Food discovery, review and delivery platform Zomato has tripled its revenue in FY19to $206 millionfrom $68 million in FY18. The company further said its current annual revenue run rate is $350 million.

The company, however, incurred a huge cost of $500 million in FY19, up from $80 million in FY18 .

In a blog post on Friday, Deepinder Goyal, founder & CEO of Zomato, said, “In March 2018, when we were planning for FY19, we set an audacious goal of $180 million and most of us thought that this was near impossible, but the team worked backwards from there and comfortably beat the goal.”

He attributed most of the losses ($294 million) to promotional marketing spends for the food delivery business to acquire new users.

Also read:Zomato expands food delivery business to 213 cities across India

Financials for FY19 are based on management information systems that are unaudited but follow the Indian Accounting Standard which means the discount-driven promotional cost borne by the company has not been deducted from revenue but will be done so when audited financials are filed with the Registrar of Companies (RoC).

Three years ago, advertising represented 100 per cent of Zomato’s revenue and focus. However, it claims to have received 85 per cent of its revenue in FY19 from transactions in delivery, which account for the bulk of the revenue, dining out (Zomato Gold and bookings made on Zomato) and sustainability (Hyperpure launched last year).

Zomato’s delivery business now operates in over 200 cities in India, up from 15 cities in FY 2018. Nearly 33 million deliveries were made in FY19, registering 7x YoY growth, powered by an 180,000-strong delivery fleet. Zomato now loses ₹25 per delivery, compared to ₹44 per delivery in the previous fiscal. Its last mile cost per delivery is now ₹65, compared to ₹86 last fiscal.