Moneycontrol PRO
UPCOMING EVENT:Special webinar on Highlights of global investing in 2021 and what lies ahead' at 2 pm on 21st January, 2022. Register Now!
you are here: HomeNewsBusiness

Swiggy's food delivery revenue grew 56%, says its investor Prosus

November 22, 2021 / 06:51 PM IST
Swiggy  | Valuation: $5.5 billion | City: Bengaluru | Industry: Supply chain, logistics, & delivery	| Select investors: Accel India, SAIF Partners, Norwest Venture Partners

Swiggy | Valuation: $5.5 billion | City: Bengaluru | Industry: Supply chain, logistics, & delivery | Select investors: Accel India, SAIF Partners, Norwest Venture Partners

Swiggy’s food delivery arm grew 56% in the period of April-September, an increase of 91% pre-Covid-19 levels, as it “focused on recovery by reactivating users, increasing monthly frequency, and returning user conversion to pre-Covid-19 levels”, said its investor Prosus, the Dutch-listed arm of Naspers in its financial results which owns 36% stake in the foodtech firm. 

According to the regulatory filing, Swiggy reactivated 1,28, 000 restaurants on the platform and clocked 1.59 million orders per day, with a gross merchandise value (GMV) of US $984 million, which is an increase of 69% YoY.

“Our share of revenue was US $87m for the six months, up 61% (62%). This growth reflects higher average order values compared to pre-pandemic periods and higher revenues from delivery fees and advertising sales,” said Prosus in its regulatory filing.

Swiggy’s grocery revenues grew 75% compared to March 2021. According to the filing, this growth was driven by higher demand during the second Covid-19 wave in India and expansion of Supr Daily and Instamart.

“We believe Swiggy is well funded to capitalise on recent momentum and well positioned to improve its platform’s competitiveness by investing in product and technology, and reinforcing its artificial intelligence capabilities,” said the filing.

Close

Bengaluru-based Swiggy today also announced the launch of 'Swiggy One membership'. The upgraded plan offers comprehensive coverage of all Swiggy services like Swiggy Genie, Swiggy Meat, Swiggy Instamart and food delivery. It is a single-tier membership program that offers unlimited free deliveries from over 70,000 popular restaurants along with unlimited free Instamart deliveries on all orders above Rs 99. 

Its rival Zomato, on the other hand, announced a $175 million investment across three homegrown startups — Shiprocket, Curefit and Magicpin — with an aim to diversify its bets following a blockbuster public listing.  It further plans to deploy another $1 billion over the next 1-2 years, with a major focus on the quick commerce space.

Earlier this month, the company reported a net loss of Rs 430 crore on a consolidated basis compared to a loss of Rs 230 crore in the same period of last year, an increase of 87 percent. It had reported a net loss of Rs 356 crore in the previous quarter when it declared its maiden results as a public limited company. On a sequential basis, the loss for the company increased by 21 percent.

stay updated

Get Daily News on your Browser
Sections
ISO 27001 - BSI Assurance Mark