SoftBank-backed Swiggy records $200 million loss in nine months to Dec 2023 ahead of IPO
First Ambani-Adani pact: RIL picks 26% stake in Adani Power's MP project; deal pegged at ₹50 crore between rival firms For the full fiscal year 2022-23, Swiggy made a loss of 41.8 billion rupee ($500 million), according to the document. But the company's lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023-24, a source with direct knowledge of the matter said, without wishing to be identified.
The document showed that losses stood at 17.3 billion rupees $207 million during April to December 2023 - the first nine months of fiscal year 2023-24. That loss was on a revenue of $1.02 billion during the same period, compared with fiscal year 2022-23 revenue of $1.05 billion, the document showed.
Swiggy did not respond to queries seeking comment. India's stock market has surged 28% over the past year and many companies plan listings, but they facing discerning investors.
Digital payments firm Paytm, still loss-making, has seen its shares drop by 80% since its 2021 listing, with the company facing criticism from analysts at the time for valuing itself too high. Also read: Fibe seeks fresh funds, TR Capital to lead with $50 million infusion Swiggy's rival Zomato also saw its shares nosedive after a 2021 listing but they have surged 45% this year after posting two successive quarterly profits.
Swiggy was valued at $10.7 billion by investors in 2022. It started with meal deliveries but has gradually expanded into delivering groceries and also provides restaurant bookings.lsoMilestone Alert!
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