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 per cent 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 per cent to Rs 2,350 crore in the last fiscal year.

It is important to note that the numbers are not audited and that The Arc broke the development first.

The company achieved a revenue of Rs 5,476 crore in the first three-quarters of FY24, with a loss of Rs 1,600 crore.

The company recently received strategic investments from Amitabh Bachchan's family offices and Hindustan Composites.

Swiggy reportedly said that its food delivery business grew 17 per cent 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 per cent 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.

It is pertinent to note that Blinkit has the highest market share among the quick commerce players as of July. This is according to a consulting firm USB. Swiggy Instamart was placed second followed by Zepto and BigBasket.

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

Swiggy raised its last equity funding round in January 2022 and entered the Decacorn club. It had filed IPO papers through a confidential route in May up to Rs 3,750 crore via a fresh issue of equity shares and an offer for sale of up to an aggregate amount of Rs 6,664 crore.