Indian restaurant search and food delivery service Zomato said on Monday it had broke even in several key markets including India, adding that it was on course to earn a profit by June 2017. Co-founder and Chief Executive of Zomato Deepinder Goyal told Reuters these markets include India, Indonesia, the United Arab Emirates and other markets in the Middle East and South Asia, which together account for three-fourths of the company's revenue.
The development comes at a time when the company is seeking $200 million (around Rs 1,356 crore) in funding, an official close to the group said, adding that it was in talks with Chinese conglomerates Alibaba Group and Baidu Inc for investments. Zomato was valued at about $1 billion (around Rs 67,841 crore) in September when it raised $60 million from Singapore’s Temasek Holdings Pte and existing investor Vy Capital, Livemint reported.
Zomato, which earns through advertising and its delivery service, cut back its delivery operations in four Indian cities last month and laid off 300 employees in October. It functions in 17 other countries, including the United States, Great Britain and Australia, and has raised some $225 million (Rs 1,525 crore) from investors so far.