Swiggy to focus more in 'Growth Areas'
By MYBRANDBOOK
Swiggy has announced to have a $3.3 Bn valuation and will continue to have a dominant market share both in revenues and number of food delivery orders.
Swiggy is said to cross 500 Mn delivery orders in October, exceeding the target of 360 Mn a year set for 2020. Talking about the monthly burn rate till September of about $47Mn, its CEO Sriharsha Majety is hopeful to invest in adjacencies where it sees the real opportunity.
With close to 60% revenue share in the online food delivery space, Swiggy is bigger than the rest of the players combined. With the food delivery and kitchens business having reached a certain size, their needs for capital will definitely reduce. But Swiggy is said to be continuing to invest in new areas of growth.
Its parent company Bundl Technologies noted a 5x hike in its losses, amounting to INR 2,363 Cr in the fiscal year 2019, ending March 31 from INR 397 Cr in FY 18.
While both Swiggy and Zomato were reported to spend around $30 Mn to $40 Mn on a monthly basis on discounts and promotions, even after the heavy losses Zomato slashed down its cash burn by more than half. It was also able to focus on improving margins and lowering its cost of delivery.
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