Zomato's losses tripled since IPO, revenue up 28%

According to the company, this is largely on account of non-cash ESOP expenses which have increased meaningfully in Q1 FY22 "due to significant ESOP grants made in the quarter pursuant to creation of a new ESOP 2021 scheme".

New Delhi: Food delivery platform Zomato, which witnessed a bumper IPO last month, has reported a significant loss in the first quarter (Q1) of the current financial year. The company reported a net loss of $48 million in the June quarter, up from nearly $13.5 million in the same period last year. According Zomato, this is largely on account of non-cash ESOP expenses which have increased meaningfully in Q1 FY22 "due to significant ESOP grants made in the quarter pursuant to creation of a new ESOP 2021 scheme". "This divergence in reported profit/loss and Adjusted EBITDA will continue going forward," the company said in a blog post.