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Prosus Reports an 80% surge in Swiggy’s losses to $545 million in FY23
source link: https://nextbigwhat.com/prosus-reports-an-80-surge-in-swiggys-losses-to-545-million-in-fy23/
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Home Prosus Reports an 80% surge in Swiggy’s losses to $545 million in FY23
Prosus Reports an 80% surge in Swiggy’s losses to $545 million in FY23
- Swiggy’s annual losses increased to $545 million, an 80% growth from $300 million in FY22, due to peak investments in quick-commerce arm Instamart.
- Prosus, which owns 33% of Swiggy, reported its share in the losses rose to $180 million, while its revenue share climbed by 40% to $297 million.
- Despite the loss, Swiggy’s CEO announced its core food delivery business became profitable in March 2023, with the growth primarily driven by an expanded restaurant base.
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