IPO-bound Swiggy reduces losses by 44% to Rs 2,350 crore in FY24: Report
Swiggy's closest rival Zomato reported a jump of 71% in revenue to Rs 12,114 crore in FY24
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Ahead of the Initial Public offering (IPO) of Swiggy, the startup has reduced its losses by 44% to Rs 2,350 crore in FY24. The company registered a revenue of Rs 5,476 crore between April and December 2023 with a Rs 1,600 crore loss as per the report by Entrackr.
Swiggy reported a 36% rise in its operating revenue to Rs 11,247 crore in the last fiscal year, the online platform reported.
The Bengaluru-headquartered company's business grew 17% to Rs 6,100 crore while its quick commerce vertical Instamart reported Rs 1,1000 crore gross revenue in FY24.
Swiggy's closest rival Zomato reported a jump of 71% in revenue to Rs 12,114 crore in FY24, of which the food business was Rs 6,161 crore and the grocery business was Rs 2,301 crore (Blinkit)
Zomato's net profit stood at Rs 351 crore in FY24.
Swiggy is likely to file draft papers with Sebi in September 2024. It filed IPO papers via the confidential route in May to raise upto Rs 3,750 crore ($450 million) via a fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore.
IPO-bound Swiggy has witnessed an exodus of top executives. Recently Karan Arora, the Vice President and Head of Supply Chain Management; Dale Vaz, Chief Technology Officer (CTO); Ashish Lingamneni, VP and Head of Brand and Product Marketing have exited the startup. Other notable executives such as Anuj Rathi, Sidharth Satpathy, and Karthik Gurumurthy have also followed suit.
