Bundl Technologies, the parent organization of food tech major Swiggy, has observed a plunge in its revenue as the firm noted net operating revenue of Rs 2,547 crore for the financial year ended March 31, 2021, a drop from Rs 3,468 crore registered in FY20. The total earnings occurred to be Rs 2,675 crore.
The regulatory filing sourced from Tofler cites lockdown and constraint on delivery services, the major reason for the decrease in growth.
The decacorn noted a net loss of Rs 1,314 crore for the same financial year. This is a 65 percent decline from the last fiscal. Further, the company’s total costs stood at Rs 3,310 crore. Its whole employee benefits expense stood at Rs 935 crore which was one of the basic expenses.
However, the firm posted a salary growth of 10% and an attrition income of 30%.
The company revealed in filling that its business has shown a sharp rise through the year and has thrived by 1.2x from March 2020 level and 2.2x from June 2020 levels with an intense priority on Customer Acquisition and Retention; Supply Improvements (both Restaurants and Delivery Riders) and a high bar on Understanding with focussed interventions on improving Choice, Price and Convenience, and Policies for the consumers as well as partners.
It further said that “As our company continued to focus on business recovery and associated Unit Economics the contribution margins improved significantly with operational efficiency and reduction in defects.”
However this month, Swiggy increased $700 million at a valuation of $10.7 billion, doubling its valuation in six months. Swiggy’s fundraise arrived at a time when Reliance Retail announced it led a $240-million round in rival on-demand delivery startup Dunzo.
