IPO-bound Swiggy's losses widen to Rs 4,179 cr in FY23, revenue up 45%

New Delhi: Online food delivery platform Swiggy's net losses expanded to reach Rs 4,179 crore in the financial year ended March 31, 2023.

The IPO-bound Swiggy’s operating revenue jumped around 45 per cent to Rs 8,264 crore in FY23 from Rs 5,704 crore in FY22.

The Invesco-backed company incurred a net loss of Rs 4,179.3 crore in FY23, an increase of around 15 per cent from Rs 3,628.9 crore in the previous fiscal year.

Additionally, the cost of employee benefits climbed by 25 per cent to Rs 2,130 crore.

Swiggy's restaurant technology platform Dineout made Rs 77.5 crore in revenue and incurred an operating loss of Rs 176 crore during the financial year.

The company had acquired Dineout in 2022 for around $150 million.

The online food delivery platform Swiggy is slashing almost seven per cent of its workforce, or about 350-400 jobs.

This move is aimed at improving its finances before the planned IPO later this year.

The company had slashed 380 jobs in January 2023 and even shut down its meat marketplace in an effort to lower costs.

Recently, the US-based investment company Invesco raised Swiggy's valuation to about $8.3 billion. In October last year, Invesco increased the food delivery platform's valuation to about $7.85 billion.