Swiggy posts Rs 8,265 Cr revenue in FY23, outstanding losses climbed to Rs 27,000 Cr


Foodtech and quick commerce decacorn Swiggy is reportedly looking to turn profitable by the second half of this year. However, considering its results of FY23, it still seems like a distant dream as the company’s losses crossed Rs 4,000 crore during the same period.

Swiggy’s revenue from operations (gross revenue) grew 44.9% to Rs 8,264.6 crore during the fiscal year ending March 2023 as opposed to Rs 5,705 crore in FY22, according to the company’s annual financial statement with the Registrar of Companies.


Swiggy generates revenue through its online platform services including order facilitation fees, delivery income, advertisement revenue from sponsored listings, onboarding fees for partner merchants, subscription fees, and revenue from the sale of food and traded goods.

The foodtech company made over 50% of its revenue via platform services followed by the sale of grocery products which accounts for around 40% of revenue. The remaining came from sale of food items and other operating activities.

Swiggy also made Rs 372.5 crore through the sale of supply chain service during FY23. Additionally, it also earned Rs 450 crore from interest and gains on financial assets which took the overall revenue to Rs 8,714.5 crore in FY23.

As per TheKredible, the purchase of stock (after adjustment of changes in inventory) accounted for 26.2% of the total expenditure. This cost surged 49% to Rs 3,381 crore in FY23 from Rs 2,268 crore during the previous year.

Expense Breakdown

Total ₹ 9574 Cr
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Total ₹ 12884 Cr
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  • Purchases of stock
  • Outsourcing support cost
  • Advertisment & promotions
  • Employee benefits
  • Warehousing and transportation
  • Payment gateway
  • Others

Outsourcing support cost was the other major cost which went up 34.4% to Rs 3,159 crore during the period. Subsequently, promotional and employee benefits cost rose to Rs 2,362 crore and Rs 2,130 crore, respectively. Significantly, employee cost also includes employee share based payment (cash settled) of Rs 534 crore in FY23.

Overall, the company’s total expenditure surged 34.6% to Rs 12,884 crore in FY23 from Rs 9,574 crore during FY22.

Visit TheKredible for a complete expense breakdown.

In the end, losses of the company increased 15.2% to Rs 4,179 crore during FY23 against Rs 3,629 crore in FY22. Moreover, the company’s outstanding losses mounted to Rs 27,057 crore at the end of FY23.

Cash outflows from operations for the company stood at Rs 4,060 crore during FY23.

During the year, Swiggy’s EBITDA margin and ROCE registered at -43.90% and -42.93%, respectively. On a unit level, the company spent Rs 1.56 to earn a rupee of operating revenue.


FY22 FY23
EBITDA Margin -52.88% -43.90%
Expense/Rupee of ops revenue ₹1.68 ₹1.56
ROCE -26.78% -42.93%

Swiggy also grabbed the headlines for a couple of layoff rounds in the past 12 months affecting over 600 employees. It was also in news during the last fiscal for back-to-back increases in valuation.

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