After entering UK, South Africa and New Zealand, Zomato.com will soon make foray into Brazil.
Zomato is backed by Info Edge (India) Ltd, which runs various businesses including the recruitment site Naukri.com and other classifieds such as matrimonial site Jeevansathi.com and real estate portal 99acres.com. Info Edge’s quarterly results for the period ending June 30, 2013, revealed that Zomato reached break-even in the Indian market.
CEO, Deepinder Goyal said that the next market closest to break-even is the UAE. “The UAE market reached break-even a couple of times, but then we invested more in it. The Indian market is now stable and the UAE should get there pretty soon,” he added.
Asked if the company is now looking at alternative revenue streams or focusing on new features on the site, Goyal said they are content with the primary revenue channel, which is advertisement. “We are not looking at any other revenue channel. For now, our focus is geographical expansion and adding more cities to our portal,” he said.
Earlier this year, Info Edge put in Rs 55 crore ($10.07 million) more in Zomato. That infusion of funds took Info Edge’s total investment into Zomato to Rs 86.06 crore and its holding has risen to 57.9 per cent (from 48.5 per cent), making it the majority shareholder in the company now. Prior to the latest round, Zomato had raised Rs 31 crore in three rounds of external funding from Info Edge – the first round in August 2010, the second in September 2011 and the third in September 2012.