Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Yourstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

Swiggy posts wider losses in FY20; spike of 128 pc in revenue and improved margin per order

Swiggy's consolidated revenue jumped 128 percent to Rs 2,955.6 crore in FY20 from Rs 1,297.3 crore in FY19, as per Registrar of Companies (RoC) filings.

Swiggy posts wider losses in FY20; spike of 128 pc in revenue and improved margin per order

Friday January 29, 2021 , 2 min Read

Foodtech unicorn Swiggy has posted losses of Rs 3,920.4 crore for the year ending March 31, 2020, on the back of increased expenses, as well as a pandemic-induced lockdown, which hit the online food delivery business in March. In the previous year, Swiggy's losses stood at Rs 2,345 crore.


The company's consolidated revenues, however, jumped about 128 percent to Rs 2,955.6 crore in FY20 from Rs 1,297.3 crore in FY19. Total expenses rose 87.6 percent to Rs 6,864 crore, as per the Registrar of Companies (RoC) filings of the Bengaluru-based Bundl Technologies, which owns Swiggy.


In FY20, Swiggy merged its Mumbai-based intracity premium food delivery service Scootsy into its app, and invested in ready-to-cook food startup Fingerlix, whereby it acquired 26.85 percent equity shares in Fingerlix’s parent company Maverix Platforms.


The foodtech unicorn had also acquired hyperlocal delivery startup Supr Daily during the financial year.

Swiggy

Image Source: Shutterstock

In its filings, Swiggy added that its business grew by 85 percent in FY20, and that it added more than 100K restaurants with an active delivery fleet of over 200K.

"We also widened our reach across the country by launching 405 new cities," it added.

The filing read that "As our company continued to strengthen its market leadership, the contribution margins improved significantly with operational efficiency, increased scale, and reduction in defects. The contribution margin per order improved by 73 percent y-o-y; whereas the PBT losses reduced by 64ppt of revenues y-o-y."


Besides this, Swiggy also clarified that the company will continue to closely monitor any material changes to future economic conditions and the directors are optimistic that they will be able to generate profits in the upcoming years and there is no change in the nature of business. 


Recently, Swiggy's rival Zomato also posted its financials for FY20 ahead of its IPO plans this year. Zomato posted a wider loss of Rs 2,385.6 crore and doubled consolidated revenues of Rs 2,742.7 crore.


Edited by Saheli Sen Gupta