Swiggy delivers 11% rise in FY24 revenue; net loss down 44% YoY
Swiggy has reported a 36% year-on-year (YoY) increase in its operating revenue to Rs 11,247 crore for FY24, driven by strong growth in its quick commerce vertical Instamart and out-of-home consumption business, according to the company’s annual report.
The Bengaluru-based company significantly reduced its net loss for the year to Rs 2,350 crore, 44% lower than a year ago. By comparison, Swiggy’s key rival,Zomato, reported a net profit of Rs 351 crore in FY24.
The fall in Swiggy’s losses was primarily on account of a controlled YoY increase of 8% in its total expenses. Swiggy cut down on staff costs, advertising and sales promotion spends.
In January this year, the company cut its workforce by 6% affecting at least 350-400 roles across technology, call centre, and corporate roles, ET had reported.
“The continued scale-up in the recent years is driven by an upward momentum witnessed in demand and supply side factors with ~14mn users transacting on our platform at a high frequency of ~4.5x supported by our wide delivery network of 390k+ delivery partners,” the company said in its annual report.
“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,” it said, adding that it has created a structured framework for new offerings where it assesses the product, and business market fit for a finite time frame, and then scales, pivots or shutters the product
