Zomato Has Half Its Net LossBusiness News

May 20, 2023 17:28
Zomato Has Half Its Net Loss

(Image source from: Twitter.com/deepigoyal)

Even with the wide range of business and even after getting continuous investments, Zomato still runs its business in losses.

The company has announced its YoY (year-on-year) quarter report and Zomato has seen a surge in its income. When compared to last year's loss of Rs 359.7 Cr, Zomato has made a loss of Rs 188.2Cr in this quarter. The revenue was increased by 70% with a revenue amount of Rs 2,056 Cr. However, Company expected revenue of Rs 2122 Cr, but has lowered it and in the same way company has estimated a net loss of Rs 345 and which is very less than expected.

Zomato co-founder and CEO Deepinder Goyal have expressed his confidence as the company is reducing its losses year on year. He took his Twitter and congratulated his rival food delivery company Swiggy on achieving profits. Goyal's message to Swiggy has emphasized the importance as Swiggy also announced their profits in March after getting significant investments.

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Zomato  losses  profits  Swiggy