Zomato, the restaurant search and food delivery startup, has said that its revenues have doubled in the last four months, helping it to break even in some of the key markets.
Increased revenues plus tighter financial controls have helped it to break even in six big markets, that includes India, the Middle East (UAE, Lebanon and Qatar) and Southeast Asia (Philippines and Indonesia). The company expects to be profitable by mid 2016. Zomato is probably the first unicorn in India to break even. Zomato had reported an loss of R136 crore for the period ended March 2015, sharply widening its losses from R41.39 crore reported in 2014. It had generated revenues of R96.7 crore in FY15.
It (breaking even) marks a significant milestone not just for the Gurgaon based company that is backed by Sequoia Capital, Temasek Holding and Info Edge, but for the startup industry as a whole. The company is now valued at over $1billion and it is eying a bigger market share with the hyperlocal space estimated to be close to $50 billion in India.