Bundl Technologies, which owns and operates foodtech company Swiggy, has reported a 127.8 per cent jump in its revenue for FY20 even as net losses and expenses widened by 65.8 per cent and 87.5 per cent respectively on a consolidated basis. Backed by Tencent, DST Global, and others, and last valued at around $3.65 billion, Zomato’s arch-rival Swiggy saw its total income rise from Rs 1,297.3 crore in FY19 to Rs 2,955.6 crore in FY20, according to the regulatory filing sourced from business intelligence platform Tofler on late Wednesday. Swiggy’s losses for FY20 stood at Rs 3,920.4 crore in comparison to Rs 2,363.6 crore for FY19. On the other hand, its expenses increased from Rs 3,659.1 crore to Rs 6,864.1 crore.
“Our company’s business grew by 85 per cent, (with) addition of over 100K restaurants with an active delivery fleet of over 200K. We also widened our reach across the country by launching 405 new cities,” the company said in its filing. During FY20, Swiggy had merged its Mumbai-based intracity premium food delivery service Scootsy into its app and had invested in ready-to-cook food startup Fingerlix whereby it acquired 26.85 per cent equity shares in Fingerlix’s parent company Maverix Platforms. Swiggy had also acquired hyperlocal delivery startup Supr Daily during the financial year.
On a standalone basis, the revenue for the company increased from Rs 1,292 crore in FY19 to Rs 2,776.4 crore while losses jumped from Rs 2,345.6 crore to Rs 3,768.5 crore during the said period. It had last raised Rs 263.56 crore in April 2020, from Netherlands-based Tencent Cloud Europe BV along with South Korea’s Ark Impact Asset Management, Mirae Asset Capital Markets, Samsung Ventures, and Korea Investment Partners. The total fundraise by Swiggy since 2014 stood at $1.42 billion. Marred by the Covid impact and following lockdown in 2020, Swiggy had reported around 80-85 per cent of pre-pandemic recovery in order value back in October 2020. In December, it had partnered with the government scheme PM SVANidhi to onboard over 36,000 street food vendors to its online platform from Tier-2 and Tier-3 cities that are famous for their street food.
Zomato’s FY20 losses had increased 160.6 per cent to Rs 2,451 crore from Rs 940 crore in FY19 while its revenues jumped 98 per cent to Rs 2,485 crore in FY20 from Rs 1,255 crore in FY19 on the back of its primary revenue sources including ad sales, online ordering, and Zomato Gold business segments. It had added in its regulatory filing that the unit economics in online ordering improved significantly with increased revenue, lower logistics cost, and user discounts. Its expenses had also increased 36.7 per cent from Rs 3,383 crore to Rs 4,627 crore.
This story was updated with Swiggy’s latest valuation and total fundraising figures.