Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato

• Revenue of food delivery giant Swiggy has grown 2.8 times in the last one year, investor SoftBank said.
• Revenue of the Gurugram-based Zomato stood at ₹916 crore in Q1 of FY22, compared to ₹283.5 crore in the same quarter last year.
• The duo had earned a total income of about ₹2,700 crore each in the financial year 2020.

Revenue of food delivery giant Swiggy has grown 2.8 times in the last one year, between June 2020 and June 2021, Japanese conglomerate SoftBank’s Masayoshi Son highlighted in a post-earning presentation.

“If they (Swiggy) go public, I believe that we will be able to see good returns from here too, that’s our expectation,” Son said.

Notably, SoftBank led Swiggy's $1.25 billion last month.

Son did not reveal specific numbers for the financial performance of Swiggy in the first quarter (April-June) of financial year 2022. The Bengaluru-based startup too is yet to announce the numbers — for first quarter of financial year (FY) 2022 and overall FY2021 — itself.

Swiggy being a private limited company is not mandated to reveal its financial statements, either quarterly or annually. Zomato is mandated to do so since it is a publicly traded company.

Meanwhile, Swiggy’s rival food delivery app Zomato reported over a three fold increase — 3.2 times — in terms of revenue in the first quarter of FY22 compared to the same time frame last year. Revenue of the Gurugram-based startup stood at ₹916 crore in the first quarter of the financial year 2021-22, compared to ₹283.5 crore in the same period last year.

The company’s share price dropped around 4% on Tuesday in anticipation of the first quarter results -- its first earnings after going public -- but was up 5.12% on Wednesday as of 11:24 a.m.

However, its losses have also widened at the same rate — from ₹99.8 crore last year to ₹356 crore this year — in the same time frame.


Given that Zomato and Swiggy were neck and neck in terms of revenue in FY20, their revenue for the first quarter should be somewhat similar as well. Both the companies had witnessed similar impact of COVID-19 — whether it was decline of orders in April-June quarter of FY21 due to lockdown or the uptick in orders post lockdown.

Swiggy reported a revenue of ₹2,776 crore in the financial year that ended in March 2020, according to data platform Tofler. Zomato’s FY20 revenue, on the other hand, stood close to ₹2,742 crore in FY20, but it went downhill in FY21 due to COVID-19.

The Gurugram-based public listed company reported a revenue of ₹1,994 crore in FY2021.

The two food delivery giants are very similar in other metrics as well.

SoftBank’s founder Son highlighted that Swiggy was clocking 1.5 million orders a day. This can be translated to close to 45 million orders a month.

Meanwhile, Zomato in 2019 announced that it was delivering 1.25 million orders per day.

*Source: Edelweiss, Tofler, Media reports, Zomato’s Draft Red Herring Prospectus

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