THE ONLINE FOOD delivery business, one of the most well-funded start-up verticals in India, is finally beginning to show signs of profitability. Market leaders Swiggy and Zomato have just announced profitability in their respective verticals, marking a turning point for the sector.
Swiggy’s Co-founder and CEO Sriharsha Majety, in a recent blog post, claimed that after accounting for all corporate costs, excluding employee stock option costs, the company’s food delivery business has turned profitable as of March 2023. “This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than nine years since its inception,” he wrote.
This story is from the June 25, 2023 edition of Business Today India.
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This story is from the June 25, 2023 edition of Business Today India.
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