Bengaluru: Swiggy Data extracted from its 2023 annual report by investor Prosus shows a loss of $540 million (over Rs 4,400 crore) in calendar year 2022. This is 80% more than last year.
The Netherlands-based investment firm, which has a 33% stake in Swiggy, said its share of the food-ordering firm’s business losses increased to $180 million in FY2013 from $100 million in FY2012, a sharp decline. -The service was inspired by investing in grocery delivery. Business instamart,
Prossus said that in the financial year 2022-23, Swiggy will double down on its focus on the profitability of its core restaurant food-delivery business, which its CEO recently announced will be fully operational in March 2023 after the investment phase (after all corporate costs). after inclusion) had become profitable.
“In FY23, Swiggy also focused on its profitability journey, which is reflected in its financial performance. In the last two reporting periods, Swiggy has focused on reactivating users, increasing monthly frequency and improving user conversion. Its benefits are evident in FY23 results, with over 272,000 enabled restaurants on its platform, up 155% from pre-Covid levels, and gmv (Gross Merchandise Value) of $2. 6 billion,” it said.
The Netherlands-based investment firm, which has a 33% stake in Swiggy, said its share of the food-ordering firm’s business losses increased to $180 million in FY2013 from $100 million in FY2012, a sharp decline. -The service was inspired by investing in grocery delivery. Business instamart,
Prossus said that in the financial year 2022-23, Swiggy will double down on its focus on the profitability of its core restaurant food-delivery business, which its CEO recently announced will be fully operational in March 2023 after the investment phase (after all corporate costs). after inclusion) had become profitable.
“In FY23, Swiggy also focused on its profitability journey, which is reflected in its financial performance. In the last two reporting periods, Swiggy has focused on reactivating users, increasing monthly frequency and improving user conversion. Its benefits are evident in FY23 results, with over 272,000 enabled restaurants on its platform, up 155% from pre-Covid levels, and gmv (Gross Merchandise Value) of $2. 6 billion,” it said.