Zomato revenue soars 80% to over Rs 300 crore in 2016-17
Online restaurant guide and food ordering firm Zomato has posted around 80% growth in revenue to USD 49 million (Rs 318 crore) for 2016-17 as the company significantly cut down expenditure.
The company had clocked revenue of $27.6 million (over Rs 179 crore) in the same period of the previous fiscal.
Along with a growth in revenue, the company also reduced its annual operating burn to USD 12 million (over Rs 77 crore) in 2016-17, from USD 64 million (over Rs 415 crore) in 2015-16, Zomato Chief of Staff Surobhi Das said in a blog post.
"Meanwhile, we beefed up our focus on product, engineering and traffic growth, helping our overall traffic and engagement numbers immensely," it added.
The company's "food ordering revenue also grew to USD 9 million in 2016-17, 8x of 2015-16", Zomato said, adding "we are now present in 13 cities in India and 3 cities in the UAE. The Middle East is very high on adoption for Zomato, and we are preparing for launching food ordering in Beirut," the blog said.
Zomato provides information about restaurants in over 10,000 cities across 23 countries.