Food delivery platform Swiggy’s parent company Bundl Technologies Private Limited has reported a net loss of Rs 3,768 crore for financial year 2019-20, which represents a 61% increase from the previous financial year. As per regulatory filings accessed by business intelligence platform Tofler, Swiggy’s revenues jumped by 115% to Rs 2,776 crore during the same period.
Swiggy’s total expenses for the fiscal grew by nearly 80% and were reported at Rs 6,545 crore. "During the year under review, our company’s business grew by 85 percent, addition of over 100K restaurants with an active delivery fleet of over 200K. We also widened our reach across the country by launching 405 new cities,” the company disclosed in its financial statements.
Swiggy operates in over 500 cities and last year, it launched its grocery delivery service called Swiggy Instamart, which is presently live in Bengaluru and Gurugram. The company’s on demand concierge service Genie, allows consumers to either buy from any store or provide pick and drop services to and from any location within the city.
Swiggy’s rival Zomato also recently reported its revenues for the financial year 2019-20 at Rs 2,743 crore, which represents nearly a 100% jump from the previous financial year. The company also reported a consolidated net loss of Rs 2,386 crore during the same fiscal, up 138% from the last fiscal. The Gurugram-based firm’s total expenses for the fiscal were reported as Rs 5,006 crore.
As per its financial statement, Zomato said its primary revenue sources are ad sales, online ordering and Zomato Gold business segments. Acknowledging the impact of COVID-19 in the month of March 2020, the company said there was a huge reduction in dineout revenue and order volumes, adding, “We are working on a number of products to address this loss, like introducing contactless dining and delivery/takeaway products in certain geographies outside of India.”