IPO-bound Swiggy’s consolidated revenue from operations increased nearly 36% to Rs 11,247 crore in the financial year ending March 2024, up from Rs 8,265 crore in the fiscal before, on the back of a sharp rise in incomes from its subsidiaries, according to its latest annual report.
On the other hand, the Bengaluru-based company's revenue from operations of its core business, which is food delivery, rose to Rs 6,372.3 crore in FY24 from 4,653.3 crore in the previous year.
In comparison, Swiggy’s rival Zomato’s revenue from food delivery operations in India stood at Rs 6,161 crore. The FY24 figures suggest that both companies fought tooth and nail in the food delivery space.
However, the same cannot be said for the quick commerce businesses of the two arch-rivals, as Zomato’s food delivery platform BlinkIt operated on a larger scale than Swiggy’s integrated food delivery platform, Instamart.
To be sure, BlinkIt posted revenue from operations of Rs 2,301 crore in FY24, while Instamart’s gross revenue stood at around Rs 1,100 crore in the financial year. It is important to note that the numbers reported under the gross revenue metric are usually higher than revenue from operations.
“We ramped up our quick commerce business to almost a third of the food delivery business (in GMV terms) in just over 3 years. This rapid expansion was on the back of the increased density of dark stores in existing cities and expansion to new cities,” Swiggy said in its annual report.
Meanwhile, Swiggy’s consolidated net loss in FY24 came down significantly to Rs 2,350.2 crore from Rs 4,179.6 crore in the fiscal before.
“Profitability has sharply improved YoY, as the peak of investments in Instamart is behind us, and the business continues to grow rapidly, while the relatively more mature Food delivery business is scaling up profitably,” the company said.
On the other hand, the net loss from its food delivery business in FY24 came in at 1,888 crore, down from 3,757.6 crore in the fiscal before. It currently offers its food delivery service in 653 cities across India and claims to be serving around 1.3 million customers through a wide network of 1.96 lakh restaurant partners.
