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IPO-bound Swiggy trails Zomato in key metrics

The Arc Web · 1y

Swiggy's food delivery business grew 17%, reaching a gross merchandise value of $1.43 billion in H1 2023. However, Zomato's gross order value was 16% higher at $1.66 billion, indicating higher market share. Prosus, Swiggy's major shareholder, plans to reduce its 32.7% stake before Swiggy's IPO. Swiggy's EBITDA losses in food delivery fell 89%, driven by improved contribution margins. Instamart, Swiggy's rapid-grocery unit, saw a 63% sales increase, aiming for profitability in its 25 operating cities.