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Swiggy valuation 2024
Bengaluru, India – Swiggy, a leading food delivery platform and a primary rival to Zomato, has been valued at $11.5 billion by 360 One WAM (formerly IIFL Wealth Management) as of June 2024. This valuation comes as Swiggy continues to strengthen its foothold in the rapidly evolving food delivery industry and prepares for its highly anticipated initial public offering (IPO).
According to 360 One WAM, Swiggy’s impressive financial performance during the first half of fiscal year 2024 (H1 FY24) has been a significant factor in this valuation. The company recorded a revenue of ₹7,474 crore for the first six months of FY24, with an annualized projection of ₹14,947 crore by the end of March 2024. Swiggy has confidentially filed for its IPO, expected to be one of the largest tech listings in India this year. However, it is anticipated that Swiggy will go public at a valuation slightly lower than Zomato’s, with projections varying across the board.
In an investor presentation, 360 One WAM highlighted that Swiggy is on the verge of achieving EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) breakeven, marking a critical milestone in its journey toward profitability. Swiggy’s gross order value (GOV) for H1 FY24 was ₹17,528 crore, reflecting a 27% year-on-year (YoY) growth.
Swiggy’s core food delivery business saw an 18% YoY increase in order volume, while its quick-commerce service, Instamart, posted a remarkable 57% YoY growth. Additionally, Swiggy’s Dineout business, which provides dining experiences and deals at partner restaurants, reported an extraordinary annual growth of 188%. The company also made significant strides in reducing its monthly cash burn to ₹181 crore in H1 FY24, down from ₹336 crore in FY23. As of September 2023, Swiggy maintained a robust cash balance of ₹6,000 crore, positioning the company well to scale operations while managing costs effectively.
Swiggy’s valuation by 360 One WAM underscores the platform’s growth potential and its steady march towards profitability, setting the stage for a highly anticipated IPO in the near future.
About Swiggy
Founded in 2014, Swiggy is one of India’s leading online food delivery platforms, offering a wide range of services including food delivery, quick-commerce, and dining experiences through its various business segments.
About 360 One WAM
360 One WAM, formerly known as IIFL Wealth Management, is a prominent investment management firm providing wealth management, asset management, and advisory services to clients across the globe.
This article is a publication of Markable News.
