#MarketWire is your daily roundup of notable business movements in the technology industry. This segment features news from Zomato & Construkt
Zomato’s Revenues Nearly Doubled in FY15-16 While Losses Quadrupled
According to a regulatory filing by Zomato’s largest stakeholder, Info Edge (India) Ltd, the food-tech company’s revenue grew by 91.2% from Rs.96.73 crore in FY14-15 to Rs.184.96 crore in the year ended 31 March 2016. At the same time, it reported an operating EBITDA loss of Rs 492.27 crore in FY15-16, which is nearly 260% increase from an operating EBITDA loss of Rs 136 crore in the previous year.
Till date, Zomato has raised close to Rs 838 crore ($225 million) from Info Edge, Sequoia Capital, Vy Capital and Temasek Holdings. Read More
Construkt Startup Hostel Opens Up in Bengaluru
One of India’s biggest startup hubs, Bengaluru, has become the first city to have a startup hostel. Started by Shashikiran Rao and Karan Bahadur, the Construkt Startup Hostel takes the concept of co-working to the next level, by offering affordable accommodation for startup founders.
The facility has shared rooms with bunker beds, and is priced at Rs. 850/bed/day. It comes equipped with WiFi availability, pantry and other basic necessities for entrepreneurs to stay and work on the go. Read MoreCategory Business News