After a successful IPO, Zomato reports massive loss in Q1 results at ₹360.7 crore

Online restaurant aggregator and food delivery platform Zomato has reported a net loss of ₹360.7 crore in Q1, mainly due to a huge rise in expenses. Zomato had posted a net loss of ₹99.8 crore for the corresponding period of the previous fiscal. Notably, Zomato had an extremely successful initial public offering recently. Thereafter, Zomato made a stellar debut on bourses on July 23. In their letter today on the Q1 result, both Zomato Founder and CEO Deepinder Goyal, and CFO Akshant Goyal said, “We also remain grateful to our shareholders and investors, who have believed in us and in our long-term view of our business”.