News on Medial

Zomato rival Swiggy recorded a massive loss of Rs 1,667 crore from April to December 2023

IndianStartupNews · 1y

Zomato competitor Swiggy has reported a significant loss of $207 million in the first nine months of the fiscal year 2023-24. Despite this, the company has generated a revenue of $1.02 billion, showcasing resilience. Swiggy has implemented cost optimization strategies, focusing on reducing marketing and employee costs. The company has also diversified its revenue sources by emphasizing its Instamart orders, platform fees, and dining-out business. Swiggy is preparing for a $1 billion IPO and has prioritized financials and operational efficiencies, including partnerships and mergers. In the previous fiscal year, Swiggy experienced growth in operating revenue but also an increase in net loss and total expenses.