Behind Swiggy’s INR 10K Cr Revenue Run In FY24 Ahead Of IPO 

Behind Swiggy’s INR 10K Cr Revenue Run In FY24 Ahead Of IPO 

SUMMARY

Swiggy, which is set to celebrate its 10th anniversary this year, is on course to report close to INR 10K Cr in revenue in FY24

Reports indicate the company is looking to file its pre-IPO draft red herring prospectus by March 2024, and CEO Sriharsha Majety also claimed that IPO preparations are underway

Besides the revenue growth, showing a meaningful drive towards profitability would be more important for Swiggy ahead of the potential public listing

It’s looking like the year of startup IPOs and unicorns chasing profitability, and Swiggy is all set to join the parade.As per sources, who have seen Swiggy’s disclosures for H1FY24 as of September 2023, the company has touched INR 4,735 Cr in revenue only from food delivery and quick commerce vertical Instamart.Sources in Swiggy indicate that Instamart’s revenue growth has come alongside an increase in take rates from Instamart. Average order value has also grown by over 20% in the ongoing fiscal year to around INR 460 per order.From around INR 330 Cr at the end of FY23, Swiggy’s monthly burn has come down to INR 180 Cr per month by H1FY24.A former Swiggy employee told Inc42 in January that the management is focussed squarely on profitability. “As a result of this, the pressure on the employees to meet the targets had grown. Many employees, especially in the tech department, have been looking for jobs and some top senior executives have already quit.”

The food delivery and quick commerce decacorn is on track to report close to INR 10K Cr in revenue for FY24, riding on the surge in Instamart orders, platform fees related to food delivery and growing traction for its dining out business.

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