Zomato posts 3-fold jump in revenue to $205 mn from last year

Zomato, an online food delivery and restaurant discovery platform, has posted over a three-fold jump in its revenue at $205 million for the first half of the financial year 2019-20. The restaurant aggregator had earned $63 million in the first six months of the financial year 2018-19.

Foodtech unicorn has also reduced its burn rate by about 40% in the first six months of the current financial year. It clocked 214 million orders worth $821 million during the period ending in September 2019.

Zomato was co-founded by Deepinder Goyal and Pankaj Chaddah in 2008.

The company’s orders jumped by 290% to 214 million during the first half of FY20 as compared to 55 million in the first half of FY19. The gross merchandise volume of these orders spiked 223% to $821 million from $254 million in the year-ago period.

Zomato said, “We achieved tremendous results in optimising our costs, without affecting new product launches or innovation. Our order volumes in top 15 cities have doubled in the last 12 months; while the remaining cities already contribute 35 per cent to our order volumes.”

Zomato’s active gold members have grown by 180%. Its monthly active restaurants have increased by 177% in H1FY20.

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