Zomato cuts losses by 34% in FY17, here's how | Forum

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suzi
suzi Jun 29

Online restaurant search firm Zomato saw a 34% dip in its total loss for 2016-17 to Rs 389 crore from Rs 590 crore in the previous year, according to the annual report of its largest shareholder Info Edge, thanks mainly to a strategy that excluded self-fulfilled deliveries.

This makes the Gurugram-based firm the first Indian internet unicorn, or startup valued at more than $1 billion (about Rs 6,460 crore), to substantially reduce its losses.The company's losses shrank even as its revenue surged 81% year-on-year to Rs 333 crore from Rs 184 crore, the report said, a potential pointer to the changing fortunes of India's food-tech sector.

The development comes at a time when internet companies are increasingly being driven to focus on unit economics by investors.

Zomato declined to respond to a detailed email query sent by ET. Over the past 18 months or so, the company has been steadily rationalising its international operations and increasingly focusing on its offline channel through a slew of product innovations, a move that has helped significantly reduce its burn rate.

 

A redesigned advertising model with targeted ads helped the company's core business of advertising revenue grow 58% to $38 million, the company had said in a blog post in April. It hired former chief executive of Tata Docomo Deepak Gulati as president and chief operating officer to drive advertising revenue for 2017-18.

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