Swiggy records 45 percent jump in revenue; net loss expands to Rs 4,179 crore

Swiggy, backed by SoftBank, is reportedly considering letting go of 350-400 employees,

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  • Storyboard18,
 | January 31, 2024 , 2:17 pm
The restaurant industry typically spends anywhere between 3 percent to 6 percent of its revenue on advertising, including online platforms like Meta (Instagram, Facebook, WhatsApp), Google, and traditional media such as TV, print, and radio. (Image sourced from CNBC)
The restaurant industry typically spends anywhere between 3 percent to 6 percent of its revenue on advertising, including online platforms like Meta (Instagram, Facebook, WhatsApp), Google, and traditional media such as TV, print, and radio. (Image sourced from CNBC)

Swiggy saw a 45 per cent jump in revenue, reaching Rs 8,625 crore in FY23. However, its net loss expanded to Rs 4,179 crore, as per reports.

In the previous financial year, Swiggy’s revenue stood at Rs 5,705 crore, with a net loss of Rs 3,629 crore.
Purchases of stock in trade were the largest expense for Swiggy in FY23, rising by 48 per cent to Rs 3,302 crore. Additionally, the cost of employee benefits climbed by 25 per cent to Rs 2,130 crore.

Swiggy’s restaurant technology platform, Dineout, contributed Rs 77.5 crore to the revenue and incurred an operating loss of Rs 176 crore during the financial year.

Amidst plans for an up to $1 billion domestic IPO this year, Swiggy, backed by SoftBank, is reportedly considering letting go of 350-400 employees, around 6 per cent of its workforce. According to a source, these potential layoffs could affect both the technology and call centre departments. In January of the previous year, Swiggy made a decision to lay off 380 employees due to difficult macroeconomic conditions and a slowdown in its food delivery business.

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