Zomato's net loss widens to ₹430 crore in the September Quarter
Online food delivery giant Zomato Ltd.’s consolidated net loss widened to ₹430 crore for the July-September quarter as against ₹229 crore in the year-ago period. The company posted a loss of ₹356 crore in the June quarter.
Adjusted revenue during the quarter stood at ₹1,420 crore ($189 million), a 22.6% growth quarter-over-quarter (QoQ) and 144.9% growth year-over-year (YoY).
The losses were mainly due to hiked investments and growing share of smaller or emerging geographies in the business and high delivery costs due to unpredictable weather and increase in fuel prices. The company said the delivery cost per order increased by Rs 5 per order in the September quarter as compared to the previous quarter.
The Gurugram-based company also said it was investing in logistics-tech firm Shiprocket, savings app Magicpin and fitness firm CureFit and added it will invest $1 billion more over the next 1-2 years, with a large chunk likely going into the quick-commerce space.
At the end of the reporting quarter, Zomato had 1.5 million members and over 25,000 restaurant partners in India, while overall customer traffic on the platform in the country increased to 59 million average monthly active users (India MAU) in Q2FY22 as compared to 45 million in Q1FY22.
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