Swiggy, a meal delivery business headed for an IPO, reportedly recorded a 45% increase in revenue in FY23, reaching Rs 8,625 crore. Its net loss did, however, increase to Rs 4,179 crore. Swiggy made Rs 5,705 crore in revenue and Rs 3,629 crore in net loss during the preceding fiscal year.
The biggest expense for Swiggy in FY23 was the purchase of stock in trade, which increased by 48% to Rs 3,302 crore. Furthermore, the expense of employee benefits increased by 25% to Rs 2,130 crore.
Dineout, Swiggy's restaurant technology platform, brought in Rs 77.5 crore in sales but lost Rs 176 crore on operations in the fiscal year. In 2022, Swiggy purchased Dineout in a deal that was allegedly worth $150 million or more.
Zomato, a competitor, reported a 68.9% increase in gross sales to Rs 7,079 crore in FY23 from Rs 4,192 crore in FY22, as per the consolidated financial filings that Entrackr examined. Zomato's losses in FY23 dropped from Rs 1,222 crore to Rs 971 crore, a 20.5 percent decrease.
With plans for a $1 billion domestic initial public offering (IPO) this year, SoftBank-backed Swiggy is reportedly thinking of firing 350–400 workers, or about 6% of its staff. The company is situated in Bengaluru and has over 6,000 employees.
There are rumors that these possible layoffs may impact the call center and technology divisions. Swiggy decided to fire 380 workers in January of the prior year, citing challenging macroeconomic circumstances and a downturn in its meal delivery service.
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