Zomato FY13 scorecard: $2M operating revenues at $1.8M EBITDA loss

15 May, 2013

ZOMATOGurgaon-based Zomato Media Pvt Ltd, which owns the popular restaurant and event-listing site Zomato.com, reported revenues of Rs 11.38 crore ($2 million) at an EBITDA loss of Rs 10.03 crore ($1.8 million) for financial year ended March 31, 2013 (FY13). The financial details came as part of the disclosure by publicly listed Info Edge (India) Ltd which holds about 57.9 per cent stake in Zomato.

The startup has been on a high growth phase as its revenues grew more than five times from Rs 2.04 crore in FY12. The company's EBITDA loss also increased by 38.92%, as it shot up from Rs 7.22 crore in FY12 to Rs 10.03 crore in FY13. Such revenue growth has come on the back of the company' pursuit of global expansion plans. It recently expanded operations to South Africa, launching a site for Johannesburg.

Zomato was founded by IIT-Delhi alumni and ex-Bain employees Deepinder Goyal (CEO) and Pankaj Chaddah (COO) in July 2008. It first started operations in Delhi-NCR and now has sections for over 21 cities across seven countries—India, the UAE, Qatar, Sri Lanka, the UK, the Philippines and now South Africa.

Info Edge runs various businesses like recruitment site Naukri.com and other classifieds such as matrimonial site Jeevansathi.com and real estate portal 99acres.com. Earlier this year, Info Edge put in additional Rs 55 crore ($10.07 million) in Zomato Media. This capital infusion took Info Edge's total investment in Zomato to Rs 86.06 crore ($15.7 million) and holding to 57.9 per cent (from earlier 48.5 per cent), also making it the majority shareholder in the company. Prior to the latest round, Zomato had raised Rs 31 crore ($5.6 million) in three rounds of external funding from Info Edge—the first round in August 2010, the second in September 2011 and the third in September 2012.

The company claims to have a combined web and mobile traffic of over 12 million per month and covers more than 98,000 restaurants. In the near future, Zomato plans to expand to continental Europe, the Middle East, South America and Southeast Asia.

Info Edge, the largest consumer Internet firm in India by market value, has invested more than Rs 250 crore ($45.6 million) in nine Indian startups operating in the Internet space. These include Rs 31.5 crore in Meritnation, a portal offering learning solutions in the K-12 segment; Rs 30 crore in Policybazaar, an online insurance policy aggregator; Rs 27 crore in merchant marketing platform Mydala; Rs 35 crore in Canvera, an online photography company; Rs 5 crore in Happily Unmarried, an offline-online fun products retailer; Rs 28.5 crore in flash sales site 99labels and Rs 2.3 crore in Floost, a content discovery platform, among others.

Read results here.