Zomato’s losses more than tripled in its first quarterly earnings report since its listing last month as the company’s expenses grew and the pandemic hit the firm’s dining-out business.
The Gurgaon-headquartered firm reported (PDF) a net loss of $48 million in the quarter that ended in June, up from about $13.5 million during the same period last year.
The 12-year-old firm also reported strong revenue growth, moving from $35.7 million to $113.4 million during the aforementioned period as more people in the country began to order food online.
The firm said it delivered more than 100 million food orders last quarter and has surpassed a billion orders in the past