Day after Swiggy's US-based investor, Baron Capital cuts its valution, food tech startup said that the business has turned profitable in the March quarter of FY23.
Company's co-founder, Sriharsha Majety further adds that this is after factoring in all corporate costs; excluding employee stock option costs.
"This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than 9 years since its inception" the company said.
As of March 2023, Swiggy’s food delivery biz has turned profitable. Instamart is on track to hit contribution neutrality in the next few weeks, Majety said in a blog post on May 18.