Swiggy has shown strong financial performance ahead of its planned initial public offering (IPO). The Bengaluru-based food delivery and quick commerce platform reported a 36% increase in operating revenue, reaching Rs 11,247 crore in FY24, according to documents shared with investors.
Swiggy also made significant progress in reducing its losses by 44%, bringing them down to Rs 2,350 crore during the last fiscal year. In the first three quarters of FY24, the company generated Rs 5,476 crore in revenue with a loss of Rs 1,600 crore. These financial figures are preliminary and have not been audited.
The company’s food delivery business grew by 17%, achieving Rs 6,100 crore in revenue, while its quick commerce segment, Instamart, recorded Rs 1,100 crore in gross revenue for FY24. In comparison, competitor Zomato‘s overall revenue in FY24 increased by 71% to Rs 12,114 crore, with Rs 6,161 crore from food delivery and Rs 2,301 crore from its grocery business, Blinkit.
Swiggy was close to Zomato in food delivery but lagged in the grocery sector. Unlike Swiggy, Zomato reported a net profit of Rs 351 crore in FY24, with profitability continuing into the first quarter of FY25.
Blinkit held the largest market share among quick commerce players as of July, followed by Swiggy’s Instamart, Zepto, and BigBasket. Swiggy last raised equity in January 2022, joining the decacorn club. Recently, it received strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites.
Swiggy reportedly filed confidential IPO papers in May, aiming to raise up to Rs 3,750 crore ($450 million) through a fresh issue of equity shares, along with an offer for sale worth up to Rs 6,664 crore ($800 million). The company is expected to file draft IPO papers with SEBI soon.