Zomato Revenue Jumps Nearly Fourfold In First Six Months Of FY20
Zomato’s revenue jumped nearly fourfold in the first half of the current financial year as it onboarded more restaurants and greater number of customers ordered food on its platform.
The food ordering company said in a statement today its revenue in the April-September period rose to $205 million from $63 million over last year. The company, while not providing details of its losses, said its Ebitda loss fell by nearly 40 percent in the same period.
The company said its monthly burn rate—that includes cash spent on offers and discounts—is down by nearly 60 percent in the first half of FY20.
Zomato, which claims to be present in 500 Indian cities, said the number of orders on its platform rose by nearly 290 percent over last year to 214 million in first half of FY20, netting gross sales of $821 million. That compares with the 55 million orders worth $254 million it clocked in the same period last year.
It said the number of active restaurants on its platform rose nearly fourfold to 1,19,000 in the first half of FY20 from a year ago period, with average monthly transacting users rising nearly fivefold over last year to 11.2 million.
The company said its dine-out revenue jumped 15 percent to $27.3 million over a year ago.
Zomato said around 6,300 restaurants are part of its flagship Gold membership programme for dine out compared to 6,100 restaurants at the start of the #Logout campaign launched by the National Restaurant Association of India.
The food ordering platform said it is expects nearly 10,000 restaurants to participate in the recently launched Gold for delivery programme.