Food delivery giant Swiggy has recorded a $200 million loss for the nine months to December 2023, according to an internal document accessed by Reuters. The news agency had previously reported that Swiggy is planning to go public by the end of this year.
The report further mentioned that for the full fiscal year 2022-23 Swiggy made a loss of $500 million. However, the company's lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023-24.
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The document accessed by Reuters showed that losses stood at Rs 17.3 billion - $207 million during April to December 2023 - the first nine months of fiscal year 2023-24. The loss was on a revenue of $1.02 billion of the same period against the fiscal year 2022-23 revenue of $1.05 billion.
As Indian stock market has surged 28% many companies are planning listing. Paytm which was listed in 2021 and still a loss-making entity has seen its shares drop by 80%. Similarly, Zomato's shares also dropped after the 2021 listing however they have surged 45% this year after posting two successive quarterly profits.