New Delhi, July 31 -- Swiggy's losses nearly doubled in the April-June period despite a jump in revenue, as its quick-commerce business Instamart continued to bleed cash.
The Bengaluru-based food delivery platform posted a revenue of Rs.4,961 crore in April-June, 54% higher from a year ago, driven by a surge in its supply chain and distribution (SCD) business, the company said in an exchange filing on Thursday.
The SCD business, which provides tech services to wholesalers and retailers, rose 56% to Rs.2,259 crore in the three months through June. It accounts for 45% of Swiggy's total revenue, and grew at more than three times the pace of its mainstay food delivery business, which rose 18.5% during the quarter.
Instamart saw its revenue...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.