Zomato Revenues Soar To Rs 11.38 Crore In FY 13

Online restaurant guide Zomato has reported revenues of Rs 11.38 crore ($2 million) at an EBITDA loss of Rs 10.03 crore ($1.8 million) for financial year ended March 31, 2013 (FY13).

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Operating revenues of the company were 0.33 Crore in FY 10-11 and 2.4 Crore in FY 11-12 . The revenues of this year has hence catapulted to five times compared to last year. The prime reason for which is its global expansion to Johannesberg and Southeast Asia.

The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) loss also increased by 38.92%, as it shot up from Rs 7.22 crore in FY12 to Rs 10.03 crore in FY13. Zomato has been busy expanding its presence over the past six months. The company  expanded its operations in Europe with Zomato London in January this year. It then entered Middle East and Colombo in November last year. Today the online food guide is 21 cities across seven countries. Founded by Deepinder Goel and Pankaj Chaddah in July 2008 Zomato has plans to launch in Thailand, and also has an eye on developed markets  such as Canada, United States and Australia.

Zomato had raised Rs.54 crores ($10 million) from InfoEdge recently. This funding took Info Edge’s total investment in Zomato to Rs 86.06 crore ($15.7 million) and holding to 57.9 per cent (from earlier 48.5 per cent), also making it the majority shareholder in the company. Zomato claims to have a combined web and mobile traffic of over 1.2 crore users per month and covers more than 98,000 restaurants. 

Story Source | Techcircle

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