Zomato turns profitable in India after achieving operational break-even of business
Zomato has made eight overseas acquisitions, including Urbanspoon in January 2015, in various countries.
Online restaurant guide and food ordering app Zomato has become profitable in six regions, including India, after achieving operational break-even of its businesses. The other regions are UAE, Lebanon, Qatar, Philippines and Indonesia, Zomato said in a statement.
It had started operations in India in 2008 had expanded to Dubai as its first international foray four years later. In the last three years, Zomato has expanded its operations to 23 countries.
"We are profitable in 6 of 18 markets, we are the market leaders in," said Zomato Founder & CEO Deepinder Goyal said "We have more than doubled our revenue year-on-year for the last few years, and we are going to post some great growth numbers this year as well," he added.
Zomato Co-Founder Pankaj Chaddah said: "We can now channelise the profits to grow faster and compete harder in countries where we see significant competition." The company would now focus on doubling the growth and defending its turf in the markets where it is strong, he said, adding that 22% of its traffic and 35% of its revenues come from India.
It has raised $225 million till date. Zomato has made eight overseas acquisitions, including Urbanspoon in January 2015, in various countries.