IPO-Bound Swiggy Posts $207 Mn Loss In Apr-Dec 2023

IPO-Bound Swiggy Posts $207 Mn Loss In Apr-Dec 2023

SUMMARY

Swiggy clocked a revenue of $1.02 Bn (around INR 8,505 Cr as per current exchange rates) during the first nine months of FY24

Reduced marketing spends and employee costs are expected to help the company slash its loss for the full year ending March 2024

Last month, Inc42 reported that the Invesco-backed company was well on track to report close to INR 10,000 Cr in revenue for FY24

IPO-bound foodtech major Swiggy’s loss reportedly stood at $207 Mn (INR 1,730 Cr) during the first nine months of the financial year 2023-24 (FY24).

In contrast, the decacorn reported a net loss of INR 4,179.3 Cr in FY23, as per MCA filings.

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