On Wednesday, the online food delivery startup Zomato has announced that it’s revenue in FY17 has increased by 80% to $49 million as compare to a last year.
In an company blog, Chief operating officer for Zomato, Surobhi Das, wrote that “During this period, the cash burn of Zomato declined to $12 million from $64 million a year ago. The average monthly cash burn rate was for the period of December 2016 – March 2017 is a little less than $250k globally, down from $4.2m last March, and we’re well on our way to hit profitability.”
Das added “If I have to describe the last year of Zomato in just two words, that will be perseverance and approach. All of us at Zomato simply put our heads to run.”
“The year FY16 (ending March of 2016) a year ago, was not a ideal year for us, despite the fact that growth was two time higher in 2015. That was due to our cash saving was very high in an Average of $4.2 million per month. They were also at the heart of consolidating the rationalization of our international operation in order to be more effectively use the bandwidth of our channel to move forward,” she added.
Das marked, in FY16 Zomato as fired people in some international market and because of that the company’s moral was down.
“Additionally , back then, we were very new to the transactions space (online food ordering) and there was a lot to learn in order to stay ahead of competition.”
Currently Zomato is present in 23 countries.