Swiggy has recently revealed that an ex-junior employee had allegedly embezzled a staggering amount of ₹33 crore from one of its subsidiaries. According to the food delivery and quick commerce giant’s annual report, “The Group, during the current year, identified embezzlement of funds in one of the subsidiaries by a former junior employee amounting to ₹326.76 Mn over the past periods.”
The timeline of the misappropriated funds hasn’t been specified. However, a probe with an external team has been initiated and a legal case has been fined against the individual whose name was kept under wraps in the company’s FY 2023-24 Annual Report.
Such an instance detonates a barrage of questions targeted at the firm’s corporate governance.
Swiggy submitted its initial public offering (IPO) draft documents via the confidential route in April and aims to raise up to ₹3,750 crores (around $450 million) through a new issuance and up to ₹6,664 crores (about $800 million) via an offer-for-sale (OFS) as part of its $1.25 billion IPO.
Ink Dive: Swiggy Appoints Amitesh Jha as CEO of Instamart
Its revenue witnessed an impressive growth from ₹8,265 crores to ₹11,247 crores in FY24 showing a surge of 36% from the preceding year. Its gross order value (GOV) also grew by 26 per cent on a YoY basis and currently stands at $4.2 billion. The monthly transacted users are 14.3 million (approx).
The FY24 report also mentioned the YoY improvement in profitability, saying, “as the peak of investments in Instamart is behind us and the business continues to grow rapidly.”
Insights from agencies
