India's Swiggy records $200 million loss, document shows, as it plans IPO [Reuters]
SOFTBANK GRP UNSP/ADR (SFTBY)
NASDAQ:AMEX Investor Relations:
softbank.jp/en/corp/irinfo/presentations
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Source: Reuters
The SoftBank (9984.T) , opens new tab -backed company could list by the end of this year, sources previously told Reuters. India's stock market is booming although domestic and foreign investors have become more circumspect about IPOs by Indian startups amid concerns of unrealistically high valuations of companies still making losses. For the full fiscal year 2022-23 Swiggy made a loss of 41.8 billion rupee ($500 million), according to the document. But the company's lower wage payouts and cuts in marketing spending will help it trim losses for the full year 2023-24, a source with direct knowledge of the matter said, without wishing to be identified. The document showed that losses stood at 17.3 billion rupees $207 million during April to December 2023 - the first nine months of fiscal year 2023-24. That loss was on a revenue of $1.02 billion during the same period, compared with fiscal year 2022-23 revenue of $1.05 billion, the document showed. Swiggy did not respond to quer
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