Zomato logged a mixed performance in Q3FY25 – Revenue grew 12.6% QoQ, in line with our estimate, led by the Quick Commerce (QC), Hyperpure, and Going Out. Food Delivery growth was muted, with GOV growing only 2.3% QoQ, largely attributed to broad-based slowdown from mid Nov. Blinkit’s GOV surged 27.2% QoQ, continuing on the strong growth path.