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India-based food delivery and restaurant discovery startup Zomato has taped $206 million (nearly INR 1,339 crore) in revenue.
In its official blog, Zoamto’s CEO Deepinder Goyal stated that,
“This year, we hit all of the goals we had set for ourselves out of the park. Our core lines of business continue to be key contributors, and the new initiatives we’ve launched have started playing a big role in consolidating and cleaning the food value chain.”
In FY18, the startup’s revenue is of $68 million, this year it nearly reached $206 million. The company also stated their current annual revenue run rate is $350 million. The revenue has seen a leap to $206 million, while their costs have been increased from $80 million to $500 million.
The investors- Ant Financial, Sequoia Capital and Info Edge reported that costs had increased by more than six times to $500 million in the just-ended financial year, compared to $80 million in FY18.
As per the company, all financial reports were based on management information systems and unaudited.
Zomato is estimated to functions in 10,000 cities around the globe with nearly 1.4 million active restaurants on its application and operates in 19 countries. The company claims to have nearly 70 million active users on its base with 11 million app installations.
The startup is alone operating in 200 cities across the country, claims to contribute about three-fourths of its revenue.
Goyal added that,
“We now lose Rs 25 per delivery, compared to Rs 44 per delivery in March 2018. Our last mile cost per delivery is now Rs 65, compared to Rs 86 in March 2018. The key driver metric of unit economics—the number of deliveries per rider per hour—has gone up to 1.4 from 0.9 last year.”
According to the company’s stats, the dining out vertical has a 63% jump in the revenue. The three-fold revenue of the company is now ahead of its rival Swiggy, which was valued at $3.3 billion after funding of $1 billion announced in December.