NEW DELHI: Swiggy CEO Sriharsha Majety announced on Thursday that its grocery delivery business had become profitable (as of March 2023) after accounting for all corporate costs except employee stock option costs.
Without giving numbers, Majety said it was a milestone in global food delivery swiggy has become one of the very few global food delivery platforms to have turned a profit in less than nine years since its inception.
“More than ever, our teams are collaborating with restaurant partners to enhance their Swiggy experience and drive mutual success. As a result, our Restaurant Net Promoter (NPS) score has improved by over 100 percent over the past eight quarters,” he said.
Last year Swiggy took over to eat out for approximately $120 million in an all-stock deal.
Today, “it is a leader in the dining out category, with more than 21,000 restaurant partners in 34 cities,” said the CEO.
The CEO also said that they are excited about the development of the Quick Commerce business. insta art.
“We have also made great strides in making this business profitable and are on track to achieve contribution neutrality for this three-year-old business in the next few weeks,” Majety said.
According to market research firm RedSeer, the quick commerce space is expected to reach $5.5 billion by 2025.
Swiggy’s losses doubled to Rs.3,629 crore in FY22 compared to Rs.1,617 crore last fiscal year.
Revenue grew 2.2 times to Rs.5,705 crore in FY2022 compared to Rs.2,547 crore in FY21, according to the company’s annual accounts with the Registrar of Companies (RoC).
Without giving numbers, Majety said it was a milestone in global food delivery swiggy has become one of the very few global food delivery platforms to have turned a profit in less than nine years since its inception.
“More than ever, our teams are collaborating with restaurant partners to enhance their Swiggy experience and drive mutual success. As a result, our Restaurant Net Promoter (NPS) score has improved by over 100 percent over the past eight quarters,” he said.
Last year Swiggy took over to eat out for approximately $120 million in an all-stock deal.
Today, “it is a leader in the dining out category, with more than 21,000 restaurant partners in 34 cities,” said the CEO.
The CEO also said that they are excited about the development of the Quick Commerce business. insta art.
“We have also made great strides in making this business profitable and are on track to achieve contribution neutrality for this three-year-old business in the next few weeks,” Majety said.
According to market research firm RedSeer, the quick commerce space is expected to reach $5.5 billion by 2025.
Swiggy’s losses doubled to Rs.3,629 crore in FY22 compared to Rs.1,617 crore last fiscal year.
Revenue grew 2.2 times to Rs.5,705 crore in FY2022 compared to Rs.2,547 crore in FY21, according to the company’s annual accounts with the Registrar of Companies (RoC).
