Swiggy’s Food Delivery Business Turns Profitable: CEO Sriharsha Majety

According to a blog post by Sriharsha Majety, the CEO and Co-founder of Swiggy, the on-demand convenience platform's food delivery business has become profitable. Mr. Majety stated that Swiggy's food delivery business turned profitable as of March 2023, considering all corporate costs but excluding employee stock option costs. He emphasized that this achievement is significant not only for Swiggy but also for the global food delivery industry, as the company has achieved profitability within nine years since its inception. Mr. Majety expressed confidence in the growth potential of India's eating out and food delivery sector over the next two decades. He mentioned that Swiggy will continue to focus on innovation and drive further growth in food delivery. The company aims to reach more milestones in the coming quarters. Swiggy's strong partnership with its customers, as reflected in industry-best net promoter scores (NPS), repeat orders, and retention rates, has played a crucial role in achieving profitability.