Food delivery company Swiggy saw a revenue surge in FY18, with operating revenues more than trebling to Rs 442 crore from Rs 133 crore last year. The company has been growing more and more with time and became a unicorn expanding its geographic footprint across the country.
Starting from seven cities in March 2017, Swiggy has expanded its operations to 12 cities now. Also, the order volumes increased more than three times during the period. Order volumes doubled in the last four months alone. Swiggy ended September with more than 21 million orders in absolute terms.
The company is now inching closer to Zomato which is the largest food delivery company in the market right now. Swiggy earned Rs 1.11 for every one rupee it lost in FY18. Swiggy’s losses, however, are far deeper than Zomato’s Rs 106 crore in FY18.
“In FY18, we remained focused on delivering exceptional value to our users, while making significant investments for the future and improving our operational efficiencies as we start hitting scale. This has resulted in the operating revenue increase outpacing the cost increase, further strengthening our leadership position as India’s largest food ordering and delivery platform. We will continue to double down on this growth as we expand to more cities and experiment with innovative ways to bring more convenience to the lives of consumers,” said a spokesperson for Swiggy.
While growth in operational revenue has been sparkling, the firm saw total expenses more than double to Rs 865 crore as compared to Rs 350 crore last year.
The increase in the expenses has come mainly on the back of the firm’s increased efforts to widen its fleet, which now stands at more than 90,000 delivery executives. Also, the company witnessed employee expenses rise 113% to Rs 190 crore even as advertising and promotional expenses rose almost three times to Rs 154 crore.