Swiggy Food Delivery GMV Grows To $1.3 Bn In First Six Months Of FY23

Foodtech unicorn Swiggy’s food delivery arm registered a gross merchandise value (GMV) of $1.3 Bn within the first six months of FY23, according to the half-yearly report by one of the unicorn’s biggest investors Prosus.

Swiggy’s food delivery orders reported a 38% rise, while its GMV rose by 40% in the six months ended September 30, said Prosus. For the period, the foodtech major’s food delivery GMV stood at $1.3 Bn while its quick commerce GMV reached $257 Mn.

Further, the foodtech’s total quick commerce and GMV grew 20 times and 15 times respectively during the first six months of the financial year.

“Swiggy’s core restaurant food delivery business grew GMV by 40%, while its quick commerce GMV increased 15x during the first six months of the year. Our share of Swiggy’s revenue grew 118% to $150 Mn, reflecting higher average order values and increased revenue from delivery fees and advertising sales,” said the investor’s report.

At the same time, Prosus’ share of Swiggy’s losses also increased to $105 Mn from $34 Mn a year before, primarily driven by losses from its quick commerce arm, Instamart.

“Our share of Swiggy’s trading loss increased to $105 Mn, driven by investment in both the core restaurant food delivery business to increase growth and in Instamart to expand its footprint,” said Prosus.

It is prudent to mention that Prosus also backs iFood and Delivery Hero, among the largest food delivery startups in the world. Along with Swiggy, the two companies form the core of the investor’s food delivery portfolio.

“Our Food Delivery performance remained robust, driven by growth in quick commerce which leverages the scale achieved in the restaurant delivery business,” said Prosus.

Speaking more of the food delivery portfolio, Prosus said the total GMV grew 14% while revenue increased 52% to $1.9 Bn, on an economic-interest basis.

Prosus invested twice in the food delivery giant, investing $274 Mn in April 2021 and $25 Mn in February 2022, taking its total investment in Swiggy to $299 Mn. Prosus noted that it held a 31% fully diluted interest in the food delivery unicorn.

Recently, Swiggy has been making the headlines due to its restaurant discovery arm Dineout. Amid controversy over deep discounts, the National Restaurant Association of India (NRAI) started urging restaurants to log out of Dineout last month.

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