“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),” founder and CEO Sriharsha Majety wrote in a blog post.
Majety said that as the company’s food delivery business is starting to pay off successfully, Swiggy is very excited about the trajectory of its quick commerce business, Instamart.
“The peak of our investments is behind us and today, Instamart is one of the leading players in the quick commerce space globally. In addition, we’ve also made strong progress on the profitability of the business and we’re on track to hit contribution neutrality for this 3-year-old business in the next few weeks,” he added.
Taking to Twitter, Majety wrote, “Excited that Swiggy turned its food delivery business profitable in March’23, while creating value for all our partners. Our teams have worked tirelessly to build long term value putting customers first each day. Read more HERE…”
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He 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 9 years since its inception.”
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