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Food delivery service Swiggy spent almost four times more on advertising and promotional expenses in FY22 compared to the previous financial year, according to integrated business information platform Tofler. The platform spent Rs 1,848.70 crore, almost a four-fold increase from Rs 570 crore in FY21.
Swiggy rolled out its “Why is it a Swiggy ad?” in October this year. For IPL 2022, the company also released four television commercials in April. It also brought out a South India-focussed campaign with R Madhavan and Simran in November.
Revenue from platform services stood at Rs 3,444 crore, growing from Rs 1,879 crore in FY21. Sale of groceries and FMCG products generated a revenue of Rs 2,036 crore, up from Rs 517 crore.
Sale of foods generated Rs 88 crore, up from Rs 83 crore in the previous fiscal.
The food delivery app invested heavily in its grocery delivery service Instamart this year, which led to the spurt in grocery and FMCG sales on the platform.
A report in December 2022 also said that Swiggy is looking to downsize its workforce by 250 employees, 3-5% of its employees. It also said that the move is done in a bid to allay investor fears about profitability.
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