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Swiggy annual run rate at nearly 1 billion orders: CFO Rahul Bothra

Economic Times

Economic Times · 5m ago

Swiggy annual run rate at nearly 1 billion orders: CFO Rahul Bothra

Swiggy's annual run rate is nearing 1 billion orders, with significant contributions from its quick commerce unit, Instamart, reaching an annualized gross order value (GOV) of $1.6 billion. Swiggy reported 230 million orders in the September 2024 quarter and a 30% year-on-year revenue growth, despite a slight net loss of Rs 625 crore. Plans to become operationally profitable by late 2025 are driven mainly by enhanced profitability in its food delivery service.

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Related News

Lot of noise around quick commerce market share, some players discounting up to 40% of GOV: Swiggy CFO Rahul Bothra

Economic Times

Economic Times · 2m ago

Lot of noise around quick commerce market share, some players discounting up to 40% of GOV: Swiggy CFO Rahul Bothra

Swiggy is taking a strategic approach to its quick commerce expansion, focusing on quality growth over aggressive market share capture. The company's CFO, Rahul Bothra, highlights that investments in Instamart have peaked, expecting a reduction in losses. Swiggy emphasizes profitability through customer retention and engagement, rather than discounts. The company is adjusting its breakeven and corporate Ebitda guidance, aiming for long-term sustainability amid competitive pressures, with significant growth investments in network optimization and customer acquisition.

Swiggy evaluating inventory model for Q-com, but won’t rush shift: Swiggy CFO Bothra

YourStory

YourStory · 2m ago

Swiggy evaluating inventory model for Q-com, but won’t rush shift: Swiggy CFO Bothra

Swiggy is considering a shift to an inventory-led model for its quick commerce, according to Group CFO Rahul Bothra. Despite significant growth, including a 19.5% rise in gross order value and doubling its revenue to Rs 733 crore, Swiggy faced losses of Rs 1,081 crore. Its quick commerce expansion saw the addition of 316 dark stores and an increase in average order value. Meanwhile, its dine-out segment turned profitable, noting a 31% year-over-year growth.

Swiggy plans fee hike for Instamart, eyes higher take rate from grocery delivery business

Livemint

Livemint · 7m ago

Swiggy plans fee hike for Instamart, eyes higher take rate from grocery delivery business

E-commerce platform Swiggy is considering increasing fees for its grocery delivery arm, Instamart, in order to offset subsidies and increase profitability. CFO Rahul Bothra stated that the company plans to raise its take rates from the current 15% to 20-22% for Instamart. Swiggy already raised its platform fees for food delivery in the second half of 2023. The company also aims to expand the number and size of its Instamart dark stores to keep up with growing demand. Swiggy reported strong revenue growth and reduced losses in Q2 FY25.

IPO-bound Swiggy grants $271 million Esops to founder Sriharsha Majety, top management

Economic Times

Economic Times · 9m ago

IPO-bound Swiggy grants $271 million Esops to founder Sriharsha Majety, top management

- Swiggy granted employee stock options worth $271 million to its founders and top management in its latest stock-based compensation plan. - Founder and CEO Sriharsha Majety received nearly $200 million worth of stock, potentially increasing his stake in the company by 2.2-2.5%. - Other recipients of stock options include co-founders Nandan Reddy and Phani Kishan Addepalli, CFO Rahul Bothra, CTO Madhusudhan Rao, food marketplace CEO Rohit Kapoor, and Swiggy Instamart CEO Amitesh Jha. - The stock options have a vesting period of one to eight years and may be subject to valuation changes after the IPO. - Swiggy's IPO filing saw a fresh issue component initially sized at $450 million, which may expand to $600 million. - Similar stock-based compensation plans have been observed in other tech startups like Zomato, Paytm, Freshworks, Delhivery, and PB Fintech prior to their IPOs.

Peyush Bansal's Lenskart May Dump Confidential DRHP Filing, Opt for Open IPO Process

OutlookIndia

OutlookIndia · 1m ago

Peyush Bansal's Lenskart May Dump Confidential DRHP Filing, Opt for Open IPO Process

Lenskart, led by Peyush Bansal, is preparing for a $1 billion IPO but may choose a traditional DRHP process instead of a confidential route, making the filing details public. This eyewear company, with a valuation of $10 billion and an annual revenue run rate of $1 billion, has recently become a public entity. It plans to file the DRHP in July, aided by banks like Kotak and Morgan Stanley, aiming to raise substantial funds.

Fashion jewellery brand Salty raises Rs 5.4Cr led by Anicut Capital, others

IndianStartupNews

IndianStartupNews · 1y ago

Salty, a fashion jewelry brand, has secured Rs 5.4 crore in funding from investors including Anicut Capital and Suashish Diamonds. The startup, founded by Twishaa Gupta, Kanishka Garg, and Sonaal Goel, aims to redefine fashion jewelry with its expressive designs. The funding will be used for team expansion and launching a new product range. Salty has set a target of achieving a Rs 40 crore annual revenue run rate in 2024 and has already gained a strong customer base, fulfilling over one lakh orders and amassing nearly 100K Instagram followers.

Fidelity marks up Lenskart valuation by 12% to $5.6 billion

Economic Times

Economic Times · 8m ago

Fidelity marks up Lenskart valuation by 12% to $5.6 billion

Fidelity, a US-based financial services company, has increased the valuation of eyewear retailer Lenskart to $5.6 billion, reflecting a 12% increase. The valuation update, as of September 30, was published in Fidelity's monthly portfolio holdings. Lenskart achieved an annual revenue run rate of $1 billion this financial year. In June, Fidelity and Temasek invested $200 million in Lenskart, valuing the company at $5 billion. Lenskart had previously raised $600 million in total from Abu Dhabi Investment Authority and ChrysCapital in March 2023. The company's founder, Peyush Bansal, mentioned plans to invest $200 million in a new manufacturing unit in India.

Stripe says payment volume surged to $1 trillion last year

Economic Times

Economic Times · 1y ago

Stripe says payment volume surged to $1 trillion last year

Fintech company, Stripe Inc., reported a 25% surge in payment volume last year, reaching over $1 trillion. This is an increase from $817 billion in 2022. The company also revealed that it expects its revenue-automation business to generate an annual revenue run rate of over $500 million in the next twelve months. Additionally, Stripe's valuation rose to $65 billion from $50 billion, and it plans to be cash-flow positive in 2024. The company remains a leader in processing payments while its revenue-automation offerings have experienced substantial growth.

IPO-bound Swiggy launches XL fleet for bulk orders in festive season | Mint

Livemint

Livemint · 9m ago

IPO-bound Swiggy launches XL fleet for bulk orders in festive season | Mint

- Swiggy has launched a bulk order service called Swiggy XL EV fleet, which aims to serve large orders at once. - The service has undergone a pilot run and was officially launched in Gurugram. - The fleet has already delivered 3500 meals to electoral officials at polling booths in Gurugram and Badshahpur. - The Swiggy XL EV fleet service will be expanded to more cities in the coming weeks. - The service includes features such as temperature-controlled compartments and electric-powered fleet. - Swiggy has filed revised draft documents for an IPO to raise capital.

IPO-bound Afcons Infra sees record order inflow

Livemint

Livemint · 9m ago

IPO-bound Afcons Infra sees record order inflow

Construction firm Afcons Infrastructure Ltd, part of the Shapoorji Pallonji Group, has recorded a surge in new orders, surpassing its previous highest annual business inflow in the first half of FY25. The company has garnered new orders worth ₹11,400 crore ($1.5 billion) and emerged as the lowest bidder for ₹7,600 crore ($1 billion) of orders. These figures indicate an order inflow of about ₹19,000 crore ($2.5 billion) in H1 FY25, compared to ₹7,783 crore ($1 billion) in FY24. Afcons' credit lines from lenders have enabled increased bank guarantees, allowing for aggressive bidding and project execution. Following its IPO, the company plans to retire high-interest debt and enhance its banking limits.

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