Swiggy Unleashes Global Flavors: Order from Abroad and Delight Loved Ones in India!

Foodtech major Swiggy has introduced a new feature called ‘international login,’ allowing users living abroad to order food and groceries for their loved ones in India. This feature will be operational in 27 countries, including the US, Canada, Germany, UK, Australia, and the UAE, among others.

The launch coincides with the festive season, as the startup aims to cater to international customers who previously used its app and features. “Food and gifts are essential to family gatherings, especially during festivals,” remarked Phani Kishan, co-founder and Chief Growth Officer (CGO) of Swiggy, highlighting the emotional aspect of food during celebrations.

This development comes just a day after reports indicated that Swiggy has reportedly revised its valuation target for its upcoming initial public offering (IPO) to between $12.5 billion and $13.5 billion. Earlier in the month, Swiggy received approval from its shareholders to increase the size of the fresh issue in its public offering to INR 5,000 crore, up from the previously stated INR 3,750 crore. The IPO will include an offer-for-sale component of up to 18.53 crore shares.

According to Swiggy’s Draft Red Herring Prospectus (DRHP), the company’s consolidated net loss widened over 8% to INR 611 crore in the June quarter (Q1 FY25) compared to INR 564.08 crore in the same period last year, primarily due to a surge in operating costs. Recently, the Bengaluru-based company also increased its platform fee from INR 7 to INR 10 per order on its food delivery service, reflecting a 43% rise in fees.

Despite the increased losses, Swiggy managed to narrow its total loss by 44% to INR 2,350 crore for the financial year ended March 31, 2024, down from INR 4,179.3 crore in FY23. This achievement can be attributed to a surge in operating revenue, which increased by 36% to INR 11,247.3 crore in FY24 from INR 8,264.5 crore in the previous year, primarily driven by the growth of its quick commerce business—Swiggy Instamart.

As Swiggy continues to evolve its business model and service offerings, the introduction of the international login feature represents a strategic move to expand its market presence and engage with the Indian diaspora. This feature not only facilitates convenience for users abroad but also reinforces Swiggy’s commitment to being an integral part of family celebrations during significant occasions.

By enhancing its offerings during the festive season and adapting to the needs of its users, Swiggy aims to solidify its position in the highly competitive food delivery market. The company's focus on growth and innovation will be crucial as it navigates the complexities of expanding its user base and optimizing its operational efficiencies in the coming years. With its eyes set on the IPO and increasing its market share, Swiggy appears to be gearing up for a significant phase of growth in the dynamic landscape of foodtech in India and beyond.