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Mumbai: Indian food delivery app Swiggy has reported a loss of $200 million for the nine months until December 2023, as per an internal document revealed by Reuters. The company is preparing for a possible stock market debut with support from SoftBank.
In the last fiscal year (2022-23), Swiggy lost $500 million, but it aims to improve in the current fiscal year (2023-24) by cutting wages and reducing marketing spending.
Between April and December 2023, Swiggy lost $207 million while earning $1.02 billion in revenue, slightly lower than the previous year's revenue of $1.05 billion.
India's stock market has seen a 28% increase over the past year, attracting many companies for listings. However, companies like Swiggy are being carefully evaluated by investors.
