New Delhi: A former junior employee at Swiggy has been accused of embezzling a Rs 33 crore from the meals provide huge, in keeping with the company’s 2023-24 annual report, as reported by Moneycontrol. The agency enlisted an “external team” to analysis the state of affairs and has taken approved movement in opposition to the earlier employee.
“The Group, during the current year, identified embezzlement of funds in one of the subsidiaries by a former junior employee amounting to ₹326.76 million over the past periods..,” in keeping with Swiggy’s annual report launched on September 4.
This comes at a time when the company filed its draft papers on April 26 for an preliminary public offering (Initial Public Offering), aiming to raise as a lot as Rs 3,750 crore by a latest topic and as a lot as Rs 6,664 crore by an offer-for-sale (OFS) which brings your entire Initial Public Offering value to 1.25 billion {{dollars}}.
Swiggy’s revenue observed a 36 per cent growth in FY24 to Rs 11,247 crore, in keeping with its annual report. The agency moreover managed to cut its losses by 44 per cent, lowering them from Rs 4,179 crore to Rs 2,350 crore, due to tighter administration over payments.
Total payments dropped by 8 per cent to Rs 13,947 crore which is principally on account of diminished spending on promotions and promoting which fell from Rs 2,501 crore last 12 months to Rs 1,851 crore in 2023-24. Despite holding a 43 per cent market share, Swiggy nonetheless lagged behind its competitor Zomato which leads with 57 per cent by the use of gross order value (GOV).
