Swiggy Revenue Soars 40% to ₹8,264 Crore in FY23, But Losses Deepen to ₹4,179 Crore

Bengaluru: Food delivery giant Swiggy witnessed a 40% surge in its operating revenue for the financial year 2022-23 (FY23), reaching ₹8,264.4 crore. However, despite the revenue growth, the company's net losses also increased by 15% to ₹4,179.3 crore in the same period.

Key Highlights:

• Operating revenue jumped from ₹5,704.9 crore in FY22 to ₹8,264.4 crore in FY23.
• Net loss increased from ₹3,628.9 crore in FY22 to ₹4,179.3 crore in FY23.
• Quick commerce arm Swiggy Instamart played a major role in revenue growth, generating ₹3,221.4 crore from FMCG product sales.
• Sale of services revenue reached ₹4,413.9 crore, representing a 28% increase from the previous year.

Quick Commerce Drives Growth:

Swiggy's revenue growth can be attributed to the strong performance of its quick commerce vertical, Swiggy Instamart. This segment, launched during the pandemic, focuses on delivering groceries and other essentials within minutes. In FY23, Swiggy Instamart generated ₹3,221.4 crore from FMCG product sales, marking a 39.7% increase from the previous year.

Losses Remain a Concern:

Despite the revenue growth, Swiggy's net losses continue to be a major concern. The company's losses widened by 15% in FY23, reaching ₹4,179.3 crore. This could be attributed to factors like high marketing expenses, competition, and operational costs.

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IPO on the Horizon?:

These financials come at a crucial time for Swiggy, which is reportedly aiming for a $1 billion IPO. Reducing losses and demonstrating improvement in its financial metrics are crucial factors for a successful public offering.

Future Outlook:

Going forward, it will be interesting to see how Swiggy tackles its profitability challenges while maintaining its growth momentum. The company's success in managing its expenses and scaling its quick commerce business will be key to its future performance.