Industry

Zomato looks to become profitable by end-2020

Image for representational purposes only.

Image for representational purposes only.   | Photo Credit: AFP

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We have been able to reduce our cash burn by around 70% from what it was seven months ago, says CEO Deepinder Goyal

Online restaurant guide and food ordering platform Zomato is looking to be a profitable company by the end of 2020, a top company official said.

“In a year’s time, we should be a profitable company. We have been able to reduce our cash burn by around 70% from what it was seven months ago,” Zomato founder and CEO Deepinder Goyal told PTI.

The company’s current cash burn is USD 15 million per month, he added.

Earlier in October, Zomato had said it has witnessed over three-fold jump in revenue to USD 205 million (around ₹1,458 crore) for April-September 2019 from USD 63 million (around ₹448 crore) in the same period a year ago.

The company recently announced plans to raise up to USD 600 million (around ₹4,277 crore) by next month in a new funding round.

When asked about the segments the company will be focussing on for growth, Mr. Goyal said it will be on all segments.

The company is making all efforts to achieve its mission, ‘Better Food for Everyone’, he added.

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Printable version | Jan 25, 2020 2:15:21 AM | https://www.thehindu.com/business/Industry/zomato-looks-to-become-profitable-by-end-2020/article30236468.ece

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