Swiggy Reveals Rs 33 Crore Fraud Committed by Former Junior Employee

According to reports, Zomato’s competitor launched an investigation with an external team and lodged a legal complaint against an unnamed individual in its annual report for the 2023-24 financial year. The report revealed that the company identified embezzlement of funds totaling INR 326.76 million by a former junior employee in one of its subsidiaries during the past periods. Following the investigation, the company recorded an expense for this amount in its financial statement for the year ended March 31, 2024. The substantial embezzlement by a junior employee raises concerns about corporate governance at the firm.

In April, the company filed its initial public offering (IPO) draft documents confidentially, with plans to raise funds of up to Rs 3,750 crore through a new issuance and up to Rs 6,664 crore via an offer-for-sale (OFS) in its $1.25 billion IPO. In its last fiscal year (FY24), Swiggy reported a net loss of Rs 2,350 crore, showing a 44 percent decrease from the Rs 4,179 crore loss in FY23. The company’s revenue grew by 36 percent to Rs 11,247 crore in FY24 from Rs 8,265 crore in the previous year. Swiggy’s gross order value (GOV) increased by 26 percent year-on-year to $4.2 billion, with approximately 14.3 million monthly transacting users.

The company’s FY24 financial report indicated a significant year-on-year improvement in profitability, attributed to the conclusion of major investments in Instamart and the business’s rapid growth. *Note: This story has not been edited by NDTV staff and is published from a syndicated feed. *