Swiggy’s revenue jumps 115% to Rs 2,776 cr, losses up 61% to Rs 3,768 cr
Food delivery giant Swiggy (Bundl Technologies Private Limited) has reported its revenues for financial year 2019-20 at Rs 2,776 crore, a 115 per cent jump since the last financial year. The company further reported a net loss of Rs 3,768 crore during the same fiscal. This is 61 per cent increase from the last financial year, showed regulatory documents sourced from business intelligence platform Tofler. The Bengaluru-based company’s total expenses for the fiscal were reported at Rs 6,545 crore.
During the year under review, the company’s business grew by 85 per cent. There was an addition of over 100,000 restaurants with an active delivery fleet of over 200,000. “We also widened our reach across the country by launching 405 new cities,” said Swiggy in the document.
The documents also mentioned that the management has carried out the impact assessment of the pandemic on the operations of the firm and believes that there is minimum disruption. Accordingly, no adjustments have been made to the financial statements for the financial year ended 31st March 2020.
In the documents, the auditors’ have provided adverse remarks. Due to the wrong classification of preference shares as equity classified instruments, the company misstated the liability through profit and loss, and gain/loss from such adjustments, related income tax effects as of years ended March 31, 2018 and March 31, 2019, according to the documents.
Swiggy operates in over 500 cities. It leverages its technology, scale, the density of restaurant, delivery network and learnings from over 1 billion delivered orders to continuously improve on-demand food delivery services. It is also developing new offerings to customers like concierge services and essentials on-demand.
Its latest offering Swiggy Instamart allows customers to order essentials and groceries through the day in under 30-45 mins. Genie the on-demand concierge service allows consumers to either buy anything from any store and have the same delivered, or provide pickup and drop services to and from any location within the city.
This month Swiggy’s rival Zomato reported its revenues for the financial year 2019-20 at Rs 2,743 crore on a consolidated basis, up about 100 per cent since the last financial year. The Gurugram-based unicorn also reported a consolidated net loss of Rs 2,386 crore during the same fiscal, up 138 per cent from the previous financial year. The Deepinder Goyal-led firm’s total expenses for the fiscal were reported as Rs 5,006 crore.
Covid-19 has now accelerated the journey of foodtech companies to profitability. After initial hiccups, Zomato is rapidly coming out of the pandemic’s shadows. With people opting to stay at home due to Covid-19-related restrictions and curfews in several cities, Zomato and Swiggy witnessed orders shooting through the roof on New Year’s Eve, as people ordered biryanis, pizzas and cakes. Zomato served 4,254 orders per minute during peak time and Swiggy recorded peak number of orders per minute at 5,500 on during the New Year’s Day, according to sources.
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