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Bundl Technologies, which runs the Swiggy food delivery application, quadrupled its operations during fiscal year 18, while losses for the same period were doubled.
During the fiscal year ended in March, the company's business turnover amounted to 4.4 billion compared to 1.3 billion rupees the previous year, according to documents filed by the company with the Registrar of Companies (RoC), from the business intelligence platform, Tofler.
Losses from the online food ordering and delivery platform for the same period doubled to Rs 3.9 billion from Rs 2 billion in FY 2017. However, , the cumulative losses of the company at the end of the fiscal year 18 amounted to 7.4 billion rupees.
The Bengaluru-based company entered the elite club of unicorns after raising $ 210 million from a group of investors, who valued the platform at $ 1.3. billion. The funding was led by lead investor Naspers and billionaire Yuri Milner, DST Global. The company has so far raised more than 450 million dollars. "With this investment, we will continue to expand Swiggy's offering, strengthen our capabilities, and fill gaps in the on-demand broadcast ecosystem," said Sriharsha Majety, co-founder and co-founder. CEO of Swiggy, after fundraising. [19659002] Since then, the company has used cash to expand its distribution network and enter new markets through new competition from UberEATS and Foodpanda. Ola, the taxi aggregator who acquired Foodpanda India from Delivery Hero in December, said he would inject $ 200 million into the company. Even Zomato took part in a fundraiser and signed at the beginning of the month a definitive agreement providing for a $ 210 million fundraiser from the existing investor Alipay Singapore. . In August, Foodpanda launched its Crave Party campaign offering desserts from Rs 9 and snacks for Rs 19. Even UberEATS, which considers India as the fastest growing market in the world, offers significant discounts on breakfasts. 19659007]! Function (f, b, e, v, n, t, s)
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