Swiggy's food delivery business turns profitable: CEO | Mint
24 October 2024
Homegrown food aggregator Swiggy turned profitable as of March, paving way for food tech platforms that have for long struggled with high costs of operating their business to swing to profit.
Swiggy's chief executive and founder, Sriharsha Majety, in a blog post on Thursday said that the company’s sharp focus on innovation, coupled with strong execution helped it achieve profitability, which factors in all corporate costs, excluding employee stock options.
“We have reached this milestone while bringing tremendous benefits to all partners in our ecosystem. Our core value that the customer comes first has consistently been reciprocated with deep consumer love and industry-best NPS scores, repeat and retention rates. We continue to make strides in gaining customer favour, including strong traction in tier 2 and 3 markets. Our teams are more in sync than ever with restaurant partners to improve their experience with Swiggy and create mutual wins. As a result, our restaurant NPS has improved by over 100% in the past eight quarters,” Majety said.
Homegrown food aggregator Swiggy turned profitable as of March, paving way for food tech platforms that have for long struggled with high costs of operating their business to swing to profit. Swiggy's chief executive and founder, Sriharsha Majety, in a blog post on Thursday said that the company’s sharp focus on innovation, coupled with strong execution helped it achieve profitability, which factors in all corporate costs, excluding employee stock options. “We have reached this milestone while bringing tremendous benefits to all partners in our ecosystem. Our core value that the customer comes first has consistently been reciprocated with deep consumer love and industry-best NPS scores, repeat and retention rates. We continue to make strides in gaining customer favour, including strong traction in tier 2 and 3 markets. Our teams are more in sync than ever with restaurant partners to improve their experience with Swiggy and create mutual wins. As a result, our restaurant NPS has improved by over 100% in the past eight quarters,” Majety said.
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