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Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44%

EntrackrEntrackr · 10m ago
Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44%
Medial

Swiggy has demonstrated strong financials ahead of its initial public offering (IPO). The Bengaluru-based firm reported a 36% jump in its operating revenue to Rs 11,247 crore in FY24, according to documents shared with its investors. Swiggy has also managed to reduce its losses by 44% to Rs 2,350 crore in the last fiscal year. The company’s revenue stood at Rs 5,476 crore in the first three quarters of FY24 with Rs 1,600 crore loss. It’s worth noting that these numbers aren’t audited. The Arc reported the development first. Swiggy said that its food delivery business grew 17% to Rs 6,100 crore while its quick commerce vertical Instamart registered Rs 1,100 crore gross revenue in the last fiscal year (FY24). When compared, Zomato’s overall revenue in FY24 jumped 71% to Rs 12,114 crore. This includes Rs 6,161 crore from the food business and Rs 2301 crore via the grocery business (Blinkit). Swiggy was neck and neck with Zomato in terms of food delivery whereas it was way behind in terms of grocery business. Unlike Swiggy, Zomato reported Rs 351 crore net profit in FY24 and the profitability also continued in the first quarter of FY25. For context, Blinkit had the highest market share among quick commerce players as of July, according to consulting firm USB. Swiggy Instamart was in second position followed by Zepto and BigBasket. Swiggy raised its last equity round in January 2022 when it also entered the decacorn club. Recently, it received strategic investments from Amitabh Bachchan Family’s office and Hindustan Composites. Swiggy reportedly filed IPO papers via a confidential route in May to raise up to Rs 3,750 crore ($450 million) via a fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million). The firm will soon file draft IPO papers with SEBI.

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

EntrackrEntrackr · 2m ago
Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%
Medial

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.

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

EntrackrEntrackr · 10m ago
Exclusive: Swiggy to raise Rs 5,000 Cr via fresh issue
Medial

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.

Licious reports Rs 685 Cr revenue in FY24; cuts losses by 44%

EntrackrEntrackr · 9m ago
Licious reports Rs 685 Cr revenue in FY24; cuts losses by 44%
Medial

D2C meat and seafood brand Licious has experienced sluggish growth over the past two fiscal years, with revenue hovering around Rs 700 crore. However, the firm has successfully reduced its losses by 44% in the last fiscal year (FY24). According to the company’s press release, Licious’s revenue declined by 9%, from Rs 746 crore in FY23 to Rs 685 crore in FY24. This modest decline was attributed to the closure of distribution channels like Dunzo and Swiggy Meatsore, as well as a winding down of exposure to modern trade and local stores. Licious reports serving 1.2 million customers each month through its app, which now drives 85% of its total business. The company’s flagship program, Infinity, accounts for 58% of its overall revenue. Despite the slight decrease in revenue, Licious implemented cost control measures that helped cut losses by 44%, bringing them down to Rs 294 crore in FY24 from Rs 524 crore in FY23. The company also anticipates achieving positive EBITDA in the current fiscal year. By the end of FY24, Licious laid off nearly 3% of its workforce citing “operational reset to sharpen the growth focus. The move impacted 80 employees. In an effort to enhance customer experience, Licious is piloting 30-minute deliveries in Gurugram as it shifts to a full-stack D2C model. Additionally, on Tuesday, the firm expanded its physical retail presence by acquiring Bengaluru-based offline retailer My Chicken and More, increasing its retail points of sale to 26. To date, the Bengaluru-based company has raised over $450 million. According to TheKredible, Mayfield India is the largest stakeholder in Licious with 14.69%, followed by Vertex Ventures, 3one4 Capital, Temasek, and others. Licious is the largest player in the D2C meat and seafood space, competing with companies like FreshToHome, Zapfresh, BBDaily, MeatRoot, and Easymeat. In October 2023, quick commerce platform Zepto entered the meat delivery market with its in-house brand, Relish. This vertical reportedly achieved an annual recurring revenue (ARR) of Rs 150 crore in just six months, with a projected revenue run rate of Rs 1,000 crore by March 2026.

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%

EntrackrEntrackr · 5m ago
FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%
Medial

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70% Brainbees Solutions, the parent company of kids-focused omnichannel retailer FirstCry, has released its Q3 FY25 today. The report highlights sound financial growth, with a 14.3% year-on-year growth in scale and controlled losses by 70%. FirstCry's revenue from operations grew to Rs 2,172 crore in Q3 FY25 from Rs 1,900 crore in Q3 FY24, its unaudited financial statements sourced from the National Stock Exchange (NSE) show. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for nearly 82% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 422 crore. The company also made Rs 44 crore from interest income which took its overall revenue to Rs 2,217 crore in Q3 FY25, compared to Rs 1,936 crore in Q3 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 66% of the overall expenditure which increased 17% year-on-year to Rs 1,451 crore in Q3 FY25 from Rs 1,239 crore in Q3 FY24. FirstCry’s employee benefits stood at Rs 177 crore in Q3 FY25 which includes Rs 28 crore as ESOP cost. The marketing, legal, rent, and technology were other overheads that pushed the overall expenditure to Rs 2,210 crore in Q3 FY25 from Rs 1,978 crore in Q3 FY24. The decent scale and controlled expenditure helped FirstCry to reduce its losses by 70% to Rs 15 crore in the last quarter. Notably, the company reported a positive EBITDA of Rs 152 crore. As of the last trading session, FirstCry’s share price stood at Rs 419 per share, with a total market capitalization of Rs 21,753.8 crore (approximately $2.5 billion).

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third

EntrackrEntrackr · 3m ago
StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third
Medial

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third Luxury vacation home rental platform StayVista continued its steady growth in the last fiscal year, with revenue increasing by 23%. At the same time, the company managed to reduce its losses by over one-third in FY24. StayVista’s revenue from operations increased to Rs 140 crore in FY24 from Rs 114 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). StayVista connects property owners with travelers seeking vacation rental accommodations. The platform enables property owners to list their rentals, while facilitating bookings and online payments. Revenue from these services was the company’s sole source of income. With minor contribution from other income, the company posted total revenue of Rs 143.48 crore in the last fiscal year. On the expense side, the cost of materials—the company’s largest expense category—increased by 17.7% to Rs 109.5 crore in FY24. Employee benefit expenses also rose sharply, up 33% to Rs 28 crore, while legal and other operational expenses remained relatively stable at Rs 3.5 crore and Rs 11 crore, respectively. Overall, the company’s total expenses stood at Rs 152 crore for the year, marking an 18.8% increase from Rs 128 crore in FY23. StayVista reduced its losses by 33.3% to Rs 8 crore in FY24 from Rs 12 crore in the previous fiscal year. Its ROCE and EBITDA margin stood at -28.81% and -5.31%, respectively. On a unit level, StayVista spent Rs 1.09 to earn a rupee in FY24. As of March 2024, the Mumbai-based firm reported current assets worth Rs 50 crore which includes Rs 39 crore in cash and bank balances. According to startup data intelligence platform TheKredible, StayVista has raised a total of $7.5 million of funding till date, having DSG Consumer Partners as its lead investor who owns 17% of the company. Its co-founders Amit Damani, Ankita Sheth and Pranav Maheshwari together own 32.4% of the company. According to media reports, StayVista is planning to go public through an IPO by 2028, with a goal of raising Rs 600 crore (around $72 million) to further expand its network across India.

Swiggy posts Rs 3,600 Cr revenue in Q2; Instamart contributes 13.6%

EntrackrEntrackr · 7m ago
Swiggy posts Rs 3,600 Cr revenue in Q2; Instamart contributes 13.6%
Medial

Foodtech and quick commerce giant Swiggy has managed a 30.3% quarter-on-quarter growth in its operating revenue which spiked to Rs 3,601 crore during Q2 FY25 as compared to Rs 2,763 crore Q2 FY24. This growth was largely driven by the expansion of its quick commerce businesses which grew 135% in the last quarter. Swiggy’s food delivery business continues to be a major contributor, accounting for 43.7% of the total collection in Q2 FY25. Revenues from this vertical grew 23% to Rs 1,575 crore from Rs 1,281 crore in Q2 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 135% to Rs 490 crore in Q2 FY25 from Rs 208 crore in Q2 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new stores, contributing significantly to the company’s overall revenue. Scootsy Logistics contributed a major 40% of Swiggy’s overall operating income. Income from this entity increased by 22% quarter-on-quarter to Rs 1,452 crore in Q2 FY25 from Rs 1,190 crore in Q2 FY24. Scootsy alone earned a total revenue of Rs 5,196 crore of revenue in FY24. This vertical is engaged in the business of supply chain services and distribution. Swiggy’s Dine Out, Genie, Swiggy Mini and other non-operating income took its total revenue to Rs 3,686 crore in Q2 FY25. On the cost side, the procurement of FMCG products for supply chain distribution formed 32.2% of its overall cost which increased by 16.1% to Rs 1,388 crore in Q2 FY25. Meanwhile, the delivery charges saw a modest 4.7% growth to Rs 1,095 crore in Q2 FY25. Swiggy spent Rs 607 crore and Rs 605 crore on employee benefits and advertising, respectively. Its legal, infrastructure, and other overheads pushed the overall cost up by 22.9% to Rs 4309 crore in Q2 FY25. The 30.3% scale and controlled expenditure helped Swiggy to decrease its losses by 4.9% to Rs 625 crore in Q2FY25 from Rs 657 crore in Q2FY24. It spent Rs 1.19 to earn a rupee in Q2FY25.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

EntrackrEntrackr · 4m ago
Progcap crosses Rs 150 Cr revenue in FY24, cuts losses
Medial

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses Peak XV and Tiger Global-backed fintech firm Progcap has scaled more than 5X in the last two fiscal years, from Rs 26 crore in FY22 to Rs 139 crore in FY24. The firm also managed to reduce its losses in the same period. Progcap’s revenue from operations nearly doubled to Rs 139 crore in FY24 from Rs 71 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Progcap facilitates debt capital for underserved micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last mile retailers. Revenue from these services was the sole source of income for the company. Progcap made an additional Rs 20 crore from interest on deposits and gains on current investments which pushed its total income to Rs 159 crore in FY24 from Rs 102 crore in FY23. On the expense side, employee benefit costs remained the largest expenditure, accounting for 61% of the total expense, to the tune of scale. This cost grew by 15% to Rs 124 crore in FY24. The firm’s finance costs surged sharply to Rs 22.5 crore from just Rs 1 crore in FY23. Other major expenses included collection deficiency charges (Rs 9.5 crore), travel expenses (Rs 6 crore), and miscellaneous costs. Overall, the company’s total expenses grew by 36% to Rs 203 crore in FY24 from Rs 149 crore in the preceding fiscal year. Progcap managed to cut its losses by 6% to Rs 46 crore in FY24 from Rs 49 crore in FY23. Its ROCE and EBITDA Margin improved to -2.96% and -11.32% respectively. On a unit basis, the company spent Rs 1.46 to earn a rupee of operating revenue in FY24. The Delhi-based firm reported current assets worth Rs 1,321 crore which include Rs 163 crore of cash and bank balance in FY24. According to TheKredible, Progcap has raised a total of approx $112 million in funding to date, having Tiger Global, Peak XV, Creation Investments, and GrowX Ventures as its lead investors. Progcap’s co-founders, Pallavi Shrivastava and Himanshu Chandra, collectively hold a 23.41% stake in the company.

Swiggy eyes Rs 3,750 Cr in fresh issue as Prosus prepares to sell 63.8% of OFS

EntrackrEntrackr · 9m ago
Swiggy eyes Rs 3,750 Cr in fresh issue as Prosus prepares to sell 63.8% of OFS
Medial

Foodteh major Swiggy has filed a draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for an initial public offering (IPO). The company has proposed to raise funds through a fresh issue of equity shares aggregating up to Rs 3,750 crore and an offer for sale or OFS of up to 185,286,265 equity shares. Out of the total OFS, 63.8% of shares will be offloaded by Prosus, with other shareholders also divesting their shares in the OFS. Several prominent investors are participating in the offer for sale which include Accel, Alpha Wave Ventures, Apoletto Asia, Ark India Food-Tech Private Investment Trust, Baron Emerging Markets Fund, Coatue PE Asia, DST Asia VI, DST EuroAsia V B.V., Elevation Capital, Goldman Sachs, Harmony Partners, HH BTPL Holdings, Inspired Elite Investments, Lynks Shareholders’ Trust, MIH India Food Holdings, Norwest Venture Partners, Tencent Cloud Europe, Time Capital Foodtech Advisors, West Street Global Growth Partners, and West Street Global Growth Partners Emp. Individual selling shareholders include Lakshmi Nandan Reddy Obul, P.R.Venketrama Raja, Rahul Jaimini, Samina Hamied, and Sriharsha Majety. Swiggy plans to use its primary proceeds to invest in its material subsidiary, Scootsy, expand its dark store network for quick commerce, and make lease or license payments for dark stores. Additionally, the company will invest in technology and cloud infrastructure to enhance its platform’s capabilities and efficiency. As per the company, it aims to fund inorganic growth through acquisitions to strengthen its market position and expand its offerings. Kotak Mahindra, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities India, and ICICI Securities are the book running lead managers. According to the DRHP, Prosus is the largest external stakeholder with 30.95% followed by SoftBank with 7.75% shares of the company. Swiggy showed impressive financial progress, with a 36% growth in revenue to Rs 11,247 crore in FY24 and a 44% reduction in losses, bringing them down to Rs 2,350 crore in the same period. For the quarter ending June 2024 (Q1 FY25), Swiggy recorded Rs 3,222 crore in revenue from operations, 34.81% up from Rs 2,390 crore reported in the same quarter of the previous year. Its losses went up only 8.3% to Rs 611 crore in Q1 FY25 as compared to Rs 564 crore in Q1 of FY24. Swiggy’s entry into the public market will escalate a competition that has largely played out in the private market for over seven years. While Zomato currently holds a significant lead with a market capitalization of approximately $29.5 billion, more than twice the size of Swiggy, the latter’s IPO debut will intensify the rivalry between these two food-tech giants. This public face-off will particularly focus on food delivery and quick commerce services, where both companies are vying for market dominance

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