Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc... ...Full Bio
Nand Kishor is the Product Manager of House of Bots. After finishing his studies in computer science, he ideated & re-launched Real Estate Business Intelligence Tool, where he created one of the leading Business Intelligence Tool for property price analysis in 2012. He also writes, research and sharing knowledge about Artificial Intelligence (AI), Machine Learning (ML), Data Science, Big Data, Python Language etc...
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Zomato says revenue up 80 percent to $49 million in FY17
Food technology start-up Zomato Media Pvt. Ltd on Wednesday said its revenue in 2016-17 rose 80% from a year ago to touch $49 million due to growth in advertisements and the food delivery business.
Chief operating officer Surobhi Das said in a company blog that during the period, Zomato's cash burn fell to $12 million from $64 million a year ago.
"FY16, a year ago, wasn't ideal for us despite having achieved 2X revenue growth over FY15. That's because our cash burn was very high at an average of $4.2m a month. Along with the burn rate, we were also in the middle of consolidating/rationalising our international operations to make better use of our execution bandwidth moving forward," Das wrote in the blog post.
In fact, the turbulence in FY16 led to an erosion in valuation for Zomato, when HSBC Securities and Capital Markets (India) Pvt. Ltd in May last year slashed its valuation by about half to $500 million. Zomato had raised $60 million in September 2015 from Temasek and Vy Capital at a valuation close to a billion dollars. Overall, the company has raised about $225 million since inception in 2008.
"If companies in the online food delivery business, in particular, gain market traction, Zomato.com's advertising business model could lose business. As a result, we think the company needs to develop a profitable online delivery business itself (and not outsource) at least in its top markets to complement restaurant search. This implies that Zomato.com will have to keep raising funds and investing for some more time to come, which would dampen profitability for a couple of years," HSBC was quoted as stating in a Mint report on 9 May 2016.
Zomato currently operates in 23 countries, making it one among a few of Indian consumer Internet start-ups with a global presence.
Das claimed in Wednesday's blog post that between December 2016 and March 2017, Zomato had reduced monthly cash burn globally to about $250,000, as against $4.2 million in March 2016.
The company's advertising revenue, its core business until it entered food delivery in May 2015, grew 58% year on year to $38 million in FY17, while the food delivery business, where Zomato competes with Swiggy (Bundl Technologies Pvt. Ltd), clocked $9 million, an eight-fold growth over FY16.
Zomato claims to have recorded 2.1 million monthly orders in March.