First Indian Unicorn Startup is Going to Be Profitable in 2016
Indian restaurant search and food delivery service Zomato, one of only a handful of Indian start-ups to succeed abroad, said on Monday. It had broken even in key markets including India and is on track to make a profit as early as June next year.
The result comes as Zomato seeks $200 million in funding, a source close to the group said, in an increasingly tough environment for start-ups.
Zomato, which makes money through advertising and its delivery service, said it had hit operational break-even in India, the UAE, Indonesia and three other markets in the Middle East and Southeast Asia. Together, they account for the three-fourths of the company's revenue, co-founder and chief executive Deepinder Goyal told Reuters.
"The fundamental model of our business is that in mature markets we...