[ad_1]
BENGALURU: Swiggy suffered a loss of $540 million (over Rs 4,400 crore) in calendar year 2022, data extrapolated from its investor Prosus’s 2023 annual report shows. That’s an 80% rise from the previous year.
The Netherlands-based investment firm, which holds a 33% stake in Swiggy, said its share of the food-ordering firm’s trading loss increased to $180 million in FY23 compared to $100 million in FY22, driven by investment in the quick-service grocery delivery business Instamart.
Prosus said in the financial year 2022-23, Swiggy redoubled its focus on the profitability of its core restaurant food-delivery business, which its CEO recently announced had turned profitable in March 2023 (after factoring all corporate costs) following an investment phase.
“In FY23, Swiggy also focused on its profitability journey, which is reflected in its financial performance. In the past two reporting periods, Swiggy has concentrated on reactivating users, increasing monthly frequency and improving user conversion. The benefits are evident in its results for FY23, with over 272,000 enabled restaurants on its platform, 155% of pre-Covid levels, and GMV (gross merchandise value) of $2. 6 billion,” it said.
The Netherlands-based investment firm, which holds a 33% stake in Swiggy, said its share of the food-ordering firm’s trading loss increased to $180 million in FY23 compared to $100 million in FY22, driven by investment in the quick-service grocery delivery business Instamart.
Prosus said in the financial year 2022-23, Swiggy redoubled its focus on the profitability of its core restaurant food-delivery business, which its CEO recently announced had turned profitable in March 2023 (after factoring all corporate costs) following an investment phase.
“In FY23, Swiggy also focused on its profitability journey, which is reflected in its financial performance. In the past two reporting periods, Swiggy has concentrated on reactivating users, increasing monthly frequency and improving user conversion. The benefits are evident in its results for FY23, with over 272,000 enabled restaurants on its platform, 155% of pre-Covid levels, and GMV (gross merchandise value) of $2. 6 billion,” it said.
#Swiggys #losses #rose #Investor #filing
