Swiggy revenue jumps 45% to Rs 8,625 cr in FY23, loss widens to Rs 4,179 cr

The initial public offering (IPO)-bound food delivery company Swiggy reportedly saw a 45 per cent jump in revenue, reaching Rs 8,625 crore in FY23. However, its net loss expanded to Rs 4,179 crore.

In the previous financial year, Swiggy’s revenue stood at Rs 5,705 crore, with a net loss of Rs 3,629 crore.

Purchases of stock in trade were the largest expense for Swiggy in FY23, rising by 48 per cent to Rs 3,302 crore.

Additionally, the cost of employee benefits climbed by 25 per cent to Rs 2,130 crore.

Swiggy’s restaurant technology platform, Dineout, contributed Rs 77.5 crore to the revenue and incurred an operating loss of Rs 176 crore during the financial year. Swiggy acquired Dineout in 2022 in a transaction reportedly valued at around $150 million.