New Delhi: Zomato’s rival Swiggy, set for its initial public offering (IPO) posted Rs 2,350 crore in net loss in the last fiscal year (FY24).

The online food delivery platform, however, reduced the net loss by 44 per cent, from Rs 4,179 crore in FY23.

The company saw its revenue grow 36 per cent to Rs 11,247 crore in FY24, from Rs 8,265 crore in the previous year.

Swiggy’s gross order value (GOV) stood at $4.2 billion, up 26 per cent year-on-year (YoY) as monthly transacting users were around 14.3 million.

According to the company’s FY24 financial report, profitability has sharply improved year-on-year, “as the peak of investments in Instamart is behind us and the business continues to grow rapidly”.

In comparison, Zomato posted over 126 per cent growth in net profit to reach Rs 253 crore in the April-June quarter (Q1 FY25), from Rs 2 crore in net profit in the same quarter last year. The Deepinder Goyal-run company reported 74 per cent growth (year-on-year) in revenue at Rs 4,206 crore in Q1 FY25.

The figures came as Swiggy is set for its public debut later this year. It is reportedly eyeing a valuation of $15 billion valuation for its $1-$1.2 billion IPO.

Meanwhile, the food services market in India is poised to grow at 10-12 per cent annually over the next seven years, reaching Rs 9-10 lakh crore by 2030. The food services market in India, which encompasses dining out and ordering in, is currently valued at Rs 5.5 lakh crore.

According to a recent report by Bain & Company and Swiggy, online food delivery is expected to grow faster at 18 per cent CAGR, contributing 20 per cent to the overall food services market by 2030.