Zomato says incurred $294-million loss in FY19

Food discovery, review and delivery platform Zomato has tripled its revenue in FY19to $206 millionfrom $68 million in FY18. The company further said its current annual revenue run rate is $350 million.

The company, however, incurred a huge cost of $500 million in FY19, up from $80 million in FY18 .

In a blog post on Friday, Deepinder Goyal, founder & CEO of Zomato, said, “In March 2018, when we were planning for FY19, we set an audacious goal of $180 million and most of us thought that this was near impossible, but the team worked backwards from there and comfortably beat the goal.”

He attributed most of the losses ($294 million) to promotional marketing spends for the food delivery business to acquire new users.