New Delhi: A former junior worker at Swiggy has been accused of embezzling a Rs 33 crore from the meals supply big, in line with the corporate’s 2023-24 annual report, as reported by Moneycontrol. The firm enlisted an “external team” to research the state of affairs and has taken authorized motion in opposition to the previous worker.
“The Group, during the current year, identified embezzlement of funds in one of the subsidiaries by a former junior employee amounting to ₹326.76 million over the past periods..,” in line with Swiggy’s annual report launched on September 4.
This comes at a time when the corporate filed its draft papers on April 26 for an preliminary public providing (IPO), aiming to lift as much as Rs 3,750 crore by a recent subject and as much as Rs 6,664 crore by an offer-for-sale (OFS) which brings the entire IPO worth to 1.25 billion {dollars}.
Swiggy’s income noticed a 36 per cent development in FY24 to Rs 11,247 crore, in line with its annual report. The firm additionally managed to chop its losses by 44 per cent, decreasing them from Rs 4,179 crore to Rs 2,350 crore, because of tighter management over bills.
Total bills dropped by 8 per cent to Rs 13,947 crore which is basically on account of diminished spending on promotions and advertising which fell from Rs 2,501 crore final 12 months to Rs 1,851 crore in 2023-24. Despite holding a 43 per cent market share, Swiggy nonetheless lagged behind its competitor Zomato which leads with 57 per cent by way of gross order worth (GOV).
