According to an internal document, Swiggy incurred a $200 million loss in the nine months leading up to December 2023. The SoftBank-backed company aims to go public and could potentially list by the end of 2025, as reported earlier.
According to Reuters, an internal document revealed that Swiggy incurred a loss of $500 million for the entire fiscal year 2022-23. The report stated that the company managed to reduce losses for the full year 2023-24 by cutting down on wage payouts and marketing spending, as per undisclosed sources.
The document outlines Swiggy’s financial losses
Swiggy reported a $207 million loss for April to December 2023, the first nine months of fiscal year 2023-24. This was against a revenue of $1.02 billion for the same period, compared to $1.05 billion in fiscal year 2022-23.
Investors valued Swiggy at $10.7 billion in 2022. Initially focusing on meal deliveries, the company has since diversified into grocery deliveries and restaurant reservations.
Would Swiggy benefit from going public?
In the past year, India’s stock market rose 28%, witnessing multiple company listings. Paytm’s shares plummeted by 80% since its 2021 listing, contrasting with Zomato, Swiggy’s competitor, which saw a sharp decline post-2021 listing but has surged by 45% this year.
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