https://www.tofler.in/blog Business Intelligence Platform Tue, 15 May 2018 05:48:12 +0000 en-US hourly 1 https://wordpress.org/?v=6.0.2 146194631 https://www.tofler.in/blog/indian-start-up-financials-reports-revenue-loss/swiggy-fy-14-15-revenue-at-inr-11-6-lacs-losses-at-inr-2-1-crores-tofler-curiosityisgood/ Tue, 12 Jan 2016 06:57:26 +0000 https://www.tofler.in/blog/?p=871

Swiggy, an online food-ordering and delivery start-up, is owned and operated by Bundl Technologies Private Limited. They have reported their results for the FY 14-15 and they are not much different from other online food ordering startups.

Incorporated in 2013

Revenue FY 14-15 INR 12 lacs

Loss FY 14-15 INR 2.1Cr

Funds Raised  INR 114 Cr

Financial Performance

The company reported revenue of INR 11.6 lacs against a loss of INR 2.1 crores. The revenue from operations stood at INR 7 lacs. The revenue comprises the delivery fees charged to restaurants and ‘e-commerce revenue’. The biggest expense for the company was the employee expense at INR 1.3 crores.

Swiggy mainly competes with Foodpanda, TinyOwl, Faaso’s and now Zomato, when it entered the food delivery segment last year. Following is a comparison of FY 14-15 revenue and PAT of ley players in food-tech. Zomato has not been included since it has primarily been a restaurant search and discovery platform and thus is not exactly comparable with the others.

Story so far

Swiggy was founded by Sriharsha Majety, Rahul Jaimini and Nandan Reddy in December, 2013 in Bengaluru and became operational in FY 14-15. It enlists restaurants from nearby location to the customers who can then select and place order through its app or the website. It has dedicated delivery personnel to pick up orders from restaurants and deliver them to the customers. Swiggy now has its operations in 8 cities across India.

Funding

Swiggy secured its first funding from SAIF Partners in January 2015 followed by a funding round of INR 100 crores in June. The company has raised a total funding of INR 113.6 crores so far, from SAIF Partners, Accel, Norwest Venture and Apoletto Asia. Here is a snapshot of total funding raised by Swiggy and its competitors in foodtech.

With most of the players at almost similar stages, there is no clear leader so far in the online food ordering space. Although Zomato is way ahead of anyone in the restaurant search and discovery space, they have only just begun their food ordering operations. A few of the players such as Dazo, Spponjoy, etc. have already shut shop and there could be more such cases or industry consolidation. With heavy funding, this sector has already garnered everybody’s attention and it would be interesting to see how the space emerges.

---

For Annual Reports, Balance Sheets, Profit & Loss, Company Research Reports, directors and other financial information on ALL Indian Companies, head over to www.tofler.in – Business Research Platform.

---

This article was originally published here by Team Tofler.

Author– Vishal, a Sci-fi enthusiast, engineer by mistake and writer by choice, combines his eye for numbers with a natural flair for storytelling to churn out Tofler’s blogs.

Editor –  Anchal, co-founder at Tofler, is a CA, CS and has more than 5 years experience in company analysis. She likes to explore and track companies, their performance and senior management.

---

Tofler makes no claim of ownership or affiliation with any trademark / logo (REGISTERED OR UNREGISTERED) used in this article. Trademarks or logos, if any, published on this page belong to their respective owners.

]]> 871 https://www.tofler.in/blog/indian-start-up-financials-reports-revenue-loss/foodpanda-inr-4-7-cr-in-revenue-inr-36-cr-in-loss-in-fy-14-15-tofler-curiosityisgood/ Mon, 21 Dec 2015 06:22:11 +0000 https://www.tofler.in/blog/?p=772

Foodpanda (Pisces eServices Private Limited) has reported its latest revenue figures for FY 14-15. The company earned a revenue of INR 4.7 crores in FY 14-15 compared to INR 69 lacs the previous fiscal (580% growth in revenues). The losses grew 5 times from INR 7 crores to INR 36 crores in the same period.

Incorporated in 2012

Revenue FY 14-15 INR 4.7 Cr

Loss FY 14-15 INR 36 Cr

Funds Raised 110 Cr

Financial Performance

The revenue from operations stood at INR 4.6 crores. This includes ‘Commission from restaurants (98%), ‘Income from Marketing’ (1.1%) and ‘Income from Registration’ (0.9%). Following chart depicts their year on year Revenue from PAT since inception.

The expenses for the company were INR 41 crores in FY 15 (INR 7.7 crores in FY 14). The loss for the year stood at INR 36 crores, whereas the accumulated losses over the three year stood at INR 47 crores. The accumulated losses have eroded the net worth of the company. The net worth as on 31^st March, 2015 was a negative of 2.7 crore rupees. After March 2015, the parent company has infused around INR 66 crores of funds in the company.

The major expense for the company was ‘TV and Radio Advertisement’ expense, which stood at INR 18 crores (44% of the total expenses). This particular expense and a lot of other apparent discrepancies were discussed in detail in this article by Mint. Other major expenses were ‘Discount Voucher’ expense at INR 8.3 crores (20% of expenses) and employee expenses at INR 6.4 crores (16% of expenses). Following is a breakup of the expenses.

Interestingly, by the financial year end, Foodpanda identified some of the much talked about “certain case of restaurants which were non-existing or which were misusing the company’s discount vouchers by generating fake orders” (as mentioned in their Auditor’s report). The company puts the loss due to these frauds at INR 7.6 lacs and calls it “not material in comparison to the scale of operation of the company”. This loss is shown under the expense head of ‘Discount Voucher’.

Food-tech scenario in India

The following graph benchmarks Foodpanda revenue and losses against some of its major competitors in the food tech industry.

While Faaso’s (2010) and Zomato (2010) have been around for more than 5 years, Foodpanda (2012), TinyOwl  (2014), Swiggy (2013) are relatively newer players. Foodpanda claims to be present in 100+ cities compared to Zomato in 10,000 cities (across 23 countries, however, primarily it is a restaurant discovery platform), Faaso’s in 10 cities, Swiggy in 8 cities and TinyOwl in 6 cities.

Food-tech has been a heavily funded sector so far and almost all key players have raised multiple rounds of funding. Following chart illustrates the funding of key players (estimated from documents filed with the Registrar of Companies) in the sector so far.

Of late, Foodpanda has been delving into several new service offerings such as corporate food ordering service and food delivery on trains with irctc. Zomato launched its food ordering app this year, which directly competes with Foodpanda’s business. However, Zomato has an edge over its competition due of its long presence and a deep penetration in the market through its restaurant listing business. Competing with Zomato and other upcoming players and apparently having a lot to fix at home, Foodpanda seems to be in for a tough ride ahead.

---

This article was originally published here by Team Tofler.

Author– Vishal, a Sci-fi enthusiast, engineer by mistake and writer by choice, combines his eye for numbers with a natural flair for storytelling to churn out Tofler’s blogs.

Editor –  Anchal, founder at Tofler, is a CA, CS and has more than 5 years experience in company analysis. She likes to explore and track companies, their performance and senior management.

---

 

]]> 772