Gurugram-based foodtech unicorn Zomato has seen its overall expenses rise by almost 50% year-on-year to ₹4,628 crore in 2019-20 (FY’20), according to documents sourced from business information platform Tofler.
The total expenses of the startup stood at ₹3,109 crores in the preceding year.
For FY’20, Zomato reported revenue of ₹2,486 crore, an 84% jump compared to ₹1350 crore in FY19. Its losses also ballooned four-fold to ₹2,451 crore in FY’20.
For the foodtech major which is looking to go public by the first half of this year, employee benefit expenses also increased from ₹409 crores in FY’19 to almost ₹621 crores in FY’20.
Additionally, other expenses for the startup also increased from ₹2631 crore in FY’19 to ₹3856 crore in FY’20.
In December, last year, Zomato founder and chief executive, Deepinder Goyal announced that the company has raised a total of $660 million, at a valuation of $3.9 billion, making it the highest valued foodtech unicorn in India’s startup ecosystem. Its competitor Swiggy is currently valued at $3.6 billion, as per its last equity fund raise.
Zomato’s fundraise saw 10 new investors join its cap table including – Tiger Global Management, Baillie Gifford, Luxor Capital, Kora Capital, Steadview, D1 Capital and Mirae Asset, Goyal said on Twitter.
At present the company is also raising $140 million as a part of a secondary transaction. With the current fundraise before its IPO, Zomato has cleared its cap table and provided liquidity worth $30 million to its former employees.
Mint had earlier reported that Zomato has appointed Kotak Mahindra Bank as its lead merchant bank for its proposed initial public offering (IPO).
As individuals continued to stay at home during New Year’s eve, foodtech players like Swiggy and Zomato also saw record sales on their platforms on December 31.
Zomato said it hit a record gross merchandise value (GMV) on 31 December. The platform hit a peak of 4,254 orders a minute in the evening, Goyal said, as the platform witnessed a 60% increase in GMV from previous New Year’s.
“The demand last night was much higher than what we could process. We ran out of delivery partner capacity much before peak time. If we had unconstrained supply, we could have hit ₹100 crores of GMV yesterday. Need to do better next time,” Goyal tweeted.