HBI Staff | Mumbai 
Indian Food Delivery App Swiggy reported a loss of USD 200 million for the nine months leading up to December 2023, as revealed by an internal document of the company, reported news agency Reuters.
This comes as the food delivery company gears up for a potential stock market debut, with backing from SoftBank.
According to the report, Swiggy’s losses for the full fiscal year of 2022-23 amounted to USD 500 million.
However, the company is hopeful to overcome these losses for the fiscal year 2023-24 by implementing measures such as reducing wage payouts and cutting down on marketing expenditures, as per sources mentioned in the report.
During the period from April to December 2023, Swiggy reported losses of USD 207 million against a revenue of USD 1.02 billion. This revenue is a slight decrease compared to the previous fiscal year’s revenue of USD 1.05 billion.
In the context of India’s stock market, which has seen a 28% surge over the past year, many companies are eyeing listings. However, prospective companies like Swiggy face cautious scrutiny from investors.
Source: India Today
