Former employee steals Rs 33 crore from Swiggy, investigation on: Report

Swiggy, a food delivery company, has allegedy seen nearly Rs 33 crore stolen by a junior ex-employee, revealed Bengaluru-based food delivery platform has revealed this in its annual report for the financial year 2023-24.

Swiggy has reportedly employed an “external team” to investigate the issue and has filed a “legal complaint” against the former employee, reported MoneyControl citing the report.

What Swiggy said about the embezzlement

“The Group, during the current year, identified embezzlement of funds in one of the subsidiaries by a former junior employee amounting to Rs 326.76 million over the past periods. Based on a review of the facts discovered during the investigation, the Group has recorded an expense for the aforementioned amount during the year ended March 31, 2024," said Swiggy in the reported.


Apart from this, Swiggy didn’t mention any other details related to the alleged embezzlement.

Swiggy also noted that its losses have declined from Rs 4,179 crore in FY23 to Rs 2,350 crore this year. Consolidated net losses have decreased by 44% year-over-year while its revenue from operations has grown by 36% to Rs 11,247 crore.

The company is reportedly aiming for a valuation of around $15 billion in its upcoming initial public offering (IPO), aiming to raise between $1 and $1.2 billion. If successful, this would be one of the largest IPOs in India this year.

Swiggy, the popular on-demand convenience platform, has introduced a groundbreaking feature called Incognito Mode, aimed at ensuring user privacy for food and quick commerce orders. Launched on Friday, this innovative feature allows users to place orders privately without leaving a trace in their app history, making it ideal for surprise orders, personal indulgences, or discreet purchases.

Available on both Swiggy Food and Instamart, Incognito Mode provides a level of privacy for users who want to keep their orders confidential. This includes items like personal wellness products on Swiggy Instamart, which can now be bought without concern that their choices will be visible to others.

(with agency inputs)