Zomato net loss triples to USD 46 million despite 75% jump in revenues

By Nikita Chaurasia  | Date: 2022-05-25

Zomato net loss triples to USD 46 million despite 75% jump in revenues

Indian food delivery giant Zomato Limited has reported a net loss worth USD 46 million in Q4 of FY2021-22 despite witnessing a 75% growth in revenue to USD 156 million as opposed to USD 89 million it earlier recorded during the fourth quarter of the fiscal year 2021.

Zomato’s net loss has tripled from USD 17 million in FY 2020-21. Moreover, the company accounted for an EBITDA loss of USD 58 million in the fourth quarter of FY22, as against USD 89 million in the corresponding period 2020-21.

Experts claimed that the main reason for rising losses is the mounting expenditure that surged to USD 219 million in the fourth quarter of FY2021-22 from USD 114 million in the previous fiscal year. Meanwhile, the average monthly transacting consumers currently account for 15.7 million, growing from 15.7 million in the third quarter of last year.

In this context, Akshant Goyal, the CFO at Zomato cited that the average monthly active delivery and restaurant partners were also at a record high.

Food delivery aggregator announced that its gross order value grew by 6% quarter-over-quarter and 77% year-over-year to an all-time high record of USD 754 million during the last quarter. Despite steady average order value, the result was driven by healthy growth in order volumes, the company cited.

Deepinder Goyal, the CEO at Zomato stated that for forthcoming quarters the company is planning to work on reducing its losses and increasing its growth as well as intends to deliver on both profitability and growth expectations of their stakeholders.

Zomato, during the fourth quarter, launched itself in over 300 cities and now is available in over 1000 cities and towns across the country, cited sources with knowledge of the matter.

Source Credit:

https://www.moneycontrol.com/news/business/earnings/zomato-q4-results-net-loss-widens-to-rs-359-crore-revenue-comes-in-at-rs-1211-8-crore-8561411.html

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Tatas in plans to acquire Bisleri in a deal worth USD 856 million

Tatas in plans to acquire Bisleri in a deal worth USD 856 million

By Nikita Chaurasia

India's fast-moving consumer goods company, Tata Consumer Products Ltd is reportedly all set to acquire drink company, Bisleri International in a deal worth USD 856 million (₹7000 crores), reported the packaged water makers chairman, Ramesh...

Ukio raises $28M to offer comfort to working professionals across Europe

Ukio raises $28M to offer comfort to working professionals across Europe

By Nikita Chaurasia

Ukio, an apartment rental agency in Barcelona, Spain, has reportedly raised $28 million (€27 million) in a Series A round of funding. Apparently, the cash injection consists of over $17.5 million (€17 million) in equity and more than $10...

Amazon’s AWS unveils 2nd infrastructure region in Hyderabad, India

Amazon’s AWS unveils 2nd infrastructure region in Hyderabad, India

By Nikita Chaurasia

IT service management company, Amazon Web Services, Inc. (AWS), has recently announced the unveiling of another leading AWS infrastructure region in India, the AWS Asia Pacific (Hyderabad) Region. Starting this week, the startups, developers, ente...

Beijing reports increase in COVID-19 cases after first death in six months

Beijing reports increase in COVID-19 cases after first death in six months

By Nikita Chaurasia

World's most populous country, China has recently reported the fatalities of three people in Beijing as the first fatalities from coronavirus in the last six months, with the rise in recorded new cases despite following the strictest zero-COVID p...

India flags concern as rich nations want to extend mitigation to agriculture

India flags concern as rich nations want to extend mitigation to agriculture

By Nikita Chaurasia

During the ongoing COP27 (UN climate summit) in Egypt, India has countered the developed world’s effort for extending the scope of mitigation to agriculture, stating that rich nations are not seeking to mitigate emissions by modifying their lif...