Swiggy's Food Delivery Biz has turned Profitable as of March 2023: CEO Sriharsha Majety

Bengaluru-based food delivery platform Swiggy on Thursday shared that its food business has turned profitable as of March 2023.

“Swiggy’s food delivery business has turned profitable (After factoring in ALL corporate costs; excluding employee stock option costs). 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 9 years since its inception,” shared Sriharsha Majety, CEO & Co-Founder, Swiggy in a blogpost.

Majety also mentioned that at Swiggy their mission is to elevate the quality of life for urban consumers by offering unparalleled convenience.

“Starting off in 2014, food delivery was our first foray and core offering toward our mission. Back then, the on-demand food delivery experience was new and broken. While there were anywhere between 10-12 players trying to solve for it, the economics of the industry was constantly questioned, with many viewing it as an unviable business model. Swiggy pioneered a full-stack food tech offering with integrated consumer experience through complete visibility from ordering to delivery,” he wrote.

Over the next few years, the brand continue to invest in this space to lead category growth and reach the necessary scale and economic viability.

“Along the way, we have created multiple milestones and built for whitespaces in food delivery with offerings like Gourmet and Guiltfree. Last year, we acquired Dineout, enabling us to cater to our consumers for every food occasion, whether through delivery or dining out. Today, Dineout is fully integrated within Swiggy and is the leader in the dining out category with more than 21000+ restaurant partners across 34 cities,” added Majety.

He also mentioned that the brand has focused on building more delivery partner-forward initiatives like the Swiggy Skills Academy, on-demand and free ambulance service, and an enhanced insurance policy for their safety and wellbeing.

The brand expect to reach more such milestones in the coming quarters.