Foodtech major Swiggy has launched a new feature ‘international login’ that will now enable users living abroad to order food and groceries for their loved ones in India.
The feature will be operational in 27 countries, including the US, Canada, Germany, UK, Australia and the UAE among others.
This comes amid the festive season as the startup looks to provide services to international customers who previously used the app and its features.
“Food and gifts are essential to family gatherings, especially during festivals,” said Phani Kishan, cofounder and CGO of Swiggy.
This comes a day after Swiggy has reportedly cut the valuation target for its upcoming initial public offering (IPO) to $12.5 Bn to $13.5 Bn.
Earlier this month, Swiggy received the approval from its shareholders to increase the size of the fresh issue in its public issue to INR 5,000 Cr from INR 3,750 Cr earlier. The IPO will have an offer-for-sale component of up to 18.53 Cr shares.
As per Swiggy’s DRHP, its consolidated net loss widened over 8% to INR 611 Cr in the June quarter (Q1 FY25) from INR 564.08 Cr in the year-ago period owing to a surge in operating costs.
Recently, the Bengaluru-based company increased its platform fee to INR 10 from INR 7 per order on its food delivery service, marking a 43% rise.
The Prosus-backed startup managed to narrow its loss by 44% to INR 2,350 Cr, in the financial year ended March 31, 2024, as against a loss of INR 4,179.3 Cr in FY23.
On the other hand, Swiggy’s operating revenue surged 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr, from a year ago, backed by the growth of its quick commerce business – Swiggy Instamart.
