Last updated on January 13th, 2023 at 04:42 am
Swiggy fell twice in 2022 to Rs 3,629 crore. Hence, this large company is planning to cut down its workforce to reduce the cost.
The year 2022 was not good for many businesses. The giant Swiggy also faced a bad time in the year 2022. The company had losses of 3629 crores Rs in the year 2022 which is almost double from the last financial year. In the last fiscal year, it was Rs 1617 crores.
The record expense that Swiggy had made in the year 2022 was 131 percent. It is of 9,574.5 crores Rs in that year.
Now when the financial statement of the year came out, and according to it the last quarter of 2022 Swiggy became a “decacorn” with a valuation of $10 billion and above after raising a $700 million round led by Invesco.
And the in-between year of 2022 revenue of Swiggy grew 2.2 times to Rs 5,705 crore. Data indicates that it was Rs 2,547 crore in 2021. According to Entrackr, outsourcing support costs account for 24.5 percent of the total expenses of the company.
But in 2022 the promotional and advertisement costs increased by four times and it was od Rs 1,848.7 crores.
And after all, Swiggy is thinking of cutting down his workforce. Reports predict that they will remove more than 250 employees from their unit. It will be around 5% of their workforce. The company can make the announcement anytime in January.
But a spokesperson of Swiggy said that they are not planning to do any cutoffs. The company always tries to overcome the fall through promotions.
But the fact is if Swiggy cutoff off its workforce it will impact the delivery timing. And quick delivery services can be affected by it.