Zomato Q1 internet loss widens to Rs 360.7 crore

Online meals supply platform Zomato on Tuesday reported widening of its internet loss to Rs 360.7 crore for the quarter ended on June 30, 2021, primarily on account of rise in bills.
The firm had posted a internet lack of Rs 99.8 crore for the corresponding interval of the earlier fiscal, Zomato Ltd stated in a regulatory submitting.
Consolidated income from operations of the corporate stood at Rs 844.4 crore for the quarter into consideration towards Rs 266 crore for a similar interval a 12 months in the past, it added.
Total bills of the corporate rose to Rs 1,259.7 crore for the quarter ended June this 12 months from Rs 383.3 crore for the 12 months in the past interval, Zomato stated.
During the quarter ended June 30, 2021, the Group has entered into definitive agreements with Grofers India Pvt Ltd, Hands On Trades Pvt Ltd (HOTPL), Grofers International Pte Ltd and others, in relation to the acquisition of 9.25 per cent stake in Grofers India Pvt Ltd and 9.27 per cent stake in HOTPL respectively, it added.
“Last year, we ranked at the bottom of a gig economy worker survey conducted by an independent third party. We acknowledged that there was a lot we needed to do and we fast tracked a number of initiatives in the pipeline to improve the work environment for our delivery partners,” Zomato Founder and CEO Deepinder Goyal, and CFO Akshant  Goyal stated in a letter.
On a median, the highest 20 per cent of Zomato’s supply companions who ship on bikes and put in additional than 40 hours per week obtain a payout of greater than Rs 27,000 per 30 days, they added.
“We had 310k active delivery partners in July, which is the highest ever in our lifetime,” the letter stated.

Last however not the least, “we also remain grateful to our shareholders and investors, who have believed in us and in our long-term view of our business,” it added.
Zomato made a stellar debut on bourses on July 23.
Shares of Zomato Ltd closed at Rs 124.95 on BSE, down 4.22 per cent from the earlier shut.