Bengaluru-based food delivery app Bundl Technologies, which operates under the popular brandname Swiggy, announced its financial performance for fiscal 2018, recording a 220% jump in its revenues.
According to the filings, accessed via Tofler, a business intelligence platform in India, the company earned revenues of $63.77 Mn (INR 468 Cr), of which operational income was $60.22 Mn (INR 441.99 Cr).
Bundl Technologies noted in its filings that sale of services from Swiggy — its only brand — constituted 72% of its total income, while delivery income comprised 18%. The rest was made up of carousel income and income from the sale of food prepared in the company’s own kitchen.
The company posted that its total revenue from the sale of services was $59 Mn (INR 433.12 Cr), a jump of 227% from $18 Mn (INR 132.29 Cr) in the previous year.
At the same time, its total revenue from the sale of products for the year was $1.2 Mn (INR 8.86 Cr), 113 times of $10,599 (INR 7.75 Lakh) in the previous year.
Here’s a quick update on the financial performance of the company in FY18:
- Bundl Technologies recorded a change in its inventory from zero to $51.62 Mn (INR 378.9 Cr)
- It has been hiring continuously and posted employee benefit expenses of $25.99 Mn (INR 190.76 Cr), a jump of 107% from $12.53 Mn (INR 92 Cr) in the previous year
- The company posted a net loss of $54.12 Mn (INR 397.3 Cr), a jump of 93% from the previous year
- Advertising and promotional expenses constituted 55.89% of the other expenses, which stood at $21 Mn (INR 154.85 Cr), a jump of 194% from $7.16 Mn (INR 52.61 Cr) in the previous year
With a net worth of $122.42 Mn (INR 898.72 Cr), Bundle Technologies noted in its filings, “The directors of the company are taking all effective steps to increase the revenue and reduce the operating cost of the company. Your directors are confident that the company will grow and prosper in the coming years.”
Joining the much-coveted unicorn club this year, Swiggy has been raising investment to fuel its war against its foodtech rival Zomato. It secured $210 Mn in a Series G funding led by existing investor Naspers and new investor DST Global and Japanese conglomerate SoftBank may make a new huge bet on the company.
Here’s a look at what Swiggy has been up to:
- In line with its expansion and growth strategy, the company is experimenting with the business-to-business (B2B) segment with Swiggy Cafe
- Swiggy has a network of 40,000 restaurant partners spread across 17 cities
- It has launched a slew of new initiatives including Access, long-distance deliveries, and Capital Assist
- It recently, launched Super, which gives users unlimited free deliveries across all restaurants, irrespective of the distance or time of day
- The company is planning to foray into the hyperlocal segment with a campaign called Dash, particularly in the medicine and grocery categories
- It acquired on-demand delivery platform Scootsy, which will continue to operate as an independent app after the acquisition
Swiggy, which is fuelling itself with funding rounds, may be performing well in its books but continues to fight hard to control its losses.