Zomato Media Pvt Ltd, which owns the restaurant search and review site Zomato.com, reported operating revenues of Rs 30.6 crore for the financial year ended March 31, 2014 (FY14), registering a 168.9% growth from Rs 11.38 crore revenues in the previous fiscal.
The operating EBITDA loss however more than quadrupled to Rs 41.28 crore for the year, up from Rs 10.03 crore loss in the previous year.
Info Edge currently owns a majority stake in Zomato, although its stake dipped to 50.1% from 57.9% following the $37 million investment round last November. The company has invested about Rs 143 crore in Zomato across five rounds of funding. Overall, Zomato has raised a total Rs 313.6 crore across five investment rounds.
Remember that Zomato had earlier said that it broke even at an EBITDA level in the Indian market during the quarter ending December 2012, and in Dubai in the following quarter.
What has probably led to an increase in losses at an EBITDA level is its aggressive international expansion: The company had launched operations in three new countries – Brazil, Turkey and Indonesia last November and had expanded to five new cities in Brazil and New Zealand a month later.
Besides India, Zomato currently has operations in Sri Lanka, United Kingdom, UAE, Qatar, South Africa, Philippines, Brazil, Turkey, Indonesia and Portugal. The company had earlier stated plans to expand to 22 countries across Europe, South-East Asia, Australia and the Americas over the next two years.
Last month, Zomato had released a revamped version of its website and mobile apps, making login mandatory for users to view the listings. However, about a week later, the company rolled back mandatory login system on its website. It currently claims to offer listings from around 228,200 restaurants across 12 countries.