Swiggy Clocks Rs 11,247 Crore in Revenue in FY24; Cuts Losses by 44% Ahead of IPO

Swiggy, the online food ordering and delivery company, has shown strong financial credentials ahead of its Initial Public offering (IPO). 

As per Entrackr, the Bengaluru-based firm's operating revenue soared 36% to Rs 11,247 crore in FY24, according to the documents shared with its investors. It has reportedly managed to reduce its losses by 44% to Rs 2,350 crore in the last fiscal year.

Swiggy reportedly said that its food delivery business grew 17% to Rs 6,100 crore. Instamart, Swiggy's quick commerce vertical, registered Rs 1,100 crore in gross revenue in the last fiscal year (FY24).

Comparing it with Zomato, Zomato's reported overall revenue in FY24 jumped 71% to Rs 12,114 crore. This includes Rs 6,161 crore from its food business and Rs 2,301 crore via its quick commerce vertical, Blinkit. 

Swiggy was in an evenly matched competition with Zomato in terms of food delivery business but lags behind Zomato in terms of grocery business.

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