Swiggy’s FY23 revenue grows 45% to Rs 8,265 crore; net loss expands 15%
Food and grocery-delivery firm Swiggy reported a 45% jump in operating revenue for fiscal year ended March 2023 to Rs 8,265 crore, even as its net loss expanded 15% to Rs 4,179 crore.
The Prosus-backed company, which is currently prepping for an initial public offering (IPO), spent heavily during the year under review on scaling up its quick-commerce vertical Instamart. Swiggy’s total expenses in FY23 came in at a staggering Rs 12,884 crore, up 34% on year.
Other than purchase of stock-in-trade, advertising and promotional expenses were Swiggy’s biggest cost head. The firm’s marketing spend increased to Rs 2,362 crore, accounting for 28% of operating revenue during FY23, compared to 44% in FY22. Bengaluru-based Swiggy’s employee benefit expenses also rose in FY23 to Rs 2,130 crore from Rs 1,708 crore in the year-ago period.
