The segment's gross order value (GOV) was up merely 0.7% sequentially to *6,680 crore. For perspective: in the June and the September quarters, GOV had risen by 9.9% and 3.1%, respectively.
The slowdown in Q3 was owing to factors such as weakness in the midmarket segment and rise in dining out.
This has caused a sequential drop in order volumes and average monthly transacting users (MTUS). Both these factors should worry investors.
Zomato expects the slowdown to have bottomed out, it said in the earnings call on Friday. But how demand unfolds hereon remains to be seen.
Efforts to revive growth are on. A key initiative being the launch of membership programme, Zomato Gold in late January. The success of Zomato Gold would go a long way in reviving growth.
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