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#IndianStartupData : Swiggy’s Revenue Stands At INR 11.6 lacs, Losses at INR 2.1 crores

[Editor Notes : Nothing is as powerful as data and these articles are part of our coverage of #IndianStartupData – i.e. an overview of financial performance of selected Indian startups with a belief that it gives the audience a good picture of the companies and the ecosystem in general.]indianstartupdata

Swiggy, an online food-ordering and delivery start-up, is owned and operated by Bundl Technologies Private Limited. They have reported their results for the FY 14-15 and they are not much different from other online food ordering startups.

Swiggy’s Financial Performance

The company reported revenue of INR 11.6 lacs against a loss of INR 2.1 crores. The revenue comprises the delivery fees charged to restaurants and ‘e-commerce revenue’. The biggest expense for the company was the employee expense at INR 1.3 crores.

Swiggy Revenue & PAT
Swiggy Revenue & PAT

Swiggy mainly competes with Foodpanda, TinyOwl, Faaso’s and now Zomato, when it entered the food delivery segment last year. Following is a comparison of FY 14-15 revenue and PAT of ley players in food-tech. Zomato has not been included since it has primarily been a restaurant search and discovery platform and thus is not exactly comparable with the others.

Revenue & PAT of key players in foodtech by Tofler
Revenue & PAT of key players in foodtech by Tofler

Swiggy: The Story so far

Swiggy was founded by Sriharsha Majety, Rahul Jaimini and Nandan Reddy in December, 2013 in Bengaluru and became operational in FY 14-15. It enlists restaurants from nearby location to the customers who can then select and place order through its app or the website. It has dedicated delivery personnel to pick up orders from restaurants and deliver them to the customers. Swiggy now has its operations in 8 cities across India.

Swiggy secured its first funding from SAIF Partners in January 2015 followed by a funding round of INR 100 crores in June. The company has raised a total funding of INR 113.6 crores so far, from SAIF Partners, Accel, Norwest Venture and Apoletto Asia. Here is a snapshot of total funding raised by Swiggy and its competitors in foodtech.

Foodtech Key players funding by Tofler

With most of the players at almost similar stages, there is no clear leader so far in the online food ordering space. Although Zomato is way ahead of anyone in the restaurant search and discovery space, they have only just begun their food ordering operations. A few of the players such as Dazo, Spponjoy, etc. have already shut shop and there could be more such cases or industry consolidation. With heavy funding, this sector has already garnered everybody’s attention and it would be interesting to see how the space emerges.

[About the author: Vishal and Anchal form the team that runs the Tofler blog. They like to explore and track companies, their performance and senior management. Tofler (tofler.in) is a Business Research Platform.]

2 comments

  • This looks like a ridiculous analysis. It is equivalent to saying that this 1 year baby is earning nothing but his parents spend so much on this. Hence the baby is performing so poorly.
    Are you nuts.

    Why don’t you also publish what was Tofler’s first year revenues and losses. Pls publish your MCA filings from the year of your incorporation as well ;o)

    Or what is Reliance Jio’s current losses and revenues.

    Or what were the Revenues and Allocated costs (including interest and principal repayment) for a power project, road, port, bridge, facotry, industry….

    So, please start doing some intelligent analysis rather than publishing MCA data and making a news…

    Cheers!

  • The article nowhere passes a judgement on the quality of swiggy’s performance. It’s probably your own prejudice which made you think that this is a poor performance.
    If anything, and I would borrow your own analogy here, it would help new parents understand whether they are spending too much or too less in bringing up their own kid. It also benchmarks how much some of the famous parents are spending and how much their kids are earning. Though with this analogy, setting up a business which makes money from the outset, is akin to subjecting your kid to child labor which is a BAD BAD thing to do!
    We (or someone else) would definitely publish Tofler’s numbers if we (or someone else) thought that a lot of people would be interested in reading about them.
    As for other kinds of analyses that you suggested, or thousand other kinds that are possible and which you are think are more intelligent – that’s not our expertise. Our expertise is on MCA data and that’s what we are doing, for now.

    Cheers 🙂