Business News

Swiggy’s meal delivery service is now profitable: Founder and CEO Sriharsha Majety

Food delivery platform Swiggy on Thursday announced that it has turned profitable as of March 2023.

“Our sharp focus on innovation, coupled with strong execution has led to yet another milestone- As of March 2023, Swiggy’s food deliverybusiness has turned profitable (After factoring in all corporate costs; excluding employee stock option costs),” founder and CEO Sriharsha Majety wrote in a blog post.

Majety said that as the company’s food delivery business is starting to pay off successfully, Swiggy is very excited about the trajectory of its quick commerce business, Instamart.

“The peak of our investments is behind us and today, Instamart is one of the leading players in the quick commerce space globally. In addition, we’ve also made strong progress on the profitability of the business and we’re on track to hit contribution neutrality for this 3-year-old business in the next few weeks,” he added.

Taking to Twitter, Majety wrote, “Excited that Swiggy turned its food delivery business profitable in March’23, while creating value for all our partners. Our teams have worked tirelessly to build long term value putting customers first each day.

He said, “This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than 9 years since its inception.”

Retale

Retale

About Author

Leave a comment

Your email address will not be published. Required fields are marked *

You may also like

Business News Digital Transformation

IRCTC adds new buy now, pay later option: Check details

Indian Railways Catering and Tourism Corporation (IRCTC), has partnered with the CASHe to offer a Travel Now Pay Later (TNPL)
Business News

Inox Leisure Q2 reported a net loss of Rs 40.37 crore , revenue up at Rs 374.12 crore.

New Delhi: Multiplex chain operator Inox Leisure Ltd on Wednesday reported a narrowing of its consolidated net loss to Rs
Wordpress Social Share Plugin powered by Ultimatelysocial
error: Content is protected !!