Foodtech unicorn Zomato has reported more than three-fold jump in its revenue at $205 million for the first half of the financial year 2019-20. The company, however, did not provide a bottom-line figure for the same period.
The restaurant aggregator, which completed 11 years on July 10, this year, had earned $63 million in the first six months of the financial year 2018-19, according to a report released by the Gurugram-headquartered company on Tuesday.
Co-founded by Deepinder Goyal and Pankaj Chaddah in 2008, Zomato said that it cut its losses as its monthly burn rate was down to 60 per cent during April-September period compared to the first half of the financial year 2018-19, aided by "optimising costs, without affecting new product launches or innovation", the report stated.
During the first half of FY20, the company's orders jumped by 290 per cent to 214 million as compared to 55 million in the first half of FY19. The gross merchandise volume of these orders spiked 223 per cent to $821 million versus $254 million in the year-ago period.
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"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 said in its financial report. Its active gold members have risen by 180 per cent. The monthly active restaurants have increased by 177 per cent in H1FY20.
The company, which caters into three business segments, food delivery, dining out and sustainability, said that its food delivery business expanded to 500 cities across India as against 200 cities in April.
In the past six months, the company executed over 65,000 orders for 2,200 restaurants across Delhi and Bengaluru. On average restaurants place 5-7 orders every month, with an average order value of $100, it said.
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The number of restaurant listings globally on Zomato has grown from 1.2 million in September 2018 to 1.5 million in September 2019. The company said half of this increase comes from India alone which is "a huge increase is a testament to the pace at which restaurants are mushrooming all over India, and grabbing share from home kitchens".
The company's revenue from Hyperpure, farm-fresh and multi-product warehouse, for H1 stands at $6.5 million.
Highlighting the areas of urgent concern, the company said that as its order volumes go up, the amount of plastic packaging waste generate goes up proportionally. It plans to put in a coordinated effort to reduce the use of plastic in deliveries made by Zomato and lower our carbon footprint significantly.
Edited by Chitranjan Kumar