Swiggy’s loss widens 39 pc to Rs 799 crore in Q3
Zomato's rival Swiggy on Wednesday reported a Rs 799.08 crore net loss in the October-December period (Q3 FY25), as compared to a loss of Rs 625.53 crore in the previous quarter.
Food delivery and quick commerce player Swiggy is setting up a subsidiary to foray into the growing demand for recreational activities.
The company while announcing its quarterly results said in an exchange filing that it received the approval of its board to incorporate the new subsidiary for undertaking the new business.
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The wholly-owned subsidiary is in the process of seeking approvals from the Ministry of Corporate Affairs, Swiggy said, and will engage in the business of ownership and management of sports teams, organising events, as well as acquiring broadcasting and sponsorship rights, among other key businesses.
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“The main objects of the newly to be incorporated entity will include engaging in sports team ownership, management, talent development, event organisation, and facility operation, offering career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models etc,” the filing said.
The new entity will be a 100 per cent subsidiary of Swiggy with a share capital of Rs 1 lakh.
In the second-quarter of FY25, Swiggy reported consolidated loss at Rs 625.5 crore.
Losses on a year-on-year basis came down from Rs 657 crore, but on a sequential basis, losses were reduced from Rs 611 crore in Q1 FY25.
Swiggy’s overall Gross Order Value (GOV) grew 30 per cent year-on-year to reach Rs 11,306 crore, according to the company’s report for the quarter ended September 30, 2024.
The consolidated adjusted EBITDA loss of Rs 341 crore represented a reduction in the loss by 30 per cent YoY, according to the financials posted on the BSE.
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