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Swiggy teases doubling platform fee likely to offset losses ahead of planned IPO

Livemint

Livemint · 1y ago

Swiggy teases doubling platform fee likely to offset losses ahead of planned IPO

Bengaluru-based food delivery aggregator Swiggy is reportedly testing a potential increase in its platform fee from ₹5 to ₹10 per food order. The move is seen as an effort to reduce losses ahead of its upcoming IPO later this year. Swiggy had previously introduced a nominal fee of ₹2 in April, which was later expanded to all customers. The company's push to increase its user base aligns with its IPO plans and comes at a time when the food-delivery market is experiencing slower growth. Finding the right balance in platform fees is crucial for maintaining customer satisfaction and order frequency in this dynamic market.

Related News

IPO-bound Swiggy shrugs off plans on doubling platform fee in near term

Inc42 · 1y ago

IPO-bound Swiggy shrugs off plans on doubling platform fee in near term

Swiggy has denied reports of doubling its platform fee on food orders, stating that it has no such plan for the near future. Speculations were rife that the food delivery aggregator would increase the fee from INR 5 to INR 10 to offset losses ahead of its upcoming IPO. The company clarified that it constantly experiments with offerings to understand user preferences and improve affordability. Swiggy's archrival, Zomato, recently raised its platform fee from INR 3 to INR 4. Swiggy's IPO is anticipated to take place in mid-2024.

After Zomato, Swiggy Hikes Platform Fee To INR 10 Per Order

Inc42 · 10m ago

After Zomato, Swiggy Hikes Platform Fee To INR 10 Per Order

Swiggy has increased its platform fee on its food delivery service from INR 7 to INR 10 per order, following a similar move by Zomato. This comes as Swiggy looks to optimize its revenue ahead of its planned initial public offering (IPO).

Swiggy hikes platform fee to ₹10

Inshorts · 10m ago

Swiggy hikes platform fee to ₹10

Swiggy has increased its platform fee to ₹10 per order. The food delivery company first introduced the platform fee of ₹2 in April last year and the current increase reflects a 400% hike since then. Swiggy's move comes after rival Zomato increased its platform fee from ₹7 to ₹10 ahead of the festive season.

Swiggy to charge 2% collection fee from restaurants to facilitate online payments from customers

IndianStartupNews

IndianStartupNews · 1y ago

Swiggy to charge 2% collection fee from restaurants to facilitate online payments from customers

Food delivery company Swiggy has announced a new 2% collection fee on restaurant orders to cover the costs of online payment processing. The fee will be effective from December 20, 2023, and will only apply to restaurants without an existing collection fee. Swiggy's rival, Zomato, already charges a similar payment gateway fee. This move is part of Swiggy's strategy to achieve positive financial growth ahead of an anticipated IPO between July and September next year. Swiggy has experienced significant growth and turned profitable earlier this year.

IPO-bound Infra.Market raises fresh capital after mopping up over $120 mn

VCCircle

VCCircle · 3m ago

IPO-bound Infra.Market raises fresh capital after mopping up over $120 mn

Building materials platform Infra.Market has secured fresh equity capital ahead of its planned IPO, following a pre-IPO funding round that valued the company at $2.8 billion. The Mumbai-based company, operated by Hella Infra Market Ltd, managed to raise over $120 million.

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

Livemint

Livemint · 8m 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.

Swiggy Changes Its Registered Name Ahead Of IPO

Inc42 · 1y ago

Swiggy Changes Its Registered Name Ahead Of IPO

Swiggy, the Indian food delivery giant, is changing its registered name from Bundl Technologies Private Limited to Swiggy Private Limited, ahead of its planned IPO later this year. The name change aims to establish better identification with Swiggy's core brand. However, the name change is subject to the approval of the Registrar of Companies. The IPO, expected to be one of the largest for a tech company, is anticipated to have a size of $1 billion. Swiggy's rival, Zomato, has reported three consecutive profitable quarters in the current financial year.

Swiggy’s FY23 revenue grows 45% to Rs 8,265 crore; net loss stands at Rs. 4179 crore.

Economic Times

Economic Times · 1y ago

Swiggy’s FY23 revenue grows 45% to Rs 8,265 crore; net loss stands at Rs. 4179 crore.

Food and grocery-delivery firm Swiggy reported a 45% jump in operating revenue for fiscal year ended March 2023 to Rs 8,265 crore. However, its net loss expanded 15% to Rs 4,179 crore. Swiggy's expenses in FY23 totaled Rs 12,884 crore, up 34% from the previous year. Marketing expenses accounted for 28% of operating revenue, compared to 44% in FY22. Swiggy is implementing cost-cutting measures and aims to achieve profitability ahead of its planned IPO.

Swiggy tweaks service fee policy, non-metro restaurants to pay more in commision

Economic Times

Economic Times · 1y ago

Swiggy tweaks service fee policy, non-metro restaurants to pay more in commision

Food delivery platform Swiggy will now charge its service fee on the gross order value, including GST and packaging charges, for restaurants located outside of metro cities. Previously, this fee was only applied to the net value of orders in smaller cities, while larger cities were already charged on the gross value. This change will increase the commission paid by restaurant partners in non-metro areas and will impact around 1,000 restaurants. Swiggy aims to bring uniformity in commission structures across its platform. The company has recently filed for an IPO with SEBI.

Swiggy gets Sebi nod for proposed $1.25 billion IPO

Economic Times

Economic Times · 11m ago

Swiggy gets Sebi nod for proposed $1.25 billion IPO

Swiggy, the Indian food and grocery delivery platform, has received approval for its $1.25 billion initial public offering (IPO) from the market regulator. Swiggy will file an updated draft red herring prospectus (DRHP) before launching the IPO, which is expected to raise approximately $450 million in fresh capital along with an offer-for-sale component. Major investors like Prosus and SoftBank are likely to sell part of their holdings. Swiggy's main competitor, Zomato, had a successful IPO earlier this year. Swiggy reported revenue of Rs 5,476 crore and a loss of Rs 1,600 crore in the first three quarters of FY24.

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