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Zomato layoffs erase $360 million in India’s Data Border

Info Edge India Ltd. saw its market worth totaled by roughly 26 billion rupees ($360 million) following a news report stated a food-delivery unicorn that the job-posting site is spent in fired over 500 workers.

Zomato Media Pvt., where Info Edge retains a 26.38% bet, laid off 541 individuals Sept. 7, the Business Standard newspaper reported Sunday. Info Edge stocks, which climbed 1 percent Sept. 9, have since dropped 10 percent as traders saw that the Advances as a signal the downturn in consumption is dispersing.

“This increases the rising sound about a recession impacting earnings of customer businesses,” explained Purvesh Shelatkar, head of institutional brokering at Monarch Networth Capital Ltd. in Mumbai.

Unlisted Zomato clocked a revenue of 13.1 billion rupees from the year ended March 2019, a close threefold jump from one year ago, according to the new yearly record of Info Edge. The business posted a loss of 10 billion rupeesup roughly 10-fold from 2018.

In contrast, Info Edge’s earnings increased 20 percent to approximately 11 billion rupees while its earnings increased 53 percent to 2.8 billion rupees.

To contact the reporter on this story: Ameya Karve at Mumbai in akarve@bloomberg.net

To contact the editors in charge of this story: Lianting Tu in ltu4@bloomberg.net, Ravil Shirodkar

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