Swiggy's Food Delivery Business Turns Profitable: CEO Sriharsha Majety
NDTV
Bullish on India's journey of eating out and food delivery, Mr Majety, in a blogpost, said, Swiggy is "very sanguine about the growth potential over the next two decades" and would continue to drive further growth in food delivery.
On-demand convenience platform Swiggy's food delivery business has turned profitable, making it one of the very few global players in the sector to achieve such a feat in less than nine years since inception, company CEO and Co-founder Sriharsha Majety said on Thursday.
Bullish on India's journey of eating out and food delivery, Mr Majety, in a blogpost, said, Swiggy is "very sanguine about the growth potential over the next two decades" and would continue to drive further growth in food delivery.
"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)," he wrote.
Further, Mr Majety said, "This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than nine years since its inception." The company expects to reach more such milestones in the coming quarters, he added.
