Results · Commerce & Consumer Brands

Swiggy's FY18 loss widens 93% to Rs 397 crore

By Startup Enthusiast · 28 October 2018

What they do

Swiggy is an online food ordering and delivery platform based in Bengaluru

Its FY18 net loss rose 93% to Rs 397 crore while revenue jumped 230% to Rs 442 crore

The company became a unicorn in June 2018 and is planning a $900 million fundraise

Swiggy reported its financial results for the financial year 2018 (FY18).
Its net loss widened by 93% to Rs 397 crore from Rs 205 crore in FY17.
Revenue grew 230% to Rs 442 crore from Rs 133 crore in the previous year.
Total expenses for FY18 stood at Rs 865 crore.
Employee benefits expense was Rs 190 crore, making up 22% of total expenses.
The company was delivering 22-25 million orders per month by the end of FY18.
Swiggy became the 12th Indian unicorn (startup valued over $1 billion) in June 2018 after a $210 million funding round.
It raised about $310 million in calendar 2018 and is planning to raise up to $900 million led by Naspers.

The loss increase reflects the high spending needed to compete in India's food delivery market.
Revenue growth outpaced loss growth, showing improving unit economics.
Swiggy's losses are much larger than rival Zomato's Rs 106 crore loss on higher revenue of Rs 466 crore.

Swiggy operates an online platform connecting users with restaurants for food delivery.
It runs Swiggy Access, a cloud kitchen (shared kitchen space for restaurants to prepare delivery-only food) network.
It has private labels (own-brand food) called The Bowl Company and Homely.
Private labels were operational in Bengaluru and scaling to Mumbai, Hyderabad, and Delhi NCR.
The company makes money by taking a commission on each order and through delivery fees.