look news india
Swiggy Employees: A small employee has caused huge losses to food delivery platform Swiggy. According to Swiggy, this former junior employee has committed a fraud of Rs 33 crore. This is a big setback for Swiggy, which is preparing for the IPO. The company has given this information in the annual report for the financial year 2023-24. Swiggy has not disclosed the name of this employee. Legal action is being taken against him. However, such a big scam by a small employee has raised questions on the company administration.
Swiggy's subsidiary defrauded by ex-employee!
According to Swiggy, this embezzlement has happened with one of its subsidiaries for the financial year that ended on March 31. The annual report states that this former employee has defrauded them of Rs 32.67 crore. Legal action is being taken after receiving information in this regard. This is bad news for Zomato's arch rival Swiggy. People are asking the question that how can a small employee cheat such a big company?
Swiggy's IPO will be more than Rs 10 thousand crores
Swiggy has recently submitted its IPO papers to market regulator SEBI to launch its IPO. According to a document filed in April, it is preparing to use the confidential route to launch the IPO. The company wants to raise around Rs 10,414 crore through the IPO. Out of this, Rs 3,750 crore will be a fresh issue and Rs 6,664 crore will be raised through an offer for sale.
The company incurred a net loss of Rs 2,350 crore in FY24
Swiggy has incurred a loss of Rs 2,350 crore in FY 2024. However, the company has been successful in reducing its losses by 44 per cent. It had a net loss of Rs 4,179 crore in FY23. The company's revenue has also increased by 36 per cent to Rs 11,247 crore.
A year ago this figure was Rs 8,265 crore. Swiggy's total order value also grew by 26 percent to Rs 4.2 billion. Swiggy has said that Instamart's business is also growing rapidly.