Swiggy has introduced ‘international login’ allowing people abroad to order food and groceries for their families and loved ones in India.
Swiggy’s ‘international login’ available in 27 countries
The feature will be available in 27 countries, such as the US, Canada, Germany, the UK, Australia, and the UAE. This launch, timed for the festive season, aims to serve international customers who have used the app before.
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“Food and gifts are essential to family gatherings, especially during festivals,” said Phani Kishan, co-founder and CGO of Swiggy. This news comes a day after Swiggy reportedly lowered the valuation target for its upcoming IPO to $12.5-13.5 Bn.
Previously in October, Swiggy got shareholder approval to increase the fresh issue size in its IPO to INR 5,000 Cr from INR 3,750 Cr. The IPO will include an offer-for-sale of up to 18.53 Cr shares.
Swiggy’s DRHP net loss rises to INR 611 cr
Additionally, Swiggy’s DRHP shows its consolidated net loss grew over 8% to INR 611 Cr in Q1 FY25 from INR 564.08 Cr last year due to higher operating costs. Recently, the Bengaluru company raised its platform fee to INR 10 from INR 7 per order, a 43% increase.
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Prosus-backed Swiggy reduced its loss by 44% to INR 2,350 Cr in FY24, compared to INR 4,179.3 Cr in FY23. Meanwhile, its operating revenue jumped 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr last year, driven by the growth of Swiggy Instamart.
