Swiggy on Thursday submitted an updated draft red herring prospectus to markets regulator Securities and Exchange Board of India for review and public comments, after receiving a nod for its listing via the confidential filing route.
Once Swiggy lists, it will enjoy the fact that there is already a listed peer in the market, and not having to educate investors about what the company does and the scope of its business. However, it will also be compared to Zomato on every metric, given the similarities the two have with respect to food delivery, eating out and even quick commerce.
With the updated DRHP, Swiggy's FY24 metrics are up for scrutiny against Zomato's. Here's a few key details:
Consolidated Financials
For FY24, Swiggy revealed a 36% jump in operating revenue to Rs 11,247.3 crore. To compare with its listed rival, Zomato posted a Rs 12,961 crore topline in FY24.
On the profitability front as well, Zomato is ahead, with a Rs 351 crore profit to boast of, while Swiggy is working hard to trim costs, with losses down 44% to Rs 2,256 crore in FY24.
Active Users
Swiggy is India's second-largest food delivery platform, and that is reflected in the monthly transacting user figures.
A monthly transacting user is a customer that orders on the app at least once a month.
Given the high-frequency nature of food delivery, Swiggy had 1.42 crore MTUs, while Zomato boasted of 1.84 crore users. Swiggy's numbers are also helped by the fact that it has a unified app for Instamart, while Zomato's Blinkit is a separate application.
Food Delivery
Food delivery is the core for both operations, with average order value on both platforms tied. However, Zomato covers a wider base of restaurants, and is able to trump Swiggy on gross order value and total orders.
Eating Out
Eating out as a business segment for Swiggy came about after it acquired Dineout. Still, it hasn't been able to beat Zomato's Dining Out segment, which was boosted by its 1+1 promotions and discounts. This segment for Zomato is set to see a boost with its Insider acquisition and will include sales from live events as well going ahead.
Also Read: Swiggy IPO: Rahul Dravid, Karan Johar, Other Celebrities Scoop Up Stake Ahead Of Market Debut
Quick Commerce
Quick commerce is a segment where the two are breathing down each others' necks. Though Zomato has announced plans to double its dark store count and thereby grabbing more market share, the ball is in Swiggy's court to respond.
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