According to Dutch investment firm Prosus, Swiggy‘s main restaurant meal delivery company saw a 40% increase in Gross Merchandise Value (GMV) in 2022, while its rapid commerce GMV climbed 15x in the first half of the year.
Based on the sources, Prosus also stated that its investment in the leading provider of food technology increased by 118% to $150 million.
Swiggy and Other Food Businesses
The company emphasized that it has a food business in 70 different countries and that significant revenue sources were Delivery Hero, Swiggy, and iFood. In actuality, the ecommerce sector had a significant role in driving the portfolio’s total development. The combined ecommerce portfolio is expected to turn a profit in H1FY25, according to the research.
Swiggy raised its most recent investment in January of this year. Prosus took part in the $700 million funding round that was headed by the American investment management firm Invesco.
The report also said that, although the edtech sector’s topline showed growth, its trading losses increased to $178 million as a result of “one-off adjustments” involving companies like BYJU’s, Udemy, and Skillsoft. Meesho, Pharmeasy, Eruditus, and the Urban Company are among the other Indian portfolio companies owned by Prosus.
About the Valuable Start-Up
BYJU’S, the most valuable start-up in India, made news when its results were issued after an 18-month wait and it revealed that its consolidated losses increased by over 20 times to Rs 4,588.75 crore in FY21. Additionally, the corporation revealed that 5% of the workers would be let go.
Aside from the edtech unicorn, numerous other start-ups announced layoffs, including Swiggy’s competitors Zomato, Unacademy, Vedantu, Cars24, and Ola. Most of them mentioned the “financial crunch” as their justification.
In Q3CY22 (the July to September quarter), funding for Indian start-ups dropped dramatically by a whopping 80% to $3 billion from $14.9 billion during the same period in 2021. According to data from industry tracker Tracxn, funding fell sequentially by 57% from Q2CY22 to Q3CY22.
