Swiggy's losses jump 2X to Rs 3,629 crore in FY22, layoffs coming
30 October 2024
Online food delivery platform Swiggy's losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year.
Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco.
Meanwhile, Swiggy's revenue grew 2.2 times to Rs 5,705 crore during FY22 as opposed to Rs 2,547 crore in FY21.
According to Entrackr, outsourcing support cost accounted for 24.5 per cent of the total expenses of the company.
Online food delivery platform Swiggy's losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year. Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22. According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco. Meanwhile, Swiggy's revenue grew 2.2 times to Rs 5,705 crore during FY22 as opposed to Rs 2,547 crore in FY21. According to Entrackr, outsourcing support cost accounted for 24.5 per cent of the total expenses of the company.
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