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Zomato looks to become profitable by end-2020


Zomato looks to become profitable by end-2020
Image Credit: Wikipedia

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 percent 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 Rs 1,458 crore) for April-September 2019 from USD 63 million (around Rs 448 crore) in the same period a year ago.

The company recently announced plans to raise up to USD 600 million (around Rs 4,277 crore) by next month in a new funding round. When asked about the segments the company will be focussing on for growth, Goyal said it will be on all segments.

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

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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