BackBack SoftBank-backed Swiggy records $200 million loss in nine months to Dec 2023 ahead of IPO

Indian food delivery giant Swiggy recorded a $200 million loss for the nine months to December 2023, according to an internal document of the company, which is looking to list on the stock market. The SoftBank-backed company could list by the end of this year, sources previously told Reuters. India's stock market is booming although domestic and foreign investors have become more circumspect about IPOs by Indian startups amid concerns of unrealistically high valuations of companies still making losses. For the full fiscal year 2022-23, Swiggy made a loss of 41.8 billion rupee ($500 million), according to the document. But the company's lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023-24, a source with direct knowledge of the matter said, without wishing to be identified.