Foodtech behemoth Swiggy spent INR 4,139 crore to earn INR 2,547 crore in FY21
- ByStartupStory | July 28, 2022
Swiggy, which just attained decacorn status, cut its aggregated loss by 58.7 percent in FY21. The Bengaluru-based food delivery company lost INR 1,616.9 Cr in the fiscal year 2020-21 (FY21), compared to INR 3,920.4 Cr in FY20. According to regulatory filings, the SoftBank-backed startup’s overall revenue plummeted 26.5 percent to INR 2,675.9 Cr in FY21 from INR 3,727.7 Cr in FY20, while sales revenue fell 26.5 percent to INR 2,546.9 Cr in FY21 from INR 3,468.1 Cr in FY20.
It should be mentioned that the COVID-19 pandemic and lockdowns to restrict illness transmission in FY21 harmed the operations of numerous firms, including Swiggy. During the early stages of the lockdown, government officials were unsure if food delivery was a “vital service.”
Furthermore, numerous housing societies prohibited food delivery executives from approaching the community for fear of spreading the infection. Swiggy’s meal delivery company suffered as a result of all of these problems.
However, Swiggy took advantage of the chance to create Swiggy Instamart in August 2020 to provide kitchen necessities. Since then, it has been significantly spending to capture a significant portion of the market share in the country’s booming quick-commerce category.
Zomato had an advantage over Swiggy till recently since it offered dine-in options. Swiggy, with Dineout in its pocket, will allow users to purchase tickets for a variety of outdoor events, including culinary festivals, night markets, stand-up comedy gigs, and movie evenings, among others.
Swiggy also introduced Minis earlier this year, an e-commerce enabling platform for merchants. It assists retailers in establishing an online presence to expand their client reach. Swiggy joined the decacorn club in January after raising $700 million in a round-headed by Invesco with a valuation of more than $10 billion.
Also Read
Follow Startup Story
Related Posts
