Swiggy's revenues jump 115 percent to Rs 2,776 crore, losses up 61 percent to Rs 3,768 crore
During the year under review, the company’s business grew by 85 percent. There was an addition of over 100,000 restaurants with an active delivery fleet of over 200,000.
Food delivery platform Swiggy has reported its revenues for the financial year 2019-20 at Rs 2,776 crore, a 115 percent jump since the last financial year. The company further reported a net loss of Rs 3,768 crore during the same fiscal year. This is a 61 percent increase from the last financial year, showed regulatory documents sourced from business intelligence platform Tofler. The Bengaluru-based company’s total expenses for the fiscal were reported at Rs 6,545 crore.
During the year under review, the company’s business grew by 85 percent. There was an addition of over 100,000 restaurants with an active delivery fleet of over 200,000. “We also widened our reach across the country by launching 405 new cities,” said Swiggy in the document.
The documents also mentioned that the management has carried out the impact assessment of the pandemic on the operations of the firm and believes that there is minimum disruption. Accordingly, no adjustments have been made to the financial statements for the financial year ended 31 March 2020.
In the documents, the auditors’ have provided adverse remarks. Due to the wrong classification of preference shares as equity classified instruments, the company misstated the liability through profit and loss, and gain/loss from such adjustments, related income tax effects as of years ended 31 March 2018 and 31 March 2019, according to the documents.
This month Swiggy’s rival Zomato reported its revenues for the financial year 2019-20 at Rs 2,743 crore on a consolidated basis, up about 100 percent since the last financial year. The Gurugram-based unicorn also reported a consolidated net loss of Rs 2,386 crore during the same fiscal, up 138 percent from the previous financial year. The Deepinder Goyal-led firm’s total expenses for the fiscal were reported as Rs 5,006 crore.
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