The Indian Wire » Startups » Zomato reports $205 million revenue for first half of FY2019-20; burn rate reduces by 60%
Startups

Zomato reports $205 million revenue for first half of FY2019-20; burn rate reduces by 60%

Zomato, a food aggregator and unicorn startup, has announced through its half-yearly report that its revenue for the first half of financial year FY 2019-2020 (H1FY20), touched $205 million (approx ₹14,60 crore). The current figures have increase from last year’s $55 million (approx ₹391 crore), driven by an increase in order volumes on its delivery business, cited Mint.

The report further stated that Zomato’s ‘dining out’ business, this year, reported revenues of $27.3 million against last year’s $23.8 million. The ‘dining out’ business includes the Gurugram-based Zomato’s restaurant listings, reviews, and table reservations.

Zomato is an Indian restaurant search and discovery service provider, founded in 2008 by Deepinder Goyal and Pankaj Chaddah.

It currently operates in 24 countries. It provides information and reviews of restaurants, including images of menus where the restaurant does not have its own website and also online delivery.

Furthermore, Zomato’s annual revenue for its financial year ended March 2019 (FY19) stood at $206 million, for which it spent around $500 million in expenses, which was a six-fold jump from $80 million in expenses reported in FY18.

The company claims to have reduced its burn rate by 60% compared to the six-month period in H2FY19.

Additionally, Zomato claimed in its report that EBITDA (Earnings before interest, taxes, depreciation, and amortization) Loss for H1FY20 was 40% lower in September 2019, compared to March 2019.

Zomato claimed in its report that at the start of the ‘logout’ campaign, it had approximately 6,100 restaurants in India on Zomato Gold (for Dining Out). As of October 2019, Zomato’s base of Gold restaurant partners increased to around 6,300.

In addition to that, Zomato also claimed that around 10,000 restaurants that are already participating in recently launched Zomato Gold for delivery. The number of restaurants participating in Gold outside of India stood at 6,500 restaurants at the end of H1FY20.

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