Zomato-owned Blinkit has launched a new feature enabling businesses to add their goods and services tax identification number (GSTIN) when making purchases on the quick commerce platform.
Simplifying͏͏ Input͏͏ Tax͏͏ Credit͏͏ Claims:
This͏͏ feature͏͏ will͏͏ allow͏͏ businesses͏͏ to͏͏ effectively͏͏ claim͏͏ input͏͏ tax͏͏ credit͏͏ (ITC)͏͏ on͏͏ the͏͏ GST͏͏ paid͏͏ to͏͏ Blinkit͏͏ for͏͏ their͏͏ product͏͏ purchases.͏͏ For͏͏ those͏͏ unfamiliar,͏͏ ITC͏͏ enables͏͏ businesses͏͏ to͏͏ lower͏͏ their͏͏ tax͏͏ liability͏͏ by͏͏ reclaiming͏͏ the͏͏ GST͏͏ paid͏͏ on͏͏ their͏͏ purchases.
“We’ve͏͏ introduced͏͏ the͏͏ option͏͏ for͏͏ businesses͏͏ to͏͏ add͏͏ their͏͏ GSTIN͏͏ when͏͏ purchasing͏͏ on͏͏ Blinkit.͏͏ Many͏͏ of͏͏ our͏͏ customers͏͏ have͏͏ requested͏͏ GST͏͏ invoices,͏͏ as͏͏ this͏͏ plays͏͏ a͏͏ significant͏͏ role͏͏ in͏͏ their͏͏ decision-making͏͏ process,͏͏ particularly͏͏ for͏͏ high-value͏͏ purchases,”͏͏ stated͏͏ Blinkit͏͏ CEO͏͏ Albinder͏͏ Dhindsa͏͏ in͏͏ a͏͏ LinkedIn͏͏ post.
The͏͏ new͏͏ feature͏͏ is͏͏ likely͏͏ aimed͏͏ at͏͏ simplifying͏͏ the͏͏ bulk͏͏ purchasing͏͏ experience͏͏ on͏͏ the͏͏ platform.͏͏ Moreover,͏͏ it͏͏ allows͏͏ businesses͏͏ to͏͏ seamlessly͏͏ claim͏͏ their͏͏ ITC͏͏ on͏͏ the͏͏ GST͏͏ portal͏͏ without͏͏ the͏͏ need͏͏ to͏͏ manually͏͏ input͏͏ the͏͏ data.
Blinkit Expands͏͏ Product͏͏ Range͏͏ Beyond͏͏ Groceries:
This͏͏ new͏͏ feature͏͏ comes͏͏ as͏͏ Blinkit͏͏ continues͏͏ to͏͏ expand͏͏ its͏͏ product͏͏ range͏͏ beyond͏͏ just͏͏ groceries.͏͏ Last͏͏ month,͏͏ the͏͏ platform͏͏ started͏͏ selling͏͏ the͏͏ newly͏͏ launched͏͏ iPhone͏͏ 16͏͏ and͏͏ has͏͏ been͏͏ steadily͏͏ adding͏͏ more͏͏ electronics͏͏ to͏͏ its͏͏ offerings.
Continue͏͏ Exploring:͏͏ After͏͏ BigBasket,͏͏ Blinkit steps͏͏ up͏͏ with͏͏ 10-minute͏͏ iPhone͏͏ 16͏͏ deliveries
In͏͏ August,͏͏ the͏͏ company͏͏ introduced͏͏ a͏͏ “10-minute”͏͏ delivery͏͏ service͏͏ for͏͏ passport-size͏͏ photos͏͏ in͏͏ Delhi͏͏ and͏͏ Gurugram.͏͏ That͏͏ same͏͏ month,͏͏ it͏͏ also͏͏ enabled͏͏ users͏͏ from͏͏ select͏͏ countries͏͏ to͏͏ send͏͏ rakhis͏͏ and͏͏ gifts͏͏ to͏͏ their͏͏ siblings͏͏ in͏͏ India͏͏ for͏͏ Raksha͏͏ Bandhan.
Strong͏͏ Growth͏͏ Trajectory:
This͏͏ latest͏͏ development͏͏ comes͏͏ as͏͏ Blinkit͏͏ experiences͏͏ strong͏͏ growth͏͏ and͏͏ is͏͏ nearing͏͏ adjusted͏͏ EBITDA͏͏ breakeven͏͏ in͏͏ Q1͏͏ FY25.͏͏ The͏͏ company͏͏ reported͏͏ a͏͏ gross͏͏ order͏͏ value͏͏ (GOV)͏͏ of͏͏ INR͏͏ 4,923͏͏ Cr͏͏ for͏͏ the͏͏ quarter,͏͏ marking͏͏ a͏͏ 130%͏͏ increase͏͏ from͏͏ INR͏͏ 2,140͏͏ Cr͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ last͏͏ year.͏͏ Sequentially,͏͏ GOV͏͏ grew͏͏ by͏͏ 22.2%͏͏ from͏͏ INR͏͏ 4,027͏͏ Cr.
By͏͏ the͏͏ end͏͏ of͏͏ June͏͏ 2024,͏͏ the͏͏ quick͏͏ commerce͏͏ giant͏͏ operated͏͏ 639͏͏ dark͏͏ stores͏͏ nationwide.͏͏ Additionally,͏͏ its͏͏ average͏͏ daily͏͏ GOV͏͏ per͏͏ store͏͏ increased͏͏ to͏͏ INR͏͏ 10͏͏ Lakh͏͏ across͏͏ 639͏͏ stores͏͏ in͏͏ Q1͏͏ FY25,͏͏ compared͏͏ to͏͏ INR͏͏ 6͏͏ Lakh͏͏ from͏͏ 383͏͏ stores͏͏ in͏͏ Q1͏͏ FY24.
The͏͏ company͏͏ aims͏͏ to͏͏ expand͏͏ its͏͏ network͏͏ of͏͏ dark͏͏ stores͏͏ to͏͏ 2,000͏͏ by͏͏ the͏͏ end͏͏ of͏͏ 2026.
