Swiggy's revenue jumps 115 pc to Rs 2,776 cr while losses climb 61 pc to Rs 3,768 cr

Food delivery major Swiggy (Bundl Technologies Private Limited) has reported its revenues for financial year 2019-20 at Rs 2,776 crore, a 115 per cent jump since the last financial year.

The company also reported a net loss of Rs 3,768 crore during the same fiscal. This is 61 per cent increase from the last financial year, showed its regulatory documents accessed by business intelligence platform Tofler. The Bengaluru-based company’s total expenses for the fiscal were reported at Rs 6,545 crore.

During the year under review, Swiggy’s business grew by 85 per cent. There was an addition of over 100,000 restaurants with an active delivery fleet of over 200,000. “We also widened our reach across the country by launching 405 new cities,” said Swiggy in the document.

The documents also mentioned that the management has carried out the impact assessment of the pandemic on the operations of the firm and believes that there is minimum disruption. Accordingly, no adjustments have been made to the financial statements for the financial year ended 31st March 2020.

Its latest offering Swiggy Instamart allows customers to order essentials and groceries through the day in under 30-45 mins. Genie the on-demand concierge service allows consumers to either buy anything from any store and have the same delivered, or provide pickup and drop services to and from any location within the city.

Swiggy operates in over 500 cities. It leverages its technology, scale, the density of restaurant, delivery network and learnings from over 1 billion delivered orders to continuously improve on-demand food delivery services. It is also developing new offerings to customers like concierge services and essentials on-demand.

Covid-19 has now accelerated the journey of food tech companies to profitability. After initial hiccups, Zomato is rapidly coming out of the pandemic's shadows. With people opting to stay at home due to Covid-19-related restrictions and curfews in several cities, Zomato and Swiggy witnessed orders shooting through the roof on New Year’s Eve as people ordered biryanis, pizzas and cakes. While Zomato served 4,254 orders per minute during peak time, Swiggy recorded peak number of orders per minute at 5,500 during the New Year’s Day, according to sources.