According to financial data accessed by the business intelligence platform Tofler, Bundl Technologies, the parent company of food delivery app Swiggy, reduced its advertising promotional expenses by 75% to Rs 447.5 crore for the fiscal year ended March 31, 2021, from Rs 1806 crore the previous fiscal year.
The company’s sales decreased by 23% to Rs 2145 crore, down from Rs 3548.5 crore the previous fiscal year.Its net loss shrank by 65 percent, from Rs 3768.5 crore to Rs 1314 crore.
Total expenses for the fiscal year fell by 54% to Rs 3310 crore from Rs 7214.7 crore the previous year. The company stated that it continues to influence people’s perceptions of meal delivery in more than 500 cities across the country.
Swiggy said it uses its technology, scalability, restaurant density, delivery network, and lessons learned from more than 1.25 billion delivered orders to improve on-demand food delivery services and explore new solutions for clients such as concierge services and basics on-demand. Its most recent offering
Swiggy Instamart (now available in 19 cities) enables users to order basics and groceries at any time of day in 15-45 minutes from a selection of over 4000 SKUs without sacrificing speed.
High availability, fill-through rates, very low cancellations, and complaints remain at the core of our operations as we continue to develop within existing areas and extend into newer locations.
“The COVID-19 outbreak spread fast during the year under review, prompting the Indian government to implement a variety of steps to stem the spread of the virus, including lockdowns, travel restrictions, social distancing, and other emergency measures.
This, combined with widespread fear of getting the virus, resulted in a major drop in food delivery demand “In its annual report, the company statedDespite the lockdown and other restrictions, Swiggy stated it was able to continue doing business as usual.
“We were among the first to implement a ‘No-Contact’ delivery option on the app as the country’s top on-demand delivery platform, allowing both clients and delivery partners to keep a safe distance.
We put in place many safeguards shortly after the lockdown went into effect to monitor the health of our restaurant and delivery partners.” The company also stated that its business has shown strong recovery throughout the year, growing by 1.2x from March 2020 levels and 2.2x from June 2020 levels, with a strong focus on Customer Acquisition and Retention;
Supply Improvements (both Restaurants and Delivery Riders); and a high bar on Experience, with targeted interventions on improving Selection, Price and Convenience, and Policies for our customers and partners.
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