Swiggy revenue rises 45% to Rs 8,625 crore in FY23, loss widens to Rs 4,179 crore

In its FY23 report, Swiggy said that its restaurant booking platform Dineout contributed Rs 77.5 crore in revenue and Rs 176 crore operating loss during the financial year. The unicorn had acquired Dineout in a slump sale in July 2022 for Rs 645 crore.

Swiggy is eyeing a public market listing later this year and has even likely lined up investment bankers for the IPO, Moneycontrol had reported earlier.

In a move to cut costs before the IPO, Swiggy is laying off 400 employees in a restructuring move, we reported last week. This is the second round of layoffs at the food tech giant. The Bengaluru-based company had let go of 380 employees in January 2023 and even shut its meat marketplace in a bid to lower costs.

The latest cost-cut drive is likely to affect around 7 percent of Swiggy's workforce. The company has around 6,000 employees on its payroll.

Swiggy founder and CEO Sriharsha Mejety told Moneycontrol in Davos earlier this month that the food delivery business has slowed down faster than expected even as companies are penetrating deeper into more geographies. As the business grows at a slower pace, Instamart, the company's quick-commerce business, will be Swiggy's growth driver in the years to come, he said.