Food technology firm Zomato’s founder and CEO Deepinder Goyal on Monday announced that the company has posted 45 percent jump in gross revenue to US $74 million in FY18 from US $51 million in FY17.
Goyal made the announcement via company’s official blog – Zomato Blog. The company’s operating burn (loss) dropped 26 percent to US $11 million in FY18 from US $15 million in FY17. Of the US $11 million burn, US $6 million were incurred in two months – February and March this year—when the company decided to double down on growth.
“We demonstrated that our business can generate profits – almost all throughout the year, we hit EBITDA break-even globally, across all our business, and while maintaining good growth levels; and then in the last two months, we decided to double-down on growth (more on that later),” wrote Goyal.
Moreover, food ordering accounted for 30 percent of the company’s revenue in FY18, when compared with 18 percent in FY17. Goyal in the blog claimed that company reached the 5.5 million mark in terms of monthly food orders in March 2018. In a short period of time, Zomato Gold now contributes 12 percent of the monthly revenue.
According to Goyal, “We are excited about Zomato Gold and are very soon taking it to more cities and also expanding our membership base as fast as we can.”
Zomato clocked revenues worth Rs 60.7 crore in online ordering in FY17 forming about 19 percent of its business last year.
“As we enter a new financial year, we are extremely excited and pumped and hope we can add more value to our restaurant partners and keep delighting our users in the coming years. We are currently at an annualized revenue run rate of US $100m. And looking at the last two months (our revenue in March is 35 percent up from January), if the momentum continues, we will be recording one of our best years in business. And the team is very adamant to continue (and even further increase) this momentum,” Goyal concluded.
