Business
Swiggy records $200 million loss as it plans IPO: What internal document shows
Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal document of the company. This comes as the SoftBank-backed company is looking to list on the stock market. Swiggy could list by the end of 2025, it was earlier reported.
As per the internal document, reported by news agency Reuters, for the full fiscal year 2022-23 Swiggy made a loss of $500 million. The company’s lower wage payouts and cuts in marketing spending helped it trim losses for the full year 2023-24, the report claimed citing unnamed sources.
Losses in Swiggy stood at $207 million during April to December 2023 – the first nine months of fiscal year 2023-24, it showed while the loss was on a revenue of $1.02 billion during the same period compared with fiscal year 2022-23 revenue of $1.05 billion.
Swiggy was valued at $10.7 billion by investors in 2022. The company started with meal deliveries and has gradually expanded into delivering groceries and restaurant bookings.
India’s stock market has surged 28% over the past year as many companies plan listings. Digital payments firm Paytm has seen its shares drop by 80% since its 2021 listing while Swiggy’s rival Zomato also saw shares nosedive after a 2021 listing but they have surged 45% this year .