Results · Commerce & Consumer Brands

Swiggy reports strong revenue growth ahead of IPO

By Startup Enthusiast · 27 March 2024

What they do

Swiggy delivers food and groceries through its app

Revenue hit Rs 5,476 crore in nine months, with food delivery at 82.65%

The company plans to file IPO papers in May 2024 seeking $12-15 billion valuation

Swiggy reported Rs 5,476 crore in operating revenue for the first nine months of FY24 (April to December).
Revenue grew 25-30% year-on-year in FY24.
Food delivery contributed 82.65% of operating revenue, or Rs 4,526 crore.
Quick commerce (Instamart) made up the remaining share.
Gross order value (GOV) was Rs 24,230 crore, with food delivery at 76.2%.
Food delivery Ebitda margin improved to -1.9% from -17.5%.
Instamart Ebitda margin improved to -109.5% from -259%.
The company is expected to file IPO papers in May 2024 and list around the festive season.

Swiggy's IPO valuation target of $12-15 billion is below rival Zomato's market cap of nearly $19.5 billion.
Baron Capital marked up Swiggy's stake value, implying a valuation of $12.1 billion.
Invesco marked up Swiggy's valuation to $8.5 billion as of October 31.
The IPO will consist of a fresh issue and an offer for sale (existing shareholders selling shares).

Swiggy operates an online platform for food delivery and quick commerce (Instamart).
It connects customers with restaurants and grocery stores for delivery.
Revenue comes from commissions, delivery fees, and advertising.
Food delivery is the largest segment, contributing over 80% of revenue.
Instamart delivers groceries and essentials within minutes.
The company operates across hundreds of cities in India.