Swiggy’s losses more than doubled to ₹3,629 crore in the financial year ending March 2022, as compared to a ₹1,617-crore loss in the last financial year,  according to filings with the Ministry of Corporate Affairs. 

The food delivery major reported revenues of ₹5,705 crore and expenses of ₹9,574 crore. Operational revenue registered almost 2x growth as compared to ₹2,547 crore reported in FY21. 

Swiggy’s marketplace business, which is food ordering and delivery from restaurants, contributed ₹3,483 crore to revenue from operations, which is almost 60 per cent of the total. Its business-to-business (B2B) vertical, which involves trading in FMCG goods, contributed ₹2,147 crore to its operational revenue.

Under expenses, a big chunk -- ₹2,350 crore -- went towards outsourcing support costs, followed by ₹2,268 crore on materials consumed, and ₹1,708.5 crore on employee benefit expenses. 

Swiggy was last valued at $10.7 billion, after a $700 million fundraise in January 2022. Swiggy’s investor Prosus said the Bengaluru-based company saw its food delivery GMV (gross merchandise value) grow by 40 per cent to $1.3 billion in the six months ended September 30, 2022. Its quick commerce (Instamart) GMV also increased 15x to $257 million. 

An annual data analysis report said over 1,00,000 new restaurants and cloud kitchens joined Swiggy in 2022, along with over 10,000 new restaurants joining Swiggy Dineout. The company recorded average bookings of 596 tables per hour and customers spent 25 per cent more while dining out in 2022 as compared to last year. Its quick commerce vertical Swiggy Instamart saw over 5 crore orders and counting from Bengaluru, Delhi and Mumbai. 

In November 2022, Swiggy delivery workers in Kochi went on an indefinite strike to demand better payouts. The Kerala High Court ordered the state police to ensure that the strike did not interfere with the state’s law and order situation. The court order came after Swiggy appealed to the court for police support.

Related Topics