Swiggy has released its FY24 results: Topline Crosses Rs 11,000 Crore, Losses Drop 44% Last Fiscal

05 September 2024

Revenue and Profitability: Swiggy has demonstrated strong financials ahead of its initial public offering (IPO). The Bengaluru-based firm reported a 33% jump in its revenue to Rs 11,634 crore in FY24 from Rs 8,714 crore in FY23. Swiggy has also managed to reduce its losses by 44% to Rs 2,350 crore in the last fiscal year. 

Business Growth: Swiggy said that its food delivery business grew 17% to Rs 6,100 crore while its quick commerce vertical Instamart registered Rs 1,100 crore gross revenue in the last fiscal year. When compared, Zomato's overall revenue in FY24 jumped 71% to Rs 12,114 crore. This includes Rs 6,161 crore from the food business and Rs 2,301 crore via the grocery business, Blinkit. Swiggy was neck and neck with Zomato in terms of food delivery whereas it was behind in terms of grocery business.

Business Prospects: Swiggy's consumer-facing business comprising food delivery, Instamart, and dining recorded a total gross order value (GOV) of Rs 35,000 crore driven by its 14.3 million monthly transacting users. Continuous improvements in contribution margin across segments is driven by rising take rates and higher contribution of advertisement revenues, cost optimization, and reduction of discounts. Instamart's rapid expansion was on the back of the increased density of dark stores in existing cities and expansion to new cities.