Food delivery platform Zomato’s revenue doubled to $394 million in 2019-20 from $192 million in the previous year, while its EBITDA loss widened to $293 million during the year from $277 million in FY19. The company said its revenues in the April-June quarter stood at $41 million with an EBITDA loss of $12 million.
Zomato founder and CEO Deepinder Goyal said that while COVID-19 had impacted the size of the company’s business, it had accelerated the journey to profitability. “In July 2020, the company estimates its monthly burn rate to land under $1 million, while our revenue should land at about 60% of pre-COVID peaks ($23 million per month). We expect to make complete recovery over the next 3-6 months,” Mr. Goyal wrote in a blog.
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