Friday, April 12, 2024
spot_img
HomeBusinessSwiggy records $200 million loss as it plans IPO: What internal document...

Swiggy records $200 million loss as it plans IPO: What internal document shows


Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal document of the company. This comes as the SoftBank-backed company is looking to list on the stock market. Swiggy could list by the end of 2025, it was earlier reported.

Swiggy was valued at $10.7 billion by investors in 2022. The company is reportedly planning an IPO this year. (Instagram/@swiggyindia)

As per the internal document, reported by news agency Reuters, for the full fiscal year 2022-23 Swiggy made a loss of $500 million. The company’s lower wage payouts and cuts in marketing spending helped it trim losses for the full year 2023-24, the report claimed citing unnamed sources.

Hindustan Times – your fastest source for breaking news! Read now.

Losses in Swiggy stood at $207 million during April to December 2023 – the first nine months of fiscal year 2023-24, it showed while the loss was on a revenue of $1.02 billion during the same period compared with fiscal year 2022-23 revenue of $1.05 billion.

Swiggy was valued at $10.7 billion by investors in 2022. The company started with meal deliveries and has gradually expanded into delivering groceries and restaurant bookings.

India’s stock market has surged 28% over the past year as many companies plan listings. Digital payments firm Paytm has seen its shares drop by 80% since its 2021 listing while Swiggy’s rival Zomato also saw shares nosedive after a 2021 listing but they have surged 45% this year .



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments