Swiggy’s food delivery business turned profitable in March: CEO Majety

Swiggy’s food delivery business turned profitable in the March quarter of FY23 (Q4 FY23) after considering corporate costs and excluding employee stock options (ESOP), said its CEO in a blog post on Thursday.

Sriharsha Majety wrote about Swiggy’s finances days after two US investors marked down their valuation of the company. A fund managed by asset management firm Baron Capital Group slashed the Swiggy’s valuation by 34 per cent to $7.1 billion as of December 2022, according to filings with USA’s Securities and Exchange Commission (SEC). Invesco, which led Swiggy’s previous funding round, marked down the valuation by 33 per cent from $8.2 billion to about $5.5 billion, according to a filing.