Swiggy, a competitor to Zomato, has announced a notable increase in its operating revenue and a substantial reduction in losses for the fiscal year 2024 (FY24).

The Bengaluru-based company reported a 36% increase in operating revenue, reaching 11,247 crore, as detailed in its annual report. Additionally, Swiggy cut its annual losses by 44%, reducing them to 2,350 crore.

Even though Swiggy has made noteworthy progress in its operations, it continues to trail Zomato under the leadership of Deepinder Goyal.

Zomato's revenue skyrocketed by 71% in FY24, amounting to 12,114 crore. The bulk of this sum came from its food delivery business with a contribution of 6,161 crore while Blinkit - the grocery delivery service- brought in an impressive figure worth 2,301 crore.

Blinkit held the highest market share in quick commerce industry as of July, while Instamart by Swiggy ranked second. Zepto and BigBasket followed closely behind.

Moreover, the foodtech behemoth headquartered in Gurugram has unfailingly announced profits, highlighting its crucial role as a growing venture on Indian stock exchanges.

Zomato recorded a consolidated net profit of 175 crore in Q4FY24, marking a 26.8% surge over the previous quarter's earnings of 138 crore. In FY24 as a whole, the company posted total profits worth around 351 crore.

In FY24, Swiggy's primary food delivery enterprise experienced a 17% expansion and produced gross revenue of 6,100 crore.

Instamart, the quick commerce branch of food delivery services provider, generated a whopping gross revenue of 1,100 crore in the current fiscal year. This is more than twice the amount it made previously 500 crore- through its operations.

The company significantly decreased its expenditure on marketing and sales promotions, cutting it down by 25.99% from 2,501 crore in FY23 to 1,851 crore in FY24. Likewise, employee benefit costs experienced a drop of 6%, resulting in a total cost of only 2,012 crore for the same period.

In FY24, the company's total gross order value from dining, Instamart, and food delivery was roughly 35,272 crore ($4.2 billion), fueled by a monthly transactional user base of 1.4 crore individuals.

The food delivery industry, with an AOV of Rs 428, accounted for a total of 25,194 crore ($3 billion), while Instamart generated 8,350 crore ($1 billion).

Media reports have indicated that Swiggy filed papers for a confidential $1.25 billion IPO in April of this year. The stated goal is to secure up to Rs 3,750 crore by issuing new equity shares and offering up existing ones valued at approximately Rs 6,664 crore.

As per reports, the public listing aims to receive a valuation within the range of $12 billion and $15 billion.