India’s Zomato posts smaller net loss as online orders jump

(Source: Reuters)

Indian food delivery firm Zomato Ltd on Thursday reported a narrower loss for the second quarter thanks to a rise in volumes and value of online orders.

Adjusted core loss, excluding figures for its recently acquired quick-commerce business Blinkit, narrowed to $7.37 million from $38.4 million.

“We expect the adjusted EBITDA loss to come down further and eventually get to breakeven in the next two to four quarters,” Zomato said.

Gross order value – the total value of all food delivery orders placed online on Zomato’s platform – jumped nearly 23 per cent to $821.2 million, slightly below Morgan Stanley’s estimate of $829.8 million.

Revenue from operations jumped 62 per cent to $205.8 million, with its food delivery business registering a growth of 33 per cent.

Consolidated net loss stood at $31,1 million for the three months ended September 30, compared with $53.3 million a year earlier, the Gurugram-based company said in an exchange filing.

  • Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Devika Syamnath, of Reuters.

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