The grim Zomato numbers we should talk about

The food-delivery company’s third-quarter results are poor. But beyond the obvious weakness, there’s even more that is concerning.

On Thursday, Zomato announced its results for the quarter ended 31 December 2021. The food-delivery company shows that revenue had grown 1.8x from the same period a year earlier, and that losses had substantially reduced. The markets saw through the fact that losses had actually more than tripled if one excludes a one-time gain from the sale of investments, and the stock was hammered, ending the day down almost 6%.

What is more worrying is that Zomato’s letter—12 pages titled “Staying the course”, by chief executive Deepinder Goyal and chief financial officer Akshant Goyal—to the shareholders paints a totally different …

Author

Harveen Ahluwalia

Harveen is a co-founder at The Morning Context, and leads our Internet coverage, overseeing a team of reporters writing on startups and tech. She has previously worked as a media, consumer and tech reporter at The Ken and Mint. At The Morning Context, she writes on startups, venture capital, consumer and media businesses—from e-commerce to healthtech to streaming.

Editor, Internet

harveen@mailtmc.com

Mumbai