What Swiggy stated in regards to the embezzlement
In its report (seen by Moneycontrol), Swiggy writes: “The Group, in the course of the present yr, recognized embezzlement of funds in one of many subsidiaries by a former junior worker amounting to Rs 326.76 million over the previous durations.Primarily based on a assessment of the info found in the course of the investigation, the Group has recorded an expense for the aforementioned quantity in the course of the yr ended March 31, 2024.”
Other than this, Swiggy didn’t point out every other particulars associated to the alleged embezzlement.
Swiggy income up by 36% forward of IPO
Swiggy additionally famous that its losses have declined from Rs 4,179 crore in FY23 to Rs 2,350 crore this yr. Consolidated internet losses have decreased by 44% year-over-year whereas its income from operations has grown by 36% to Rs 11,247 crore.
The corporate is reportedly aiming for a valuation of round $15 billion in its upcoming preliminary public providing (IPO), aiming to boost between $1 and $1.2 billion. If profitable, this could be one of many largest IPOs in India this yr.
Final month, each Swiggy and its rival Zomato reportedly elevated their platform charges to Rs 6 per order in sure markets, together with Bengaluru and Delhi. This marked a 20% enhance from the final charge of Rs 5.
Each corporations launched platform charges in 2023 with Rs 2 per order. In April, Zomato elevated its charge to Rs 5 in key markets, and Swiggy is at the moment testing a charge of Rs 7 in Bengaluru. Other than this, Zomato additionally fees a Precedence Payment for quicker deliveries.
