SUMMARY
- Swiggy has reported a 36% increase in its operating revenue to Rs 11,247 crore in FY24.
- It has reduced its losses by 44% to Rs 2,350 crore in the year under review.
- The food delivery major is expected to file its IPO documents through a confidential route in May.
Swiggy has reported a 36% increase in its operating revenue to Rs 11,247 crore in FY24, as disclosed in documents shared with its investors ahead of its IPO.
Moreover, the Bengaluru-based company has reduced its losses by 44% to Rs 2,350 crore in the year under review. The company’s revenue for the first three quarters of the fiscal year 2024 amounted to Rs 5,476 crore, with a combined loss of Rs 1,600 crore.
These figures have not undergone an audit. The Arc was the first to report on these developments.
Swiggy has indicated that its food delivery segment experienced a 17% growth to Rs 6,100 crore, while its quick-commerce division, Instamart, recorded a gross revenue of Rs 1,100 crore in the same fiscal year.
In comparison, Zomato’s aggregate revenue for FY24 surged 71% to Rs 12,114 crore. This figure includes Rs 6,161 crore from the food business and Rs 2,301 crore from the grocery segment (Blinkit).
Swiggy maintained a competitive position in the food delivery sector, despite trailing behind in the grocery business. In contrast, Zomato reported a net profit of Rs 351 crore in FY24, with this profitability extending into the first quarter of FY25.
Blinkit held the leading market share among quick commerce entities as of July, according to a consulting firm, UBS. Swiggy Instamart secured the second position, followed by Zepto and BigBasket.
In January 2022, Swiggy completed its last equity round, marking its entry into the decacorn club. Recently, the company has received strategic investments from the family office of Amitabh Bachchan.
The food delivery major is expected to file its IPO documents through a confidential route in May, aiming to raise up to Rs 3,750 crore ($450 million) through the issuance of equity shares and the sale of up to an aggregate amount of Rs 6,664 crore ($800 million). The company is set to submit its draft IPO documents to with SEBI.
