Zomato targets breakeven by Q2 FY24, lowers investment guidance to $320 mn

Online food delivery platform Zomato Ltd is targetting to achieve the breakeven level in overall business between the fourth quarter of this fiscal and the second quarter of FY24 having cut losses gradually, according to company CFO Akshant Goyal.

Zomato, which earlier this year gave an investment guidance of $400 million for the next couple of years on quick commerce, has now reduced it to about $320 million.

In an analyst call, Goyal said Zomato was already positive on cash flow with its adjusted EBITDA losses at Rs 150 crore and other income was Rs 170 crore in the first quarter of the ongoing fiscal.

“So, in some ways, we are not losing cash in that business anymore…we got to adjusted EBITDA breakeven in the food delivery business,” he added.