New Delhi: A former junior employee at Swiggy has been accused of embezzling a Rs 33 crore from the food delivery giant, according to the company’s 2023-24 annual report, as reported by Moneycontrol. The company enlisted an “external team” to investigate the situation and has taken legal action against the former employee.
“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..,” according to Swiggy’s annual report released on September 4.
This comes at a time when the company filed its draft papers on April 26 for an initial public offering (IPO), aiming to raise up to Rs 3,750 crore through a fresh issue and up to Rs 6,664 crore through an offer-for-sale (OFS) which brings the total IPO value to 1.25 billion dollars.
Swiggy’s revenue saw a 36 per cent growth in FY24 to Rs 11,247 crore, according to its annual report. The company also managed to cut its losses by 44 per cent, reducing them from Rs 4,179 crore to Rs 2,350 crore, thanks to tighter control over expenses.
Total expenses dropped by 8 per cent to Rs 13,947 crore which is largely due to reduced spending on promotions and marketing which fell from Rs 2,501 crore last year to Rs 1,851 crore in 2023-24. Despite holding a 43 per cent market share, Swiggy still lagged behind its competitor Zomato which leads with 57 per cent in terms of gross order value (GOV).