Zomato nearing profitability, says CEO

11 Nov 2022 , 07:21 AM

In comparison to the same time last year, Zomato’s consolidated net loss practically decreased in half, from Rs 434.9 crore to Rs 250.8 crore. The company reported a combined net loss of Rs 186 crore for the months of April through June.

The three-month period showed a 62% increase in revenue from operations for the online meal delivery and restaurant discovery platform, reaching Rs1,661.3 crore.

Separately, the business reported overall adjusted revenue growth of 48% year over year to Rs2,107 crore, or $1.05 billion in annualized sales (at a quarter-average exchange rate of $1 = Rs 80). Revenue from operations plus customer delivery fees is referred to as “adjusted revenue.”

Deepinder Goyal, the founder and CEO of Zomato, stated that there was still room for the company’s meal delivery service to develop much more quickly even if it was expanding and heading toward profitability