Swiggy’s loss doubles to ₹3,629 crore, company likely to lay off 250 employees

Swiggy Losses FY22 : Big news is coming out from Swiggy, a company that provides online food delivery across the country. Swiggy’s loss has doubled to Rs 3,629 crore in the financial year 2022 (FY22). In the previous financial year 2021, it was Rs 1,617 crore. The company’s total expenditure has increased by 131 per cent to Rs 9,574.5 crore in FY22. Swiggy’s valuation has crossed $10 billion after raising $700 million with the Registrar of Companies (ROC) during the last quarter of FY2022.

Swiggy’s revenue increased

According to media reports, Swiggy’s revenue has increased 2.2 times to Rs 5,705 crore during FY 2022. It was Rs 2,547 crore in FY 2021. Outsourcing support cost has been 24.5 percent of the company’s total expenditure. It has increased 2.3 times to Rs 2,350 crore in FY 2021. It was Rs 1,031 crore in FY 2021.

boom in business

Swiggy has increased its spending on advertising and promotion by 4 times to Rs 1,848.7 crore during FY 2022. Swiggy had delivered 3.50 lakh Biryani orders on last Saturday i.e. 31 December 2022. At the same time, till 10.25 pm, the app sent more than 61,000 pizzas across the country. According to a survey conducted on Twitter, 75.4 per cent orders have come for Hyderabadi Biryani. After that Lucknow-14.2 percent and Kolkata-10.4 percent orders have come.

layoffs may happen

According to media reports, Swiggy can lay off up to 5 percent of its workforce or more than 250 employees. Swiggy spokesperson says that there has been no retrenchment in the Swiggy company yet. He said that, who have completed their performance cycle in October 2022 and have announced ratings and promotions at all levels. He said that with every cycle, he has expected an exit based on the performance.

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