Swiggy Shares Surge Amid Narrowing Loss and Strategic Investments

Swiggy's shares surged nearly 7% as the food delivery company's net loss narrowed to Rs 625.53 crore for the second quarter ending September 30, 2023. With an eye on strategic expansion, Swiggy plans to invest up to Rs 1,600 crore in its subsidiary, Scootsy Logistics.

Swiggy's shares experienced a substantial boost on Wednesday, jumping nearly 7% following its report of a narrowed consolidated net loss at Rs 625.53 crore for the second quarter ending September 30.

This surge in share value to Rs 534.85 on the BSE underscores the steady growth Swiggy is seeing in its food delivery service. In a debut quarterly report to stock exchanges, Swiggy highlighted a decrease from the Rs 657 crore loss it registered during the same period last year.

Moreover, Swiggy's revenue from operations saw a significant rise to Rs 3,601.45 crore, compared to Rs 2,763.33 crore in the previous fiscal year's corresponding period, despite a rise in total expenses to Rs 4,309.54 crore. Adding to its strategic portfolio diversification, Swiggy's board has sanctioned an investment of up to Rs 1,600 crore into Scootsy Logistics Pvt Ltd, a wholly-owned subsidiary, indicating its commitment to advancing supply chain services.

(With inputs from agencies.)