Food tech major, Swiggy delivers solid financial standing with a 36 percent increase in operational revenue to Rs 11,247 crore in FY24 prior to its initial public offering (IPO).

The food tech major also brought down its losses by 44 percent to Rs 2,350 crore in the most recent fiscal year.

It saw its revenue at Rs.5,476 crore with a loss of Rs 1,600 crore during the course of the first three quarters of this year.

Swiggy believes that its quick commerce component, Instamart, is factor that brought in Rs 1,100 crore in gross sales during the most recent fiscal year (FY24), while its food delivery business rose 17 percent to Rs 6,100 crore.

Eventually this saw Zomato's total income at Rs 12,114 crore in FY24, a 71 percent increase.

This comprises Rs 2,301 crore from the grocery business and Rs 6,161 crore from the food industry (Blinkit).

While Swiggy was slowly pacing in the grocery business, it was on par with Zomato in terms of meal delivery.

At the same time, Zomato recorded a net profit of Rs 351 crore in FY24 in comparison to Swigy and this profitability persisted into the first quarter of FY25.

Then, Blinkit led the rapid commerce market share as of July, according to USB Consulting. BigBasket, Zepto, and Swiggy Instamart were in second and third place, respectively.

In January 2022, Swiggy completed its most recent equity round and joined the Decacorn Club. Hindustan Composites and Amitabh Bachchan's Family Office recently made significant investments in it.

According to reports, Swiggy submitted IPO documents in May through a confidential process in order to raise up to Rs 3,750 crore ($450 million) through a new equity share offering and an offer to sell up to Rs 6,664 crore ($800 million) in total. The company will submit draft IPO documents to SEBI shortly.