Swiggy revenues jump, but losses widen too
: India’s largest food delivery service Swiggy clocked a jump in revenues in 2017-18, even as losses surged far higher.
The company, which is currently in talks to raise funds, reported revenue of ₹468 crore, compared to ₹146 crore in the year-ago period, regulatory documents sourced from business intelligence platform Tofler showed.
In the same period, losses nearly doubled to ₹397 crore, from ₹205 crore the previous year, as the food-tech start-up spent heavily to maintain its lead over rivals such as Zomato and Uber Eats.
In the latest filings to the ministry of corporate affairs, Swiggy said it was taking steps to reduce costs, without elaborating specific measures.
“The directors of the company are taking all effective steps to increase the revenue and reduce the operating cost of the company.
Your directors are confident that the company will grow and prosper in the coming years,” Swiggy said in the filings.
An email sent to a Swiggy spokesperson remained unanswered till press time.
Earlier this year, Mint reported that revenues at Zomato Media Pvt. Ltd doubled to ₹ 399 crore in the year ended 31 March 2017, even as the restaurant discovery and online food delivery start-up reduced its losses.
Zomato, which is present in 23 countries, earns revenues from advertising and food delivery.