New Delhi: Online food delivery platform Zomato on Tuesday reported widening its net loss to Rs 360.7 crore for the quarter ended June 30, 2021, mainly on account of increase in expenses.
Zomato Ltd said in a regulatory filing that the company had reported a net loss of Rs 99.8 crore in the corresponding period of last fiscal.
The company’s consolidated revenue from operations stood at Rs 844.4 crore for the quarter as against Rs 266 crore for the same period a year ago.
Zomato said the company’s total expenses for the quarter ended June this year increased to Rs 1,259.7 crore from Rs 383.3 crore in the year-ago period.
During the quarter ended June 30, 2021, the Group has entered into definitive agreements with Grofers India Pvt Ltd, Hands on Trades Pvt Ltd (HOTPL), Grofers International Pvt Ltd and others for acquisition of 9.25 per cent stake in Grofers. India Private Limited and HOTPL hold 9.27 percent stake respectively.
“Last year, we were at the bottom of a gig economy worker survey conducted by an independent third party. We recognized that we needed to do a lot and we fast-tracked several initiatives in the pipeline to improve the work environment is our distribution partner,” Zomato founder and CEO Deepinder Goyal, and CFO Akshat Goyal said in a letter.
He said that on an average, the top 20 per cent of Zomato’s delivery partners who deliver on bikes and spend more than 40 hours a week get paid more than Rs 27,000 per month.
“We had 310k active delivery partners in July, which is the highest ever in our lifetime,” the letter said.
Last but not least, “we are also grateful to our shareholders and investors who have placed faith in us and in our long-term view of our business,” it added.
Zomato made a great debut in the stock markets on 23rd July.
Shares of Zomato Ltd closed at Rs 124.95 on BSE, down 4.22 per cent from the previous close.
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