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Swiggy’s food delivery GMV jumps by 40% in 2022: Prosus

Swiggy’s food delivery GMV jumps by 40% in 2022: Prosus

The Netherlands-based investment also noted that its share in the foodtech giant grew 118 per cent to reach $150 mn.

The last investment raised by Swiggy was in January this year. The $700-million funding round, which was led by Invesco, also saw the participation of Prosus. The last investment raised by Swiggy was in January this year. The $700-million funding round, which was led by Invesco, also saw the participation of Prosus.

Swiggy’s core restaurant food delivery business grew its Gross Merchandise Value (GMV) by 40 per cent in 2022, while its quick commerce GMV increased 15x during the first six months of the year, according to Netherlands-based investment group Prosus. 

In a report released on Wednesday, Prosus also noted that its share in the foodtech giant grew 118 per cent to reach $150 million.

The group highlighted that its food business is present across 70 countries with major revenues coming from iFood, Delivery Hero and Swiggy. In fact, the overall growth in its portfolio was largely driven by the ecommerce segment. The report also revealed, “It is our ambition for our consolidated ecommerce portfolio to become profitable in H1FY25.” 

The last investment raised by Swiggy was in January this year. The $700-million funding round, which was led by American investment management company, Invesco, also saw the participation of Prosus. 

The report also highlighted that within the edtech sector, while its topline showed growth, its trading losses grew to $178 million owing to “one-off adjustments” related to players such as BYJU’s, Udemy and Skillsoft.

Prosus’ other portfolio companies in India include Meesho, Pharmeasy, Eruditus and the Urban Company. 

India’s most valuable start-up, BYJU’S, hit the headlines after it released its results after an 18-months-delay and saw its consolidated losses widening by nearly 20 times to Rs 4,588.75 crore in FY21. Moreover, the company also announced layoffs to the tune of 5 per cent of the workforce. Barring the edtech decacorn, several other start-ups such as Swiggy’s rival Zomato, Unacademy, Vedantu, Cars24, Ola also announced layoffs. The reason touted by most of them was “funding crunch”.

Funding in Indian start-ups declined by a massive 80 per cent in Q3CY22 (July to September quarter) to $3 billion, compared to $14.9 billion in the same period in 2021. Data from industry tracker Tracxn reveals that Q3CY22 funding also declined sequentially by 57 per cent from Q2CY22.


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Published on: Nov 23, 2022, 7:27 PM IST
Posted by: Bhavya Kaushal, Nov 23, 2022, 7:17 PM IST