Swiggy’s FY24 Loss Nearly Halves To INR 2,350 Cr, Revenue Up 36%

Foodtech major Swiggy reportedly saw its revenue grow 36% to INR 11,247 Cr in the fiscal year 2023-24 (FY24) from INR 8,265 Cr in the previous year. 

The disclosure was made by the IPO-bound company in its annual report, Moneycontrol reported. 

Meanwhile, Swiggy also slashed its net loss by 44% to INR 2,350 Cr during the year under review from INR 4,179 Cr in FY23. 

As per the report, the company managed to reduce its loss by trimming its advertising spending. Promotional and marketing costs reportedly declined to INR 1,851 Cr in FY24 from INR 2,501 Cr in FY23. Overall, total expenditures rose a mere 8% to INR 13,947 Cr in the fiscal under review as against INR 12,884 Cr in FY23. 

“The continued scale-up in the recent years is driven by an upwards momentum witnessed

in demand and supply side factors with (around) 14 Mn users transacting on our platform at a high frequency of (about) 4.5X,” Swiggy said in its annual report. 

According to the report, Swiggy’s gross order value (GOV) stood at $4.2 Bn, up 26% year-on-year (YoY) while monthly transacting users stood at around 14.3 Mn. Of Swiggy’s total GOV, $3 Bn came from food delivery while $1 Bn and $300 Mn came from Instamart and Dineout, respectively.

Swiggy’s food delivery vertical clocked an average order value (AOV) of INR 428 in FY24.

“Profitability has sharply improved YoY, as the peak of investments in Instamart is behind us and the business continues to grow rapidly; while the relatively more mature food delivery business is scaling-up profitably,” the company said. 

In contrast, Zomato clocked an operating revenue of INR 12,114 Cr in FY24, up 67% from INR 7,079 Cr in the previous fiscal year. Zomato is a profitable company and reported a net profit of INR 351 Cr in the fiscal year ended March 2024 compared to a loss of INR 971 Cr in FY23. 

The numbers come as Swiggy is planning to list on the bourses later this year. It filed its draft IPO papers via the confidential route with the Securities and Exchange Board of India (SEBI) earlier this year.

As per recent reports, Swiggy is eyeing a valuation of $15 Bn valuation for its $1 Bn to $1.2 Bn IPO. The foodtech major was last pegged at $10.7 Bn. Last week, Swiggy investor 360 One gave it a valuation of $11.5 Bn. 

Founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, Rahul Jaimini, Swiggy started off as a food delivery startup but later forayed into the quick commerce segment with Instamart. It also offers services such as Swiggy Genie and Minis stores.