Online food delivery platform Swiggy's losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year.
Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22.
According to its annual financial statement with the Registrar of Companies (RoC), during the last quarter of FY22, Swiggy turned "decacorn" (with a valuation of $10 billion and above) after raising a $700 million round led by Invesco.
Meanwhile, Swiggy's revenue grew 2.2 times to Rs 5,705 crore during FY22 as opposed to Rs 2,547 crore in FY21.
According to Entrackr, outsourcing support cost accounted for 24.5 per cent of the total expenses of the company.
This particular cost increased 2.3 times to Rs 2,350 crore in FY22 from Rs 1,031 crore in FY21.
Its advertising and promotional expenses surged 4 times to reach Rs 1,848.7 crore during FY22, according to the report.
Reports surfaced last month that Swiggy may lay off more than 250 employees or up to 5 per cent of its workforce starting January.
"There have been no layoffs at Swiggy. We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance," a Swiggy spokesperson had said in a statement.
The upcoming layoffs are likely to impact Swiggy's quick commerce delivery service Instamart to reduce cash burn.
In November, global brokerage firm Jefferies said that Swiggy was fast losing market share to its rival Zomato despite offering heavy discounts.
Citing Swiggy investor Prosus' financial report, Jefferies said that the gross value of Swiggy's food delivery business was $1.3 billion in the January-June period this year.
Zomato in the same period logged gross order volume of $1.6 billion.
In May last year, Swiggy acquired Dineout, a dining out and restaurant tech platform, for an undisclosed sum. According to sources, the acquisition size was around $200 million.
Earlier this year, the food delivery platform raised $700 million led by Invesco at a $10.7 billion valuation.
J.P. Nadda holds meeting with Tripura BJP leaders; discusses party-related issues
Bharatiya Janata Party (BJP) national president J.P. Nadda on Sunday held an important meeting with Tripura's state unit leaders including Chief Minister Manik Saha and discussed various party affairs.
One body recovered from Telangana tunnel on day 16 of rescue operation
Rescue workers on Sunday - the 16th day of the operation - pulled out the body of one of the eight missing persons from the partially collapsed SLBC tunnel in Telangana’s Nagarkurnool district after the cadaver dogs from Kerala identified the spot for presence of human remains under the rubble.
FM says GST rates to be reduced further, rationalised; Congress demands overhaul
Union Finance Minister Nirmala Sitharaman has said that Goods and Services Tax (GST) rates will be reduced further as the process of rationalising tax slabs is nearing completion.
'Anti-incumbency is an issue of the past now': J.P. Nadda hails PM Modi's leadership in Tripura rally
Bharatiya Janata Party (BJP) national president J.P. Nadda on Sunday said that the political culture in India has changed after Narendra Modi became Prime Minister, adding that people earlier used to talk about the anti-incumbency factor against the government.
Budget Session: Second leg to see fireworks over delimitation row, Trump's tariffs; Waqf Bill on govt's agenda
The second leg of the Budget session of Parliament is set to resume on Monday and is expected to be a stormy one with both the Opposition and Government ready to outdo each other on multiple issues.
PM Modi visits Vice President Dhankhar in AIIMS, wishes him speedy recovery
Prime Minister Narendra Modi on Sunday visited the AIIMS Delhi to enquire about the health of Vice President Jagdeep Dhankhar and prayed for his speedy recovery.
India, EU to hold next round of trade talks on March 10
India and the European Union are scheduled to begin the next round of talks for a proposed free trade agreement (FTA) from Monday in Brussels with the aim of concluding the talks by the end of this year, a senior official said.
TCS, SBI lead market rally as 7 of top 10 firms gain Rs 2.1 lakh crore
SBI’s market capitalisation soared by Rs 39,714.56 crore, reaching Rs 6,53,951.53 crore. Bharti Airtel also experienced strong growth, with its valuation increasing by Rs 35,276.3 crore to Rs 9,30,269.97 crore.