Swiggy is a food, grocery, and delivery service providing food tech company. The platform offering ordering services announced a 36 percent increase in its operational revenue to Rs 11,247 crore in FY24. The startup provides several food and grocery services including ordering food, discovering restaurants, and making reservation options via its online platform. These delivery services are the company’s primary source of revenue. The startup offers a seamless and secure user experience using advanced technologies.
Swiggy offers an online platform to discover new foods, and restaurants and get them delivered after filling user and payment details. This platform enables customers to find groceries and other essentials according to their requirements. The legal, business sourcing, marketing, hosting, and other expenses made the net loss stand out at Rs 2,350 crore. The total expenditure of the firm decreased compared to the last financial year. Swiggy entered the Deacron Club in June after securing funds in the equity funding round. The biggest competitor of Swiggy, Zomato reported a net profit of Rs 351 crore in FY24.
Entrackr mentioned in its report that the firm also earns its income through its quick commerce vertical Instramart. The company’s revenue for this financial year crossed Rs 5,476 crore in the first three quarters of this fiscal year with a loss of Rs 1,00 crore. The company has raised around $3.62 billion across all its equity and debt funding rounds since its inception. This includes $46.4 million secured during its funding round from the PR Venketrama Raja with the participation of other investors. The company claims to have 17 percent growth in its business to Rs 6,100 crore while Instamart reported a gross revenue of Rs 1,100 crore in FY24.
The food tech firm plans to improve its business model while controlling its losses by reducing its operating expenses and employee benefits. The data intelligence platform, tracxn mentioned that the company has around 57 institutional investors including Tecent, Norwest Venture Partner, and Prosus. Swiggy also filed its IPO papers in May to raise $450 million from a fresh issue of equity shares and an OFS of $800 million. The food and grocery delivery platform faces competition from other companies in the same sector such as Zomato, Blinkit, and Deliveroo.
Conclusion :
The delivery service offering Food tech startup Swiggy announced a 3 percent increase in its revenue to Rs 11,247 crore in FY24. This company provides various services including ordering food and making reservation options via its online platform. The delivery services and reservations are the company’s major source of revenue. The losses also decreased by 44 percent to Rs 2,350 crore in FY24.
The company plans to control its expenses on operations and employee benefits to increase its profit and reduce its losses. The startup has secured over 3.62 billion USD across multiple funding rounds, including 46.4 million raised during the series K funding round. Swiggy competes with other companies in the same market segment including Zomato.
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