Swiggy, a food and grocery delivery company, reported a 45 per cent increase in operational revenue to Rs 8,265 crore in the fiscal year ending March 2023, while its net loss increased by 15 per cent to Rs 4,179 crore.
The Prosus-backed business, which is presently preparing for an initial public offering (IPO), invested extensively during the fiscal year under review to grow its quick-commerce category Instamart.
Swiggy’s total expenses in FY23 were a staggering Rs 12,884 crore, up 34 per cent year on year (YoY), according to regulatory records obtained from Tofler.
Swiggy’s largest expense, aside from stock-in-trade purchases, was advertising and promotional costs. The company’s marketing cost climbed to Rs 2,362 crore in FY23, accounting for 28 per cent of operational revenue compared 44 per cent in FY22.
Swiggy’s cofounder and CEO, Sriharsha Majety, stated in May last year that the company’s food-delivery service will be profitable by March 2023 after accounting for all corporate expenditures, minus employee stock option fees.
Swiggy’s income from food and traded products sales was Rs 3,352 crore in FY23, increasing 58 per cent YoY. Its income from service sales, which account for the majority of its topline, climbed 39 per cent YoY to Rs 4,786 crore.
According to Prosus, Swiggy’s largest stakeholder, the company’s core food business increased 17 per cent in the six months ending 30 September reaching a gross merchandise value (GMV) of USD 1.43 billion. Meanwhile, the quick-commerce company Instamart saw its GMV increase by 63 per cent.
