Swiggy records $200 million loss as it plans IPO: What internal document shows

Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal document of the company. This comes as the SoftBank-backed company is looking to list on the stock market. Swiggy could list by the end of 2025, it was earlier reported.

Swiggy was valued at $10.7 billion by investors in 2022. The company is reportedly planning an IPO this year. (Instagram/@swiggyindia)

Read more: 'Not just Aai, Indian kids also saying 'AI' as their first word': PM Modi tells Bill Gates

As per the internal document, reported by news agency Reuters, for the full fiscal year 2022-23 Swiggy made a loss of $500 million. The company's lower wage payouts and cuts in marketing spending helped it trim losses for the full year 2023-24, the report claimed citing unnamed sources.

Hindustan Times - your fastest source for breaking news! Read now.

Swiggy's losses in numbers as per the document

Losses in Swiggy stood at $207 million during April to December 2023 - the first nine months of fiscal year 2023-24, it showed while the loss was on a revenue of $1.02 billion during the same period compared with fiscal year 2022-23 revenue of $1.05 billion.

Read more: TCS begins fresher hiring: Last day to apply April 10, tests on this date

Swiggy was valued at $10.7 billion by investors in 2022. The company started with meal deliveries and has gradually expanded into delivering groceries and restaurant bookings.

Would listing help Swiggy?

Read more: Elon Musk testing ‘Adult content’ groups for X users? ‘Not safe’ material seen

India's stock market has surged 28% over the past year as many companies plan listings. Digital payments firm Paytm has seen its shares drop by 80% since its 2021 listing while Swiggy's rival Zomato also saw shares nosedive after a 2021 listing but they have surged 45% this year .

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs

• ABOUT THE AUTHOR

  

  Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.