Food delivery major Swiggy Ltd. posted a revenue of over Rs 11,000 crore, alongside a meaningful reduction in losses in fiscal 2024, as the company heads for an initial public offering.
The Bengaluru-based company saw its revenue from operations jump 36% to Rs 11,247 crore in financial year 2024. Swiggy's consumer-facing businesses—across food delivery, Instamart and dining—recorded a total gross order value of Rs 35,000 crore, bolstered by its 1.4 crore monthly transacting users.
Ahead of an IPO, the company also cut losses by 44% to Rs 2,350 crore during the fiscal, given better operating leverage and investments in new businesses are behind. Swiggy's expenses also remained under check, with an 8% rise to Rs 13,947 crore.
The Arc reported the development first.
In comparison, Zomato Ltd.'s fiscal 2024 revenue came in at Rs 12,961 crore, with a profit after tax of Rs 351 crore.
The Sriharsha Majety-led company has also filed for a confidential initial public offering.
In April, Swiggy's shareholders passed a resolution internally for an initial public offering, making known a broad structure for what can be an issue of up to Rs 10,000 crore in a fresh issue of shares and an offer for sale. The company is seeking nearly $12-15 billion in valuation as part of the IPO, according to people aware of the development. Its competitor, Zomato, which is listed on the stock exchanges, is currently valued at $27 billion.
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