Swiggy reports Rs 11,247 Cr revenue in FY24; cuts losses by 44%

Swiggy has demonstrated strong financials ahead of its initial public offering (IPO). The Bengaluru-based firm reported a 36% jump in its operating revenue to Rs 11,247 crore in FY24, according to documents shared with its investors.

Swiggy has also managed to reduce its losses by 44% to Rs 2,350 crore in the last fiscal year. The company’s revenue stood at Rs 5,476 crore in the first three quarters of FY24 with Rs 1,600 crore loss.

It’s worth noting that these numbers aren’t audited. The Arc reported the development first.

Swiggy said that its food delivery business grew 17% to Rs 6,100 crore while its quick commerce vertical Instamart registered Rs 1,100 crore gross revenue in the last fiscal year (FY24).

When compared, Zomato’s overall revenue in FY24 jumped 71% to Rs 12,114 crore. This includes Rs 6,161 crore from the food business and Rs 2,301 crore via the grocery business (Blinkit).

Swiggy was neck and neck with Zomato in terms of food delivery whereas it was way behind in terms of grocery business. Unlike Swiggy, Zomato reported Rs 351 crore net profit in FY24 and the profitability also continued in the first quarter of FY25.

For context, Blinkit had the highest market share among quick commerce players as of July, according to consulting firm UBS. Swiggy Instamart was in second position followed by Zepto and BigBasket.

Swiggy raised its last equity round in January 2022 when it also entered the decacorn club. Recently, it received strategic investments from Amitabh Bachchan's Family Office and Hindustan Composites.

Swiggy reportedly filed IPO papers via a confidential route in May to raise up to Rs 3,750 crore ($450 million) via a fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore ($800 million). The firm will soon file draft IPO papers with SEBI.