Prosus reports 80% jump in Swiggy's Jan-Dec loss, 26% growth in food-delivery GMV
24 October 2024
Food and grocery delivery company Swiggy's losses for the January-December 2022 ballooned 80% year on year, its key investor Prosus, the Dutch-listed arm of South African technology investor Naspers, indicated in its annual report on Tuesday. Prosus, which has backed companies such as Byju’s, PharmEasy and Eruditus, holds a 33% stake in Bengaluru-based Swiggy. Citing investments in Instamart, Prosus said its share in Swiggy’s loss had shot up to $180 million in FY23 from $100 million in FY22. That translates to an aggregate loss of around $540 million for Swiggy for the fiscal year.
Food and grocery delivery company Swiggy's losses for the January-December 2022 ballooned 80% year on year, its key investor Prosus, the Dutch-listed arm of South African technology investor Naspers, indicated in its annual report on Tuesday. Prosus, which has backed companies such as Byju’s, PharmEasy and Eruditus, holds a 33% stake in Bengaluru-based Swiggy. Citing investments in Instamart, Prosus said its share in Swiggy’s loss had shot up to $180 million in FY23 from $100 million in FY22. That translates to an aggregate loss of around $540 million for Swiggy for the fiscal year.
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