Foodtech Giant Zomato’s Financial Roller Coaster
Between the period of 2010 and 2013, Zomato received its largest finances
A Singapore based investment firm called Temasek generated $110 million
Zomato finished FY18 with a 40% growth in revenues at $64 million
Zomato started its online food delivery service, with its competitor like Swiggy, Zomato does not have a delivery system. Customers place an order through Zomato application on their smartphones and restaurants would prepare the order and hand it over to the delivery staff of Zomato. Zomato also holds a stack of information about restaurants and locations. Zomato also helps new business owners to find set-up a location-based on the success rate.
Between the period of 2010 and 2013, Zomato received its largest finance of approximately $16.7 million (INR 116.7 crore) from India’s premier online classifieds company “Info Edge India”. The firm acquired 57.9% stakes in the company.
In 2013, In another round of funding got a fresh investor to under them called Sequoia Capital. With Info Edge, the total sum of that round of funding generated $37 million (INR 258.4 crore). Next year, Info Edge and Sequoia with Vy Capital raised $60 million (INR 419.9 crore) for the company.
In 2015, The total funding of Zomato by the beginning was $ 113 million (INR 789.2 crore). Later that same year, together with the 3 primary investors, A Singapore based investment firm called Temasek, generated $110 million (INR 768.3 crore) for the year.
In 2016, The year turned out to be a slow period for the company regarding finance, but they picked up the pace in 2017 picked with WhatsApp’s Neeraj Arora adding to the list of investors and raising a promising $20 million (INR 140 crore). This racked up the total funding of Zomato to $223.8 million (INR 1,563 crore) since its founding in 2008.
In March 2018, especially with Alibaba’s Ant Financial coming into the picture with a whopping $150 million (INR 1047 crore).
In February, Zomato had raised $39.74 million (INR 284 crore) in funding from US investor Glade Brook Capital Partners as part of its Series I funding round that started with Ant Financial’s $22 million (INR 1,539 crore) investment in November 2018.
Zomato finished FY18 with a 40% growth in revenues at $64 million (INR 446 crore).
The company also cut its corners decreasing losses by approximately 73% to come in at $15.2 million (INR 106 crore) in FY18 as contrasted to $55.9 million (INR 390 crore) crore in FY17, according to the financial portfolio with the registrar of the companies. Comparing to Swiggy, Zomato’s competitors registered a 232% gush in revenue in FY18 at $63.3 million (INR 442 crore), with losses of $56.9 million (INR 397 crore).
Early this year, Zomato announced its extension in 17 new cities like Kottayam, Kollam, Khanna, Gurdaspur, Ambur, Deoghar, Bhimaavaram, Ongole, Srikakulam, Kadapa, Solan, Palwal, Rewari, Machilipatnam, Nandyal, Bulandshahr, and Shahjahanpur. Zomato will make around 213 cities under its operational region with 1.8 lakh partners around the country.
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