Reportedly online food delivery platform Zomato on Tuesday said its revenue for the first half of the financial year 2019-20 saw a massive three fold jump from $63 million in the same period in 2018-2019 to $205 million this time. Meanwhile Zomato said that its monthly burn rate was down to 60% of what it was six months ago and that its EBIDTA loss was 40% lower in September 2019, as compared to March 2019.
The company said in a statement "We achieved tremendous results in optimizing our costs, without affecting new product launches or innovation". Apparently Zomato is now present in over 500 cities across the country. The company said "Our order volumes in top 15 cities have doubled in the last 12 months; while the remaining cities already contribute 35 per cent to our order volumes,' adding that it is currently working with over 200,000 delivery partners.
Moreover the number of restaurant listings globally on Zomato has grown from 1.2 million in September 2018 to 1.5 million in September 2019. The company announced "On table reservations, we've grown from 800,000 booked covers in January 2019 to 1.3 million booked covers in September 2019 organically and with zero investment". Perhaps the company said its food@work business is growing well, and some very large accounts are slated to go live soon.
