Zomato’s loss widens in FY16

Business
May 26 2016 03:45 PM
Preksha

Zomato, restaurant search and discovery service nearly doubled its revenue from Rs 97 Crore to Rs 185 crore for the fiscal year of 2015-16. But, its losses widened 262% to Rs 492 crore, from Rs 136 crore in the previous fiscal, the company's largest shareholder Info Edge said in its 2015-16 annual results filings to the BSE.

Zomato has so far raised close to $225 million from Info Edge, Sequoia Capital, Vy Capital and Temasek Holdings. It landed in the middle of a storm earlier this month after analysts at HSBC Securities and Capital Markets (India) Pvt. Ltd valued the firm at about $500 million, which is about half the valuation at which Zomato had raised its last round of funding, in September.

Zomato was founded in 2008 by Deepinder Goyal and Pankaj Chaddah. It currently operates in 23 countries, including India, Australia and the United States. It features restaurant information such as scanned menus and photos sourced by local street teams, as well as user reviews and ratings.

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