Bengaluru-based Swiggy saw a 36% jump in operational revenue

Swiggy recorded a gross order value of Rs 35,000 crore

It reduced its losses by 44%, bringing them down to Rs 2,350 crore

Swiggy Ltd., a major player in India’s food delivery market, posted impressive financial results for fiscal year 2024, with revenue exceeding Rs 11,000 crore. The Bengaluru-based company saw a 36% jump in operational revenue, reaching Rs 11,247 crore. Swiggy’s core businesses—food delivery, Instamart, and dining—recorded a gross order value of Rs 35,000 crore, driven by 1.4 crore monthly transacting users.

Also read: Bengaluru tops Swiggy’s vegetarian food orders, becomes ‘Veggie Valley’

In a significant achievement, Swiggy managed to reduce its losses by 44%, bringing them down to Rs 2,350 crore for the year. The company’s expenses rose by only 8%, reaching Rs 13,947 crore, as it improved operating efficiency and completed major investments in new ventures.

As Swiggy prepares for an initial public offering (IPO), the company is expected to raise up to Rs 10,000 crore through a fresh share issue and an offer for sale. The firm, led by CEO Sriharsha Majety, is reportedly seeking a valuation between $12 billion and $15 billion.

In comparison, competitor Zomato Ltd. posted fiscal 2024 revenue of Rs 12,961 crore and achieved a profit after tax of Rs 351 crore. Zomato, already listed on stock exchanges, currently holds a valuation of $27 billion, intensifying the competition between the two food delivery giants.