Zomato's revenues doubled to Rs 3.09 bn in FY17, but so did its losses

The company's ability to curb growth of operational expenses was offset by massive losses due to a drop in value of its overseas subsidiaries

Online food ordering and delivery platform Zomato nearly doubled its revenue to Rs 3.09 billion in the year that ended March 31, 2017, while cost cutting during the year ensured that expenses went up only marginally to Rs 3.69 billion from Rs 3.31 billion in the previous year.

Zomato, which was seen to be struggling until recently when Alibaba’s affiliate Ant Financial invested $200 million into it, however, registered a loss of Rs 5.85 billion during FY17. While the company was able to curb spending, the drop in value of its overseas subsidiaries due to scaling down of operations accounted