Swiggy, a food delivery service, revealed on Thursday that as of March 2023, it will be profitable.
“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 stated in a blog post.
Majety claimed that Swiggy is quite enthusiastic about the future of its rapid commerce sector, Instamart, as the company’s food delivery division is beginning to show signs of success.
“The height of our investments is behind us, and Instamart is now among the top companies operating globally in the rapid commerce sector. We’ve also made great strides in the company’s profitability, and we expect to reach contribution neutrality for this three-year-old company in the next weeks, he continued.
“Excited that Swiggy turned its food delivery business profitable in March’23, while creating value for all our partners,” stated Majety on Twitter. Our staff has given their all to create long-term value while consistently putting consumers first. Find out more HERE.
“This is a milestone for food delivery globally, not just for us,” the speaker added. “Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than 9 years since its inception.”
