Swiggy Registers Profit Nearly 9 Years after commencement

New Delhi: Swiggy on Thursday declared that its food delivery business achieved profitability in March. This has happened less than nine years since its inception.

Apart from food delivery, Swiggy also offers grocery delivery services. In 2021-22 it had incurred a wider loss. To reduce costs, Swiggy resorted to several rounds of layoffs in the last six months.

Swiggy’s chief executive and founder Sriharsha Majety said blog post that the peak of the company’s investments was behind them, having made “disproportionate” investments in its grocery delivery service Instamart, which competes with the Zomato-owned Blinkit and startup Zepto.

“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 said in the blog.

Swiggy has a 45% market share in the food delivery market.