According to Netherlands-based investment group Prosus, Swiggy’s core restaurant food delivery business is set to grow its gross merchandise value (GMV) by 40 per cent in 2022, while its instant commerce GMV grew 15x during the first six months of the year.
In a report released on Wednesday, Prosus also said that its stake in the foodtech giant rose by 118 per cent to reach $150 million.
The group highlighted that its food business is present in 70 countries, with major revenue coming from iFood, Delivery Hero and Swiggy. In fact, the overall growth in its portfolio was largely driven by the ecommerce segment. The report also revealed, “It is our target to make our consolidated e-commerce portfolio profitable in H1FY25.”
Swiggy’s last investment was in January this year. The $700 million funding round, which was led by US investment management company, Invesco, also saw participation from Prosus.
The report also pointed out that within the edtech sector, while its topline saw growth, its trading loss widened to $178 million due to “one-time adjustments” related to players such as BYJU’s, Udemy and Skillsoft.
Prosus’ other portfolio companies in India include Meesho, Pharmeasy, Eruditus and The Urban Company.
India’s most valuable start-up, BYJU’S, hit headlines after releasing its results after a delay of 18 months and its consolidated loss widening nearly 20 times to Rs 4,588.75 crore in FY21. Apart from this, the company also announced layoffs of 5 percent of the workforce. Barring edtech Dakorn, several other start-ups such as Swiggy rival Zomato, Unacademy, Vedantu, Cars24, Ola also announced layoffs. Most of them cited the “funding crunch” as the reason.
Funding in Indian start-ups dropped by a whopping 80 per cent to $3 billion in Q3CY22 (July to September quarter) as compared to $14.9 billion in the same period of 2021. per cent from Q2CY22.
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