Swiggy Narrows Losses, Invests Big in Scootsy

Swiggy reported a narrowed loss at Rs 625.53 crore for the second quarter ending September, improved from Rs 657 crore last year. The company announced an investment up to Rs 1,600 crore in its subsidiary Scootsy Logistics Pvt Ltd. Revenue grew to Rs 3,601.45 crore, though expenses also rose.

Swiggy, the prominent food and grocery delivery platform, has reported a reduction in its consolidated loss to Rs 625.53 crore for the second quarter ending in September. This marks an improvement from the Rs 657 crore loss recorded during the same period last year.

This announcement coincides with Swiggy's first quarterly results declaration to the stock exchanges since its public debut last month. In a concurrent move, the company's Board has sanctioned an investment of up to Rs 1,600 crore in Scootsy Logistics Pvt Ltd, its wholly-owned subsidiary. This investment will occur in multiple tranches through a rights issue subscription.

During the review period, Swiggy saw its revenue from operations rise to Rs 3,601.45 crore, up from Rs 2,763.33 crore in the previous year. However, total expenses increased to Rs 4,309.54 crore compared to Rs 3,506.63 crore last fiscal year. Scootsy, involved in supply chain services and distribution, reported a turnover of Rs 5,195.7 crore for the financial year ending March 31, 2024.

(With inputs from agencies.)