Swiggy's largest investor Prosus in its annual report for the financial year 2022-23 said that its share of Swiggy's losses stood at $180 million in 2022, pegging the food delivery giant's overall losses at $545 million for the year.

"Our share of Swiggy's trading loss increased to $180 million (FY22: $100 million), driven by investment in Instamart, which peaked in the year," says Netherland-listed Prosus in its financial statements for the year ended March 31, 2023.

As per the report, Swiggy's gross merchandise value (GMV) touched $2.6 billion in FY23. The recorded GMV growth is an uptick from $2.3 billion in the previous fiscal.

The growth was largely attributed to expansion in its restaurant base with Swiggy now having 2.72 lakh enabled restaurants on its platform. Following a complete recovery from the initial impact of Covid-19, Swiggy's results show a 155% rise from pre-Covid-19 levels in terms of restaurant base.

Swiggy's core restaurant food-delivery business grew by 26% in GMV year-over-year (YoY) in FY23 while its quick-commerce business, Instamart, generated GMV growth of 459%. The annual report noted that Swiggy is expanding its Instamart business, which doubled the number of enabled stores on its platform in 2022.

"In the past two reporting periods, Swiggy has concentrated on reactivating users, increasing monthly frequency and improving user conversion," said Prosus which owns 33% stake in the Benguluru-based company.

Prosus' share of Swiggy's revenue saw an increase of 40% - from $212 million in the previous year to $297 million in FY23. The bump-up in the share was "driven by higher average order values and higher revenues from delivery fees and advertising sales."

Meanwhile, investment management company, Invesco, has maintained the valuation of the Indian foodtech giant Swiggy at $5.5 billion as of April 30, 2023, according to regulatory filings. The Atlanta-based investor had cut the food delivery company's valuation twice last year, initially $10.7 billion in January 2022 and then $8.2 billion in October 2022.

As per Invesco's regulatory filings with the US Security and Exchange Commission (SEC), Swiggy shares were valued at $3,305 as of January 31, 2023, significantly less than $4,759 in October 2022.

Incidentally, the markdown in Swiggy's valuations has brought the company's valuation below its rival Zomato's market cap. The recent hike in Zomato's share price has seen its m-cap hit $7.63 billion at the opening time of trading session on June 27. It is well above Invesco's latest valuation for Swiggy.

On the other hand, the gross order value of Zomato's food delivery increased by 12% in the March 2023 quarter compared to the same period last year. In CY22, Zomato's total revenues amounted to ₹6,884 crore.

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