The country’s one of the leading food and grocery delivering company Swiggy has reported that the firm has witnessed two times higher losses in the fiscal year 2022 than the previous year that is from fiscal year 2021. The losses recorded in the Fiscal year 2022 reported to Rs. 3,629 Cr. Whereas, in the fiscal year 2021 the company’s losses were accounting to a sum of Rs 1,617 Cr.
O the other hand, the company’s revue too doubled in the Fiscal year 22 than the Fiscal year 21 by 2.2 times more, which accounts to 5,705 Cr. whereas, in the FY21 the company’s revenue accounted to a sum of 2,547 Cr.
The major contributor of the revenue to the company for the Fiscal Year 2022 was sales of services. The sales of the services had also crossed the level of the pre- pandemic in the Fiscal Year 2020, due to which the company gained a revenue of 3,050 Cr in the FY20.
Whereas, in the current Fiscal year the company gained a revenue of 3,444.4 Cr, which is 83 percent more than the revenue gained in the Fiscal year 2021, accounting to a sum of 1,878.9 Cr. The sales of the food products and other groceries accounted to be the second major contributor to the company’s revenue.
The total expenses made by the company have also been increased to 131 percent accounting to Rs. 9,574.5 Cr in the Fiscal Year 2022. Whereas, in the Fiscal Year 2021 the expenses made by the company accounted to 4,139.4 Cr INR. The expenses made by the company was 1,848.7 Cr INR in the current Fiscal Year.
Besides this, the company also plans to pay off 250 employees in the last quarter of the Fiscal Year 2022 starting from the month of January.
About The Company Swiggy
The online food ordering and delivering platform was brought into existence by co-founders Sriharsha Majety, Nandan Reddy and Rahul Jaimini in the month of July of 2014. The headquarter of the company is based in Bengaluru, Karnataka.
The company is owned by the Bundl Technologies, the company has valued to 10 billion US dollars and is now a Decacorn, after securing 700 Million US dollars in a funding round led by Invesco, earlier this year.
- Fantasy Akhada Bags Funds of $11M from Fresh Funding Round - March 10, 2023
- Pristine Care Pays Off more than FortyEmployees from their Posts - March 9, 2023
- Mintifi Secures Funds of $110M as a Part of its Series D Funding Round - March 8, 2023