Swiggy's FY 2020 losses widen 61% to Rs 3,768 crore
Swiggy, however, reported a 115 percent increase in revenue at Rs 2,776, with a total expense of Rs 6,545 crore.
January 28, 2021 / 11:11 AM IST
Bundl Technologies Pvt Ltd that runs food-delivery service provider Swiggy has reported a loss of Rs 3,768 crore in the financial year 2019-20, a sharp 61 percent increase from Rs 2,345 in the previous year, regulatory filings sourced from business intelligence firm Tofler say.
The revenue for the financial year that ended March 31, 2020, however, increased by 115 percent to Rs 2,776, with a total expense of Rs 6,545 crore.
The Bengaluru-based company's two largest sources of revenue are the delivery fee it charges customers and the commissions it earns from the partner restaurants.
Rival Zomato, which also runs restaurant discovery besides food delivery, earlier this month, reported a loss of Rs 2,451 crore during the period under review against a revenue of Rs 2,486 crore.
The order volumes of the two biggest players in the country's food-delivery space were hit in the calendar year 2020 following the coronavirus outbreak and subsequent lockdown.
While the last quarter of the financial year under review felt the impact of the pandemic, during the remaining year, the business continued to grow with an addition of 100,000 restaurants with a delivery fleet of over 200,000. The company also widened its reach by launching in 405 new cities, the filings show.
In an interview to Moneycontrol
in November 2020, chief executive officer Vivek Sunder said as the market was recovering, Swiggy had witnessed a 25-30 percent increase in the average ticket size of food orders.