News

Published: Feb 10, 2023
Updated: Feb 10, 2023

Zomato Q3 Report: Losses Widen, Revenue Soars

Zomato, the Indian online food delivery giant, recently released its Q3 financial report, showcasing mixed results. Despite a significant year-on-year (YOY) increase in revenue, the company experienced a wider loss in the same period.

Revenue Jumps 75% YOY

Zomato's revenue for Q3 rose 75% to Rs 782 crore compared to the same period last year. This growth can be attributed to the company's expanding online food delivery services and its recent entry into the online grocery delivery market.

Losses Widen to Rs 346.6 Crore

However, the company's losses also increased, with the company reporting a loss of Rs 346.6 crore for Q3. This increase in losses is due to increased investments in technology and marketing, as well as expansion into new markets.

Focus on Sustainability

Despite the widening losses, Zomato remains confident in its business model and is focused on maintaining long-term sustainability. The company plans to continue investing in technology and expanding its services to reach a larger customer base and increase revenue.

Management confident of success in future

Overall, Zomato's Q3 report showcases a company that is experiencing growing revenue but also facing increased losses. Despite these challenges, the company remains committed to its long-term sustainability and continues to make investments in technology and expansion. With a clear focus on growth and a commitment to providing the best services to its customers, Zomato is poised for continued success in the future.