IPO bound food and delivery major Swiggy’s revenue grew 24 per cent in the last calendar year, according to the Dutch-listed technology investment firm Prosus’ annual report. The firm didn’t disclose Swiggy’s revenue figure in 2023.
Swiggy’s revenues are driven by a 26 per cent rise in its gross order value (GOV) during the fiscal ending March 2024. While the investor didn’t give revenue numbers, per our calculation, adjusted EBITDA improved to negative $261 million in 2023. Prosus did not share Swiggy’s EBITDA and aggregate loss for last year.
The ever-transacted user base reached 104 million as of December-end, Prosus said, while it is supported by a fleet of around 3.87 lakh active delivery partners
“Swiggy’s core food delivery business GOV grew by double digits on healthy order growth and higher average order value. Operating leverage improved as the business added revenue streams like restaurant advertising and introduced nominal platform fees, which supported improved operational profitability,” the investment firm said.
For quick commerce, Prosus said Swiggy’s unit economics continued to improve because of “larger basket sizes, expanded user base and improved operational efficiency”.
“The quick-commerce business GOV grew much ahead of the e-commerce industry, led by geographical penetration (now 487 active dark stores across 26 cities) and SKU (stock-keeping unit) expansion (over 9,500 unique items now listed on the platform),” the investor said.
Valuation up
Swiggy has filed with SEBI for $1.25-billionIPO. Prosus holds 32.6 per cent stake in the company and is expected to be tagged as Swiggy’s promoter in the public offering.
US-based asset manager Baron Capital Group has marked up the valuation of Swiggy to $15.1 billion, higher than the $12.1 billion estimated as of December 2023, according to regulatory filings with the US’ Securities and Exchange Commission. This marks a nearly 25 per cent jump in the company’s valuation.