Former employee stole Rs 33 crore, reveals Swiggy’s annual report; here’s what it says – Times of India

A former junior Swiggy employee has allegedly ‘stolen’ Rs 33 crore from the company. The Bengaluru-based food delivery platform has revealed this in its annual report for the financial year 2023-24. Swiggy has reportedly employed an “external team” to investigate the issue and has filed a “legal complaint” against the former employee.

What Swiggy said about the embezzlement

In its report (seen by Moneycontrol), Swiggy writes: “The Group, during the current year, identified embezzlement of funds in one of the subsidiaries by a former junior employee amounting to Rs 326.76 million over the past periods.Based on a review of the facts discovered during the investigation, the Group has recorded an expense for the aforementioned amount during the year ended March 31, 2024.”
Apart from this, Swiggy didn’t mention any other details related to the alleged embezzlement.

Swiggy revenue up by 36% ahead of IPO

Swiggy also noted that its losses have declined from Rs 4,179 crore in FY23 to Rs 2,350 crore this year. Consolidated net losses have decreased by 44% year-over-year while its revenue from operations has grown by 36% to Rs 11,247 crore.
The company is reportedly aiming for a valuation of around $15 billion in its upcoming initial public offering (IPO), aiming to raise between $1 and $1.2 billion. If successful, this would be one of the largest IPOs in India this year.
Last month, both Swiggy and its rival Zomato reportedly increased their platform fees to Rs 6 per order in certain markets, including Bengaluru and Delhi. This marked a 20% increase from the last fee of Rs 5.
Both companies introduced platform fees in 2023 with Rs 2 per order. In April, Zomato increased its fee to Rs 5 in key markets, and Swiggy is currently testing a fee of Rs 7 in Bengaluru. Apart from this, Zomato also charges a Priority Fee for faster deliveries.