Swiggy's FY23 Revenue Hits Rs 8,265 Crore, Net Loss Widens by 15%

Swiggy, the food and grocery delivery company, witnessed a significant 45% surge in operating revenue for the fiscal year concluding in March 2023, reaching Rs 8,265 crore.

Despite this growth, the company experienced a 15% increase in net loss, totaling Rs 4,179 crore.

The company supported by Prosus, presently preparing for its initial public offering (IPO), invested substantially in the expansion of its quick-commerce segment, Instamart, during the reviewed fiscal year.

According to regulatory documents obtained from Tofler, Swiggy incurred significant expenses amounting to Rs 12,884 crore in the fiscal year ending in 2023, reflecting a notable 34% year-on-year increase.

Apart from the procurement of stock-in-trade, Swiggy's most substantial cost category was advertising and promotional expenses.

The company's marketing expenditure rose to Rs 2,362 crore, constituting 28% of operating revenue in FY23, a decrease from 44% in FY22.

Employee benefit expenses at Swiggy, headquartered in Bengaluru, increased to Rs 2,130 crore in FY23, compared to Rs 1,708 crore in the preceding year.

In January of the previous year, Swiggy had undertaken a companywide restructuring initiative, resulting in the termination of 380 employees.

In May of the preceding year, Sriharsha Majety, Swiggy's co-founder and CEO, announced that the company's food delivery segment had achieved profitability by March 2023, accounting for all corporate costs except for employee stock option costs.