've seen recently. So do you think this is broadly reflective of the overall automotive market in general in terms of the demand trends? And I know for you, the business is also a function of whether advertisers and OEMs in this case, want to advertise. So it doesn't directly flow through necessarily from this immediately. But how does this impact you on a more rest of the year basis here?

Got it. And then my next question is on the employee costs in general and 2 parts to that. One is, so a bit higher in OLX versus in stand-alone consumer. And I guess that is in line with where your product development efforts are going? And second, related to that, the ESOP expenses, is this the new normal going ahead? Because on a total employee cost basis, I think the increase is fairly modest here, right? I mean, so I'm just trying to get a sense of whether this is -- including the ESOP cost, the comment you made was that this is going to be the base?

Cartrade Tech Limited CC-Mar25.pdf · 2025-05-07

Yes. Hi, thanks. Hi Vinay . Congratulations , again another quarter of 30% growth in the consumer business. So my question is, now you have two quarters here in the consumer business where the growth has clearly stepped up. My first question is , is your Q-o-Q seasonality here more aligned with auto OEMs, would you say? And related to that, you said last time around I think demand-supply dynamics in the industry have shifted and you are seeing benefit of that in the dealers advertising on your platform and all of those. So do you see the same trend as you look forward into FY'26, more inclination from both dealers as well as OEMs to advertise more aggressively on platforms like you? And then finally related to that, what kind of growth do you think you can get in FY '26? So that's my first question on the consumer business.

No, actually my question was more along the lines of , so this 30% growth on the consumer business that you have seen in the second half of FY' 25, do you think the drivers are the same, so FY' 26 would look closer to that in terms of growth guidance?

Affle 3i Limited

Affle 3i Limited CC-Sep24.pdf · 2024-11-11

My first question is - In India, if I look at the e-commerce, fintech and possibly even the entertainment space now with Zomato probably launching District , we are starting to likely see a bigger uptick in push to acquire new customers or retarget dormant customers, etc., right? So, do you especially benefit from that also in Q3 ahead with q-commerce and foodtech space in general? My question is likely near term as well as more longer term because I can see e -commerce, fintech, entertainment, all these categories kind of heating up.

Yes, sure. My second question is - In U.S., if I see some of the other digital advertising platforms like Applovin, they have seen some pretty solid growth in the current quarter, and the outlook that they have given is also positive. So, outside of the walled gardens in US and digital ad market, could you give a sense of where you are growing relative to the rest of the industry or what you would consider your comps in general? That is my second question. I also had a last question, which I will just throw in here. In terms of strategic partnerships that you do, are there any OTT apps as such that you think you could do a strategic partnerships with and that would be beneficial from expanding your ability to serve ads in general? Those were my three questions.