New Delhi: A former junior employee of Swiggy has been accused of embezzling Rs 33 crore from the food delivery giant, as per the company’s 2023-24 annual report, Moneycontrol reported. The company has hired an “external team” to investigate the situation and has taken legal action against the former employee.
“The Group, during the current year, identified misappropriation of funds in one of the subsidiaries by a former junior employee amounting to ₹326.76 million in the recent periods…”, according to Swiggy’s annual report published on September 4.
This comes at a time when the company filed its preliminary papers on April 26 for an initial public offering (IPO), aiming to raise up to Rs 3,750 crore through a fresh issue and up to Rs 6,664 crore through an offer for sale (OFS) taking the total IPO value to $1.25 billion.
According to its annual report, Swiggy’s revenue grew 36% in fiscal 2024 to Rs 11,247 crore. The company also managed to reduce its losses by 44% from Rs 4,179 crore to Rs 2,350 crore, thanks to tighter control on expenses.
Total expenses fell 8 per cent to Rs 13,947 crore, largely due to reduced spending on promotions and marketing, which fell from Rs 2,501 crore last year to Rs 1,851 crore in 2023-24. Despite having a 43 per cent market share, Swiggy still lagged behind competitor Zomato, which leads with 57 per cent in terms of gross order value (GOV).
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.