Swiggy is among the top online food delivery platforms. Standing strong against Zomato, the company keeps launching new features and products to serve its customers better. However, it revealed its subsidiary’s embezzlement case by a former employee amid IPO preparations. The food delivery giant has several subsidiary companies. The case took place under one of those subsidiaries. Apart from that, Swiggy’s majorly successful subsidiary is Instamart. Let us look at Swiggy’s subsidiary embezzlement case below.
Swiggy’s Former Junior Employee Embezzled Rs. 33 Crores Of The Company
Swiggy in its recent report points out the embezzlement case of its former junior employee. The researchers and reports show that an unknown individual who was a junior employee in Swiggy’s subsidiary embezzled Rs. 326.76 Million. The company is going to investigate the case further in detail. The external team of Swiggy is already doing some of the work while a legal complaint against that former employee. The company has not revealed the personal details of the employee.
Swiggy’s subsidiary faced this issue when Swiggy was going to enter an IPO. Further investigation will help in revealing how he managed to take this amount of money alone. More information will reveal more details about the case and how it takes place. Apart from that, Swiggy is performing quite well in its quarterly results. Although it was a loss of Rs. 2,350 Crores in the previous year, it is still improved by 44% from the period before that. It expects to touch profitability in 2-3 years.
The company is going to raise its IPO soon. It has not revealed many details about its IPO yet. However, Swiggy will raise Rs. 10,414 Crores from the IPO. The company is performing well and will have a revenue growth of 36%. It reached Rs. 11,247 crores in FY24. However, it was at a revenue of Rs. 8,265 Crores the previous year. It is reaching new heights in terms of revenue. Apart from that, its GOV (Gross Order Value) is also $4.2 Billion. Overall, the company has an increase of 26% YoY.
Swiggy keeps on adding new features for its customers. The company has recently announced an Industry-first Incognito Mode. As we all know Incognito Mode allows us freedom to access any website or data without leaving our details on their server. Thus, Swiggy’s Incognito Mode has the same features too. It allows consumers to order food without showing it in the history. Thus, there is no need to delete history.