India's Zomato quarterly revenue up 75% on orders, new customers
BENGALURU - Indian food delivery firm Zomato Ltd reported a 75% jump in quarterly revenue on Monday, as new customers propelled a surge in order volumes.
During the quarter through March, gross order value - or the total value of all food delivery orders placed on Zomato's online platform - jumped 77% year-on-year to a record high of 58.5 billion rupees ($754.40 million), while average monthly transacting customers were at an all-time high of 15.7 million.
"We think our growth trajectory is back on track, and we don't foresee "post-COVID ramifications" affecting our growth rate anymore," said Chief Executive Deepinder Goyal.
Demand for services in India's food delivery sector, dominated by Zomato and rival Swiggy, surged during the pandemic as the country went into strict lockdowns. While Zomato has logged earnings losses since its listing in 2021, it has seen a consistent rise in orders.
Mounting expenses widened the company's consolidated net loss to 3.60 billion rupees ($46.42 million) for the three months ended March 31, up from a loss of 1.31 billion rupees a year earlier.
Total expenses for the reported quarter soared 92.3% to 17.02 billion rupees on employee benefit and delivery charges, the company said.
The Gurugram-based firm, which generates most of its revenue from food delivery and related fees it charges restaurants for using its platform, said revenue from operations rose to 12.12 billion rupees from 6.92 billion rupees.
