Zomato narrowed its losses to Rs 186 Cr with a 17% revenue up in June quarter. The company had tried to successfully recover losses in the food delivery business. The losses have come down resulting in investors feeling better, however, netizens were more than happy to share memes on social media over Zomato's spike in stock market.
"Growth in revenue was driven by 10 per cent QoQ growth in Gross Order Value (GOV) to Rs 64.3 billion in Q1FY23 and growth in revenue per order. GOV growth was, in turn, driven by robust growth in order volumes and mild growth in average order values as compared to the previous quarter," said Zomato CFO Akshant Goyal.
Zomato's shares closed at Rs 46.35 on Monday, down by 1.07 per cent. The company's market cap is nearly Rs 36,494.39 crore. The company said that losses for Blinkit are coming down every month -- from Rs 2,040 million in January to Rs 929 million in July.
- with inputs from agencies