Swiggy CEO Sriharsha Majety on Thursday said that their food delivery business has turned profitable (as of March 2023), after factoring in all corporate costs, excluding employee stock option costs.
Without sharing any numbers, Majety said that this is a milestone for food delivery globally, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than nine years since its inception.
"Our teams are more in sync than ever with restaurant partners to improve their experience with Swiggy and create mutual wins. As a result, our restaurant net promoter score (NPS) has improved by over 100 per cent in the past 8 quarters," he mentioned.
Last year, Swiggy acquired Dineout for around $120 million in an all-stock deal.
Today, "it is the leader in the dining out category with more than 21,000 restaurant partners across 34 cities", said the CEO.
The CEO also said that the are excited about the trajectory of quick commerce business, Instamart.
"We've also made strong progress on the profitability of this business and we're on track to hit contribution neutrality for this 3-year-old business in the next few weeks," Majety informed.
According to market research firm RedSeer, the quick commerce domain is anticipated to touch $5.5 billion by 2025.
Swiggy's losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year.
Its revenue grew 2.2 times to Rs 5,705 crore during FY22 as opposed to Rs 2,547 crore in FY21, according to its annual financial statement with the Registrar of Companies (RoC).
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