Swiggy’s revenue increased two fold during FY22, losses widen to Rs 3,629 Cr
- ByStartupStory | January 2, 2023
Swiggy’s revenue increased two fold during the fiscal year ended March 2022 compared to the previous year. It was possible because of better-than-expected performance of its grocery vertical Instamart.
In FY22, the company earned Rs 5,705 crore, up from Rs 2,457 crore in FY21. Income from platform services increased by more than 83% to Rs 3,444 crore, up from Rs 1,879 crore the previous year, making it the largest revenue contributor.
According to filings with the Ministry of Corporate Affairs, revenue from the sale of grocery and FMCG products through Instamart increased more than fourfold this fiscal year to Rs 2,036 crore, up from Rs 517 crore in FY21 (MCA).
However, the company’s losses widened in FY22 to Rs 3,629 crore, up from Rs 1,617 crore the previous year. Expenses increased to Rs 9,574 crore from Rs 4,139 crore last fiscal, owing to increases in product procurement and advertising costs.
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