Zomato announced a 389% increase in its consolidated net profit for the July-September quarter of this year.

The profit reached Rs 176 crore (about US$20.9 million), up from Rs 36 crore (about US$4.2 million) in the previous year.

The company’s revenue also grew by 68% year-on-year for the same period, totaling Rs 4,799 crore (around US$570.7 million).

Zomato highlighted the need to strengthen its balance sheet in a competitive market.

The company aims to improve cash reserves while rivals are raising extra capital.