Online food delivery and restaurant discovery firm Zomato has ended the financial year 2017-18 with a 40% growth in revenues at Rs 466 crore. The firm also reduced its losses by almost 73% to come in at Rs 106 crore in FY18 as compared to Rs 390 crore last year.
According to the reports, the firm witnessed its standalone revenues grow almost 25% to Rs 388 crore in FY18 from Rs 309 crore last year. Also, the standalone losses for FY18 fell 86% to Rs 78.5 crore this time.
“We demonstrated that our business can generate profits — almost throughout the year, we hit EBITDA breakeven globally, across all our business, and while maintaining good growth levels; and then in the last two months, we decided to double down on growth,” said Zomato Founder and CEO Deepinder Goyal.
The firm saw its total expenses rise only slightly by about 19% to Rs 370 crore in FY18 from Rs 460 crore in FY17. However, in FY19, the company expects to see its losses and expenses rise tremendously as the food tech industry is engaged in a discount-driven battle between Swiggy, Zomato, UberEats and Foodpanda.