Despite Net Loss In June Quarter, Zomato's Order Book Crosses 1 Billion

Zomato's net loss widened to Rs 356 crore in June quarter
Zomato's net loss widened to Rs 356 crore in June quarter

The country's leading food aggregator - Zomato, which announced its first quarterly earnings update since its stellar stock market debut in July, delivered its one billionth order last week, according to Deepinder Goyal, Co-founder, and Chief Executive Officer, Zomato. In a blog on August 10, Mr Goyal said that it took Zomato six years to achieve the milestone. He added that more than 10 per cent of these billion orders were delivered only in the last three months. (Also Read: Zomato Net Loss Widens To ₹ 356 Crore In First Earnings Since IPO )

In the June quarter, the company's India food delivery business reported the highest ever gross order value (GOV), transacting users, the number of orders, active restaurant partners, as well as active delivery partners to date in any quarter in its history. Zomato's India food delivery's gross order value in the April-June quarter grew by 37 per cent to Rs 4,540 crore on a sequential basis, compared to Rs 3,310 crore in the preceding January-March quarter.

The gross order value is the total monetary value of all food delivery orders placed online on the platform in India including taxes, customer delivery charges, gross of all discounts, excluding tips.

Zomato reported a net loss of Rs 356 crore on a consolidated basis in the first quarter of the current fiscal, compared to Rs 99.8 crore in the year-ago period, due to higher expenses and impact on the dining-out business due to the second wave of the COVID-19 pandemic.

However, Zomato reported a jump in revenues in the June quarter as its revenue from operations stood at ₹ 844 crore, compared to ₹ 266 crore in the corresponding quarter last year, marking a three-fold increase year-on-year, driven by growth in its core food delivery business. 

On Wednesday, August 11, Zomato shares soared nearly five per cent in a weak market a day after it announced its April-June quarter results. Shares of Zomato were last trading 5.12 per cent higher at Rs 131.35 on the BSE.