By Ananta Agarwal and Ashna Teresa Britto (Reuters) -Indian food delivery major Zomato's third-quarter profit more than halved on Monday, as rising competition in the quick commerce space and increased spending on opening more fulfilment centres for its Blinkit platform weighed on margins.

Foodtech major Zomato’s consolidated net profit slumped 57.2% to INR 59 Cr in Q3 FY25 from INR 138 Cr in the year-ago quarter.

Zomato's share price fell by nearly 10% in early trade on Tuesday, following a significant 57.25% decline in net profit for the third quarter of FY25

India's Zomato reported a smaller-than-expected third-quarter profit on Monday as its margins continue to face pressure from high spending on opening more centres to fulfil orders at its quick commerce platform,

Results: Deepinder Goyal-led food delivery app and hyperlocal quick commerce giant’s revenue from operations in the December quarter rose 64.4 per cent to ₹5,405 crore.

Zomato Ltd's Q3 FY25 net profit fell more than 57 percent year-on-year to Rs 59 crore, even as the food delivery firm's revenue for the quarter expanded 64 percent from the previous year.

India's Zomato reported a 57% fall in third-quarter profit on Monday as its margins continued to face pressure from increased spending on opening more centres to fulfil orders at its Blinkit quick commerce platform.

A significant portions of Zomato's expenses came from purchases of stock-in-trade which grew to ₹1,510 crore from ₹783 crore earlier.