Sriharsha Majety & Nandan Reddy on Scale Before Profitability

The firm reached unicorn status in 2018 and decacorn status in 2022 at a $10.7 billion valuation, propelled by funding from Accel Partners and Norwest Venture Partners — a capital trajectory that funded city expansion and the cloud-kitchen build-out before the IPO.

For the April–June 2024 quarter, Swiggy reported operating revenues of Rs 3,222 crore, up 35% year-on-year, while net loss widened by 8% to Rs 611 crore — a profile that the IPO documents had to defend: revenue growth visible, but path to profitability still under construction at the moment of listing.