Swiggy posts 230% rise in its revenue; ends with a loss of INR 3629 crores


Swiggy was founded by Sri Harsha along with his friends Nandan and Rahul in the year 2014. After the failure of their earlier logistics company “Bundl” in Bangalore.

As per the audited financial statements of the company, the total revenue from operations of Swiggy was INR 5705 crores at the end of FY22.

The primary revenue stream of Swiggy is providing platform services to its partners like restaurants, grocery merchants, and delivery agents, advertisement services, sale of goods, subscriptions, and a few other services. And the collections from these services were at INR 3444 crores at the end of FY22.

At the same time, the sale of groceries and FMCG products amounted to INR 2036 crores by the end of FY22. This stood as the 2nd highest source of income for Swiggy.

Apart from the platform and grocery services, Swiggy also has its own cloud kitchen labels such as The Bowl Company, Breakfast Express, Homely, and Goodness Kitchen. The sale proceeds from these brands amounted to INR 88 crores during FY22.

Swiggy also earned Rs 415 crore as other non-operating income (interest income) which took its total revenue to Rs 6,120 crore in FY22.

They also earned another INR 415 crores as non-operating revenue taking the total revenue to INR 6120 crores by the end of FY22.

On the cost sheet, the company spent INR 2350 crores on outsourcing support to labor for deliveries and establishing procurement stores. The cost of procurement escalated to INR 2268 crores during FY22. During the same period, the company spent INR 1848.7 crores on its advertising and promotion.

They also spent INR 1708 crores on employee benefits and INR 330 crores on communication & technology costs. The cost of employee benefits also includes a cost ESOP of INR 513.4 crores.

The cost incurred by the company due to its order cancellation losses amounted to INR 156.4 crores taking the total expenditure of the company to INR 9574 crores.

With the huge rise in its expenses, the company also faced an overall loss of INR 3629 crores.

As per the analysis, the financial ratios, the EBITDA margin of the company depressed by 918 BPS to -52.88% in FY22. As per the cost-revenue ratio 1.68:1, the company had to spend INR 1.68 for every INR 1 they generated as revenue.

Right now, the company is planning to launch a co-branded credit card that could be used for payments across Swiggy’s platforms including Instamart, Genie, and DineOut.

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