Swiggy published its annual report to investors ahead of its expected IPO, reported multiple media outlets.

What Happened: Swiggy’s losses have also seen a reduction of 44%, from ₹4,179 crore in FY23 to ₹2,350 crore in FY24, a result of tighter control on expenses and increase in Instamart and its food delivery business. The company’s revenue rose 36% to ₹11,247 crore in the financial year.

The company’s food delivery, Instamart and dining segments had a total gross order value (GOV) of ₹35,000 crore powered by its 1.43 crore users. Food delivery contributed 70% of the overall GOV, while Instamart contributed 23%. Swiggy’s average order value (AOV) was ₹428 in FY24. Instamart had an AOV of ₹460.

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Instamart’s gross revenue doubled to ₹1,100 crore from ₹500 crore in the previous year.

Despite the impressive growth, Swiggy’s core business still lags behind Zomato. Zomato reported a revenue of ₹12,114 crore and a profit of ₹351 crore in FY24, compared with Swiggy’s loss of ₹2,350 crore. Blinkit has an AOV of ₹617 compared to Instamart’s ₹460 AOV.

Swiggy’s financial health saw an improvement due to a decrease in expenses, with the company spending 8% less in FY24 than in FY23. The company also slashed its promotion and marketing spending from ₹2,501 crore in FY23 to ₹1,851 crore in FY24.

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