Zomato revenues up 3x, gold plan sees growth
Bengaluru: Online food delivery and restaurant discovery platform Zomato said its revenue grew by 225% to $205 million (Rs 1,459 crore), while managing to reduce its burn rate by about 40% in the first six months of the current financial year, compared to the same period last year.
Zomato, which is in middle of raising $400-500 million from new and existing investors, clocked 214 million orders worth $821 million during the period ending in September 2019. The startup did not disclose absolute numbers on its profit or losses in this report. At the end of March 2019, the company had said it cut its losses for each delivery by over 40% at Rs 25.
“We achieved tremendous results in optimising our costs, without affecting new product launches or innovation,” Zomato said in the halfyearly report. While the company faced several weeks of protests from restaurant partners over its Gold programme, the Gurgaon-based company said active restaurants on Gold has increased to 6,300 compared to 6,100 when the #logout campaign was started by National Restaurants Association of India (NRAI) in August.