Zomato spends $500mn in FY19, revenue grows three-fold to $206 mn

Zomato has released its annual report, claiming $206 million revenue for the financial year 2018-19 after concluding FY18 with $68 million. The Gurugram-based unicorn mentioned its costs went from $80 million to $500 million. Zomato CEO Deepinder Goyal said most of the losses ($294 million) came from expansion of its Indian food delivery business and promotions to acquire new users.