Swiggy Records Whopping Loss of Rs. 2346 in Start-up FY 19 Results

Guwahati, December 24, 2019:

Bengaluru-based food delivery startup, Swiggy has recorded a whopping loss of Rs. 2346 crore in the financial year (FY) 2019 that ended on March 21.

The latest fiscal reports showed that Swiggy’s loss has noted a five-fold increase in its losses. In FY 2018, it had recorded a loss of Rs. 397 crore.

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A Swiggy spokesperson said that the losses were because of the order cancellations. The start-up, however, noted an operating revenue of Rs. 1128 crore in FY 2019 from Rs. 441.99 crore in 2018.

According to the results of the start-ups in India in FY 19, food delivery platform, Zomato recorded a revenue of Rs. 1159 crore and a loss of Rs. 571 crore. Similarly, Delhivery recorded revenue of Rs. 1654 crore and a loss of Rs. 1781 crore.

Flipkart, Amazon and Pepperfry have recorded revenues of Rs. 4234 crore, 7594 crore and 193 crore respectively.

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The start-up results of FY 19 are - PayTm: 3050 crore revenue & 3960 crore loss, OYO: 6457 crore revenue & 2385 crore loss, Big Basket: 2381 crore revenue & 348 crore loss, Grofers: 70 crore revenue & 448 crore loss, Ola Cabs: 1886 crore revenue & 1160 crore loss, Rivigo: 1003 crore revenue & 510 crore loss, LensKart: 474 crore revenue & 28 crore loss and UrbanLadder: 298 crore revenue & 49 crore profit.

It may be mentioned here that the Indian economy has been facing a slowdown, as a result of which, companies, including start-ups have fired contractual employees to cope up with the financial conditions. Among the start-ups, OYO had recently reported that around 2000 employees were laid off as a result of economic slowdown.

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