Swiggy food delivery profitable

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Swiggy’s food delivery business has turned profitable, excluding employee stock option costs, its chief executive wrote in a blog post on Thursday, overtaking rival Zomato a day before it is scheduled to report its quarterly earnings. “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 nine years since its inception,” CEO and co-founder Sriharsha Majety said. Earlier this year, Swiggy reported that annual While the company had not shared details on its current fiscal, Swiggy’s food delivery business orders reported a growth of 38% in the first six months of FY23, according to a report by Prosus, one of its biggest investors. With the rising use of smartphones and attractive discounts on offer, food delivery platforms have become increasingly popular in India. Currently, the segment, which is expected to breach the $10-billion GMV mark by 2025, is dominated by two players—Swiggy and Zomato. However, now the entry of Open Network for Digital Commerce (ONDC), which allows restaurants to sell food directly to consumers through buyer apps, is expected to disrupt the food delivery business. By leveraging the power of technology, ONDC aims to provide a level playing field to all players in the digital commerce space, reducing the dependence on large aggregators like Swiggy and Zomato. To gain a bigger share of the market, both Swiggy and Zomato have been exp...

"Our sharp focus on innovation, coupled with strong execution has led to yet another milestone. As of March 2023, Swiggy's food delivery business has turned profitable (after factoring in all corporate costs; excluding employee stock option costs)," he wrote. Further, Majety 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 nine years since its inception." The company expects to reach more such milestones in the coming quarters, he added. He applauded all the partners of the company in helping it achieve the milestone, adding that Swiggy has a strong relationship with its customers with "industry-best NPS (net promoter scores), repeat and retention rates." "We continue to make strides in gaining customer favour, including strong traction in Tier 2 and 3 markets. Our teams are more in sync than ever with restaurant partners to improve their experience with Swiggy and create mutual wins. As a result, our restaurant NPS has improved by over 100 per cent in the past eight quarters," Majety said. The company CEO noted that when Swiggy started off in 2014, with food delivery its first foray and core offering, on-demand food delivery experience was new and broken and many viewed it as an unviable business model. On the road ahead, he said, "We strongly believe it is still very early days in India's journey of eating out and food delivery, and are ver...

New Delhi, May 18 (PTI) On-demand convenience platform Swiggy's food delivery business has turned profitable, making it one of the very few global players in the sector to achieve such a feat in less than nine years since inception, company CEO and Co-founder Sriharsha Majety said on Thursday. Bullish on India's journey of eating out and food delivery, Majety, in a blogpost, said, Swiggy is "very sanguine about the growth potential over the next two decades" and would continue to drive further growth in food delivery. "Our sharp focus on innovation, coupled with strong execution has led to yet another milestone. As of March 2023, Swiggy's food delivery business has turned profitable (after factoring in all corporate costs; excluding employee stock option costs)," he wrote. Further, Majety 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 nine years since its inception." The company expects to reach more such milestones in the coming quarters, he added. He applauded all the partners of the company in helping it achieve the milestone, adding that Swiggy has a strong relationship with its customers with "industry-best NPS (net promoter scores), repeat and retention rates." "We continue to make strides in gaining customer favour, including strong traction in Tier 2 and 3 markets. Our teams are more in sync than ever with restaurant partners to imp...

On-demand convenience platform Swiggy's food delivery business has turned profitable, making it one of the very few global players in the sector to achieve such a feat in less than nine years since inception, company CEO and Co-founder Sriharsha Majety said on Thursday. Bullish on India's journey of eating out and food delivery, Majety, in a blogpost, said, Swiggy is "very sanguine about the growth potential over the next two decades" and would continue to drive further growth in food delivery.

As of March 2023, Swiggy’s food delivery business has turned profitable excluding employee stock option (ESOP) costs. The company's success is attributed to its strong execution, deep consumer love, industry-leading NPS scores, and high customer retention rates. Swiggy's strategic investments, acquisitions, and expansion into Tier 2 and 3 markets have further fuelled its growth. With an emphasis on innovation, collaborative partnerships with restaurants, and a builder's mindset, Swiggy aims to continue its mission of elevating the dining experience for consumers. “This is a milestone for food delivery globally, not just for us, as By implementing initiatives like the Swiggy Skills Academy, on-demand ambulance services, and enhanced insurance policies for delivery partners, Swiggy prioritizes customer's safety and well-being. These efforts have resulted in a significant increase in restaurant partner NPS over the past two years. Majety also stated, “As our investments in food delivery are starting to pay off successfully , we’re also very excited about the trajectory of our quick commerce business, Instamart." Additionally, Swiggy's quick-commerce business, Instamart, has shown promising progress and is expected to reach contribution neutrality soon. As Swiggy's food delivery business celebrates profitability, the company remains excited about the trajectory of its Instamart business and continues to innovate and expand its services, serving as a pioneer in the hyperlocal d...

In a major development, foodtech major Swiggy has said that it has turned profitable. The news was shared by the company's co-founder and CEO Sriharsha Majety, who announced it in a blog post on Thursday. He wrote, "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."  The announcement comes days after Swiggy’s investors --  “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,” Majety wrote in the post.  The CEO also factored the reasons that have led to the company hitting the profitability benchmark. “Our sharp focus on innovation, coupled with strong execution has led to yet another milestone- As of March 2023, Swiggy’s food delivery business has turned profitable (After factoring in ALL corporate costs; excluding employee stock option costs),” he said.  In the coming times, Majety highlighted that the company’s aim is to penetrate deeper into the Tier II and III markets, keep exploring the unventured geographies and segments, and continue to take measures to fuel the growth of the food delivery industry. Swiggy's story over the last few months  The food delivery giant has been taking measures to cut costs, A few weeks ago, the Prosus-backed companyÂ...

As of March 2023, Swiggy’s food delivery business has turned profitable excluding employee stock option (ESOP) costs. The company's success is attributed to its strong execution, deep consumer love, industry-leading NPS scores, and high customer retention rates. Swiggy's strategic investments, acquisitions, and expansion into Tier 2 and 3 markets have further fuelled its growth. With an emphasis on innovation, collaborative partnerships with restaurants, and a builder's mindset, Swiggy aims to continue its mission of elevating the dining experience for consumers. “This is a milestone for food delivery globally, not just for us, as By implementing initiatives like the Swiggy Skills Academy, on-demand ambulance services, and enhanced insurance policies for delivery partners, Swiggy prioritizes customer's safety and well-being. These efforts have resulted in a significant increase in restaurant partner NPS over the past two years. Majety also stated, “As our investments in food delivery are starting to pay off successfully , we’re also very excited about the trajectory of our quick commerce business, Instamart." Additionally, Swiggy's quick-commerce business, Instamart, has shown promising progress and is expected to reach contribution neutrality soon. As Swiggy's food delivery business celebrates profitability, the company remains excited about the trajectory of its Instamart business and continues to innovate and expand its services, serving as a pioneer in the hyperlocal d...

"Our sharp focus on innovation, coupled with strong execution has led to yet another milestone. As of March 2023, Swiggy's food delivery business has turned profitable (after factoring in all corporate costs; excluding employee stock option costs)," he wrote. Further, Majety 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 nine years since its inception." The company expects to reach more such milestones in the coming quarters, he added. He applauded all the partners of the company in helping it achieve the milestone, adding that Swiggy has a strong relationship with its customers with "industry-best NPS (net promoter scores), repeat and retention rates." "We continue to make strides in gaining customer favour, including strong traction in Tier 2 and 3 markets. Our teams are more in sync than ever with restaurant partners to improve their experience with Swiggy and create mutual wins. As a result, our restaurant NPS has improved by over 100 per cent in the past eight quarters," Majety said. The company CEO noted that when Swiggy started off in 2014, with food delivery its first foray and core offering, on-demand food delivery experience was new and broken and many viewed it as an unviable business model. On the road ahead, he said, "We strongly believe it is still very early days in India's journey of eating out and food delivery, and are ver...

In a major development, foodtech major Swiggy has said that it has turned profitable. The news was shared by the company's co-founder and CEO Sriharsha Majety, who announced it in a blog post on Thursday. He wrote, "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."  The announcement comes days after Swiggy’s investors --  “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,” Majety wrote in the post.  The CEO also factored the reasons that have led to the company hitting the profitability benchmark. “Our sharp focus on innovation, coupled with strong execution has led to yet another milestone- As of March 2023, Swiggy’s food delivery business has turned profitable (After factoring in ALL corporate costs; excluding employee stock option costs),” he said.  In the coming times, Majety highlighted that the company’s aim is to penetrate deeper into the Tier II and III markets, keep exploring the unventured geographies and segments, and continue to take measures to fuel the growth of the food delivery industry. Swiggy's story over the last few months  The food delivery giant has been taking measures to cut costs, A few weeks ago, the Prosus-backed companyÂ...