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Behind Swiggy’s INR 10K Cr Revenue Run In FY24 Ahead Of IPO

Inc42 · 1y ago

Behind Swiggy’s INR 10K Cr Revenue Run In FY24 Ahead Of IPO

Swiggy, the popular food delivery and quick commerce platform, is expected to report revenue close to INR 10,000 crore ($1.3 billion) in FY24. The company's revenue growth is driven by increased orders on Instamart and platform fees related to food delivery. Swiggy is preparing for an IPO and is aiming to file its draft red herring prospectus by March 2024. Achieving profitability will be crucial for Swiggy as it seeks to attract retail investors. The company has also taken steps towards diversifying its business with offerings like restaurant bookings, hyperlocal courier services, and an ads network.

Related News

Unicommerce FY24: Net Profit Doubles To INR 13.1 Cr, Revenue Crosses INR 100 Cr Mark

Inc42 · 11m ago

Unicommerce FY24: Net Profit Doubles To INR 13.1 Cr, Revenue Crosses INR 100 Cr Mark

Unicommerce, a leading e-commerce technology company, reported a 15% increase in operating revenue, reaching INR 103.58 Cr in FY24 compared to INR 90.06 Cr in FY23. Total expenses also rose by over 9% to INR 91.9 Cr in FY24. Unicommerce's IPO, consisting of an offer-for-sale component of 2.56 Cr equity shares, is set to open on August 6th.

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

Inc42 · 1y ago

IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

IPO-bound logistics company BlackBuck reported a net loss of INR 194 crore in FY24, down 33% from the previous fiscal year. However, its total revenue increased 62% to INR 316.5 crore, including other income. BlackBuck is planning an IPO, with a fresh issue of shares worth INR 550 crore.

BlueStone FY24: Revenue Surpasses INR 1,000 Cr Mark, Loss Narrows 15% To INR 142.2 Cr

Inc42 · 10m ago

BlueStone FY24: Revenue Surpasses INR 1,000 Cr Mark, Loss Narrows 15% To INR 142.2 Cr

Indian jewellery brand BlueStone reported a 64% increase in operating revenue, reaching INR 1,265.8 Cr in FY24. The company attributes this growth to increased revenue from existing stores and a subsequent improvement in margins. Additionally, BlueStone recently raised INR 900 Cr in a pre-IPO round, valuing the company at $970 Mn.

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Inc42 · 1y ago

Ola Electric clocks INR 1,242.7 Cr in Q1 FY24 sales, Nearly 50% of FY23 revenue

Ola Electric has filed for an IPO to raise INR 5,500 Cr by issuing new shares. The startup's sales in the first three months of FY24 reached INR 1,242.7 Cr, almost half of the revenue reported in FY23. Ola Electric's primary source of revenue comes from two-wheeler sales. The company reported a net loss of INR 268 Cr in Q1 of FY24 and a net loss of INR 1,471.6 Cr in FY23. Its major expenditure is on procurement, which accounted for 76% of total expenses in Q1 of FY24. Ola Electric competes with Ather, Bounce Infinity, Hero, Revolt, TVS, Okinawa, among others.

Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue

Entrackr

Entrackr · 10m ago

Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue

Swiggy, the food delivery and quick commerce firm, is set to raise Rs 5,000 crore ($602 million) in a fresh issue as part of its initial public offering (IPO). The Prosus-funded company has already targeted Rs 6,664 crore through an offer for sale (OFS), with plans to seek board approval for the OFS in the first week of next month. According to an internal document accessed by Entrackr, Swiggy’s board has passed a special resolution to issue equity shares worth up to Rs 5,000 crore, subject to shareholder approval at a meeting (EGM) on October 3. Swiggy’s IPO has been anticipated since the company filed draft papers confidentially in April. Reports suggest the firm has also received shareholder approval to raise Rs 10,400 crore in total (Rs 3,750 crore via a fresh issue and Rs 6,664 crore through an OFS). However, Swiggy’s IPO size may vary, as the fresh issue mentioned in the latest resolution is 1.3X larger than the previously estimated Rs 3,750 crore. The Bengaluru-based company is expected to file its draft red herring prospectus (DRHP) with SEBI soon. Queries sent to Swiggy did not elicit a response by the time of publication. Ahead of the IPO, Swiggy secured strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites. Meanwhile, investor Baron Capital recently valued Swiggy at $14.5 billion. The food tech firm demonstrated strong financial growth with 36% year-on-year growth in revenue to Rs 11,247 crore in FY24 and cut its losses by 44% to Rs 2,350 crore in the same period. Swiggy’s food business contributed Rs 6,100 crore to its overall income, while its quick commerce arm, Instamart, generated Rs 1,100 crore in gross revenue in FY24. To compete with rivals like Zepto and Zomato’s Blinkit, Swiggy invested $700 million in quick commerce in December 2021. Last month, the Sriharha Majety-led firm also roped in a new chief executive and new chief operating officer for Instamart. Following a series of startup IPOs from Delhi NCR, Bengaluru is catching up in 2024. A few city-based companies, including Digit Insurance and Ola Electric, have already made their stock exchange debuts this year. Besides Swiggy, Bengaluru-based Ather Energy also submitted its draft IPO papers on Monday, with its largest stakeholder, Hero MotoCorp, opting not to participate in the OFS.

Smartworks DRHP: FY24 Loss Declines 51% To INR 50 Cr, Revenue Crosses INR 1,000 Cr Mark

Inc42 · 11m ago

Smartworks DRHP: FY24 Loss Declines 51% To INR 50 Cr, Revenue Crosses INR 1,000 Cr Mark

Smartworks, a shared workspace provider, reported a significant increase in operating revenue for FY24, rising to INR 1,039.4 Cr from INR 711.4 Cr in the previous fiscal year. Lease rentals accounted for the majority of the revenue, with INR 997.1 Cr contributing to approximately 96% of the total. In preparation for an IPO, Smartworks filed its DRHP with SEBI, planning to issue INR 550 Cr worth of fresh shares along with an offer for sale (OFS) component of 67.49 lakh equity shares.

Ather Energy FY24: Revenue Declines On Reduction In FAME-II Subsidy, Loss Up 23% To INR 1,060 Cr

Inc42 · 10m ago

Ather Energy FY24: Revenue Declines On Reduction In FAME-II Subsidy, Loss Up 23% To INR 1,060 Cr

Ather, a leading electric vehicle company, reported a decline in operating revenue by 1.5% YoY to INR 1,753.8 Cr in FY24 due to a reduction in government subsidies. In the previous fiscal year, Ather experienced a significant increase in revenue, with a 335% YoY jump to INR 1,780.9 Cr, but also faced a widened net loss of 2.5X YoY to INR 864.5 Cr. The company, which has filed for an IPO of more than INR 3,100 Cr, incurred a total expenditure of INR 2,674.2 Cr in FY24.

Exclusive: Coworking Space Provider IndiQube In Talks With Bankers For INR 1,500 Cr IPO

Inc42 · 10m ago

Exclusive: Coworking Space Provider IndiQube In Talks With Bankers For INR 1,500 Cr IPO

IndiQube plans to file its Draft Red Herring Prospectus (DRHP) in the next three months after finalizing merchant bankers. The coworking space provider aims to raise INR 1,000 Cr – INR 1,500 Cr through its initial public offering (IPO). The IPO will primarily consist of a fresh issue of shares. IndiQube reported a profit of approximately INR 60 Cr in FY24, with an operating revenue of around INR 850 Cr.

IPO-Bound Awfis Posts INR 19 Cr Loss In The First Nine Months Of FY24

Inc42 · 1y ago

IPO-Bound Awfis Posts INR 19 Cr Loss In The First Nine Months Of FY24

Coworking startup Awfis, which is preparing for an INR 599 Cr IPO, experienced a net loss of INR 18.9 Cr in the first three quarters of FY24. However, the company's EBITDA turned profitable in 2021, reaching INR 195.5 Cr during the same period. Awfis' operating revenue surpassed FY23's number of INR 545.3 Cr within the first three quarters of FY24, reaching INR 616.5 Cr. Chairman and MD Amit Ramani highlighted that Tier 2 cities will be a key expansion area for the company in the future. Awfis plans to allocate a significant portion of the IPO proceeds towards establishing new centers.

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%

Entrackr

Entrackr · 2m ago

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115% Foodtech and quick commerce major Swiggy has managed a 45% year-on-year growth in its operating revenue which spiked to Rs 4,410 crore during Q4 FY25 as compared to Rs 3,045 crore in Q4 FY24. However, the Bengaluru-based company’s losses surged 95% in the same period. Swiggy’s food delivery business continues to be a major contributor, accounting for 37% of the total collection in Q4 FY25. Revenues from this vertical grew 18% to Rs 1,629 crore from Rs 1,375 crore in Q4 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 115% to Rs 689 crore in Q4 FY25 from Rs 320 crore in Q4 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores. Scootsy Logistics contributed a major 45% of Swiggy’s overall operating collection. Income from this entity increased by 58% YoY to Rs 2,004 crore in Q4 FY25 from Rs 1,265 crore in Q4 FY24. During the last quarter, Swiggy invested Rs 1,000 crore in Scootsy to support expansion and growth. Swiggy’s Dine Out, Genie, Swiggy Mini, and other non-operating income took its total revenue to Rs 4,531 crore in Q4 FY25. For the full fiscal year ending March 2025, Swiggy’s revenue rose 35% to Rs 15,227 crore in FY25 from Rs 11,247 crore in FY24. On the cost side, the procurement of FMCG products for supply chain distribution formed 33% of its overall cost which increased by 52% to Rs 1,854 crore in Q4 FY25. Meanwhile, the delivery charges saw 27% growth to Rs 1,161 crore in Q4 FY25. Swiggy spent Rs 695 crore and Rs 978 crore on employee benefits and advertising, respectively. Overall, Swiggy’s total expenses for the quarter increased 53% to Rs 5,609 crore from Rs 3,668 crore in Q4 FY24. On a fiscal-on-fiscal year basis, its total expenses increased to Rs 18,725 crore in the quarter ending March 2025 from Rs 13,947 crore in FY24. The 53% growth in expenditure led losses to increase by 95% to Rs 1,081 crore in Q4 FY25 from Rs 555 crore in Q4 FY24. On a fiscal-on-fiscal basis, Swiggy’s losses spiked 33% to Rs 3,117 crore in FY25 from Rs 2,350 crore in FY24.

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