Swiggy’s revenue during the first half of the fiscal year 2024

360 One WAM, an investor in swiggy and an IIFL Wealth Management, assessed the value of swiggy, a food and grocery delivery company at $11.5 billion as of june ahead of its IPO (Initial Public Offering).

Swiggy’s revenue during the first half of the fiscal year 2024 was reported at Rs 7,474 crore.

The food delivery industry experiences cyclical disequilibrium in its order volumes. zomato reached a market capitalization of $21.5 billion on june 25 and has since grown to $28 billion. Swiggy’s Instamart competes with Blinkit and Zepto. Swiggy’s last funding round was at a valuation of $10.7 billion in january 2022.

According to 360 One’s report, Swiggy’s revenue increased by 23% year-over-year, with a 111-basis-point (1.11 percentage points), and a 32% YOY growth in average order value (AOV), reaching Rs 438 in H1 FY24. Instamart has 82% YOY revenue growth, a 397-bps increase in its take rate, and a 20% AOV reaching Rs 462 in H1 FY24. Swiggy’s monthly cash burn decreased to Rs 181 crore in H1 FY24 from Rs 336 crore in FY23, and it had a cash balance of Rs 6,000 crore as of september 2023.

UBS valued zomato at $32.1 billion. As of July, the brokerage estimated Blinkit’s market share at 40-45%, swiggy Instamart holding 20-25%, Zepto backed by Nexus Venture Partners at 15-20%, and Big Basket at 10-15%.

The Bengaluru-based company’s dominance in both food delivery and retail still faces stiff competition from Zomato’s Blinkit with decline rates on many fronts. This may impact its market share and valuation over the long run.
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Balasahana Suresh

24/08/2024 02:14 PM