Swiggy Revenue Jumps 36%, Loss Narrows 44% In FY24
Company's gross order value (GOV) increased 26 per cent year-on-year to USD 4.2 billion, with 14.3 million monthly transacting users
Food delivery giant Swiggy saw its revenue rise by 36 per cent to Rs 11,247 crore in FY24, according to its annual report.
The company managed to reduce its losses by 44 per cent, from Rs 4,179 crore to Rs 2,350 crore, thanks to tighter expense controls as it prepares for a potential IPO. Swiggy confidentially filed IPO papers with SEBI in April 2024.
Despite the strong growth, Swiggy still trails behind Zomato, which posted a revenue of Rs 12,114 crore and a profit of Rs 351 crore in FY24. Swiggy reduced its expenses by 8%, largely due to lower promotional and marketing spending, dropping from Rs 2,501 crore to Rs 1,851 crore.
Swiggy's gross order value (GOV) increased 26% year-on-year to $4.2 billion, with 14.3 million monthly transacting users. Of this, $3 billion came from food delivery, $0.3 billion from Dineout, and $1 billion from its quick commerce division, Instamart.
However, in the quick commerce space, Swiggy’s Instamart trailed Zomato’s Blinkit, posting Rs 1,100 crore in revenue compared to Blinkit's Rs 2,301 crore.
Swiggy’s report highlighted that profitability has improved year-over-year, driven by demand growth and better supply chain management.
