Zomato, an online food delivery service is planning to once again invest in its international business ventures after burdened with high amount of losses for the past two years.
The company is looking forward to expand in US, Canada, Ireland and Italy, four of the nine nations where it has previously brought down its operation.
The CEO’s statement
Deepinder Goyal, CEO of Zomato said “We have completed the content-building for these countries. We are getting good traction in some of these markets. We will hire a few sales people, see the impact of that, and then put in more investments“.
Zomato, which is currently operating in 23 countries is generating revenue from 11 only. It is collected by advertising from international markets and from India and US it collects a total of 20% from the restaurants from where the food is ordered.
The losses faced by Zomato went up to Rs 425 crore in 2015-16 from Rs 113 crore, but came down to Rs 101crore in 2016-17 after closing off the international operations.