Talks of potential consolidation in the online food delivery space involving Zomato and UberEats does not worry Swiggy co-founder and CEO Sriharsha Majety. In an exclusive interview with TOI, Majety said Swiggy, with a USD 3.3-billion valuation, will continue to have a dominant market share both in revenues and number of orders.
Swiggy said it crossed 500 million delivery orders in October, exceeding the target of 360 million a year set for 2020. But this growth has come at a cost as the company has reported a six-fold increase in losses at Rs 2,345 crore in FY19.
Majety, 33, says the company is moving towards improving its bottomline as discounts come down. He also says Swiggy will continue to invest in new growth areas like ‘Stores’ and parcel delivery service ‘Go’.
Source: Economic Times
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