Sriharsha Majety-led Swiggy posted a widened loss of Rs 1,065 crore in the December quarter, even as its topline grew by 53% to touch Rs 6,148 crore helped by contribution from Instamart and its food delivery arm during the festive quarter. The company had posted a loss of Rs 799 crore in the same period last fiscal year.Sequentially, its bottom line marginally improved from Rs 1,092 crore. The company’s consumer business, inclusive of food delivery, quick commerce and dine-out, together clocked Rs 18,122 crore of Gross Order Value, an improvement of 50% from last year. Instamart, the company’s quick commerce arm, grew its topline by 75% to Rs 1,052 crore, however, sequentially its growth was marginal. The growth came on the back of heavy expenditure pushing its bottom line further in red, with losses in the business widening to Rs 908 crore. The quarter also witnessed higher discounting for consumers and larger payout to gig-workers on account of strikes orchestrated by gig workers union. “However, amidst irrational competition, our recent investments into lower consumer-side monetization have not yielded the desired incremental order-growth, especially at the bottom of the AOV-pyramid; and are being reviewed,” shared Sriharsha Majety, Co-founder, MD & Group… Read MoreYourStory RSS Feed
