Online restaurant discovery platform Zomato has pulled back its presence from 9 global markets out of its total 23.
The company is no longer physically present in the countries where it is not a market leader, which includes US and Canada, UK, Italy, Sri Lanka, Ireland, Chile. The company will remotely continue to operate in the markets from India headquarters.
To gain market share in the US, the company had earlier acquired Urban Spoon for $60 million. But the acquisition did not boost the company’s growth in the market. And thus, understanding that, the company now wants to grow its revenue share in India and UAE, its two largest markets, where there has been a dip in the recent months.
Zomato’s losses have shot up to Rs 492.3 crore for the financial which year ended in March 31, 2016. But, the company attained operating revenues of Rs 184.97 crore which increased from Rs 96.7 crore in the previous year.