Zomato food delivery business pushes revenue to $206 million

Food delivery and restaurant discovery company Zomato has recorded $206 million (about Rs 1,339 crore) in revenue for FY19, a three-fold jump in topline on-year, driven primarily by its core food delivery business.

In its annual report for 2018-19, the Gurgaon-based company said its revenue run rate was at $350 million. A run rate is a projection for the year keeping in mind the highest monthly revenue number. The Ant Financial, Sequoia Capital and Info Edge-backed company said costs had risen by more than six-fold to $500 million in the just-ended financial year, compared to $80 million in FY18.

Monthly burn is estimated at $24.5 million, according to calculations by ETbased on the overall burn figure of $294 million.

While the annual report did not provide a breakup of losses for the year, it said a significant portion was due to its food delivery business, supported by increased promotional marketing spends and costs associated with its aggressive first-to-market strategy.

Source:-https://retail.economictimes.indiatimes.com/news/food-entertainment/food-services/zomato-food-delivery-business-pushes-revenue-to-206-million/68748405

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