Zomato sees improved sales but higher overall losses
While food tech firm Zomato Media saw its sales jumping during its fiscal year ending March, this wasn’t enough to offset its lower income, incurring higher overall losses for the period.
In a filing with the Registrar of Companies and data platform Tofler, the Indian startup said its losses during the period climbed 108 percent to Rs 585.2 crore from the Rs 280.8 crore it logged in the same period a year ago.
This was despite the fact that the company’s earnings from its online food ordering business increased seven-fold to Rs 60.7 crore from the Rs 7.4 crore recorded in the same period last year.
Sales, which received a significant boost from advertising, also particularly climbed 51 percent to Rs 180.7 crore.
Howevee, the firm’s revenues from subscriptions were down four-folds to just Rs 1 crore from Rs 5.2 crore.
Crore is a unit of measurement for rupee, India’s currency.
The food tech firm is currently estimated to have a $1 billion market cap.