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Zomato aims to double revenue this fiscal

  • Online restaurant discovery platform Zomato Media Pvt. Ltd aims to
    double its revenue this fiscal year and turn profits in more countries as it
    relies on sales of enterprise products, which will allow it to turn more cash-efficient
    in the long run.

    • Online restaurant discovery platform Zomato Media Pvt. Ltd aims to
      double its revenue this fiscal year and turn profits in more countries as it
      relies on sales of enterprise products, which will allow it to turn more cash-efficient
      in the long run.


    •  
    • “We want to build traffic on our products without spending a lot on
      marketing and customer acquisition,” co-founder and chief executive Deepinder
      Goyal told analysts in a conference call.
    •  
    • Zomato plans to push its high-margin enterprise products such as
      table reservation software and point of sales systems to new markets, where the
      traffic on its site is not adequate to monetize through advertisements as it
      gears up to become a lower investment business in the longer term, reported the
      Mint.
    •  
    • The Gurgaon-based company said it will clock about $30 million in
      revenue this financial year, compared with about $16 million a year ago.
    •  
    • Zomato, which started out as a restaurant discovery platform, mainly
      makes revenue from selling advertisements on its platform. The company has
      since expanded into online food ordering and table reservation.
    •  
    • The shift in focus to enterprise products will allow the company to
      keep a check on its customer acquisition costs, which led to the downfall of
      many food technology start-ups in India.
    •  
    • The industry is in a turmoil as investor interest is fading after a
      glut of funding in the first half of the year.
    •  
    • Zomato, one of the most well-funded food technology startups in
      India, laid off 300 people from its global workforce, mostly in the US. It has
      so far raised more than $220 million from a roster of high-profile investors,
      including Sequoia Capital, Infoedge India Ltd and Vy Capital.

     

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