Bundl Technologies, the parent company of foodtech giant Swiggy, saw its losses widen by two times from Rs 1,616 crore FY21 to Rs 3,628 crore in FY22, according to the company’s financials. The increase in losses comes against the backdrop of its expenses also expanding exponentially from Rs 4,292 crore to Rs 9,748 crore in the last one year. The company reported a loss of Rs 3920 crore in FY20. However, it was successful in reducing these losses to half to Rs 1616 crore the very next fiscal year. Its expenses also reduced from Rs 7648 crore to 4292 crore between FY20-21. Despite the losses, the company has reported a twofold increase in its revenues in FY22. According to the company’s financials, Swiggy’s net sales grew from Rs 2546 crore in FY21 to Rs 5704 crore in FY22. There were also media reports of the company announcing layoffs. Business Today reached out to the company for a comment. Swiggy responded to the claims by saying, "There have been no layoffs at Swiggy. We concluded our performance cycle in October and have announced ratings and promotions at all levels. As with every cycle, we expect exits based on performance." In November, BT reported that the company has shut down its cloud kitchen brand ‘The Bowl Company’ in the Delhi-NCR market after a period of pilot run. "The expansion of The Bowl Company in Delhi/ NCR was an experiment we ran to bring new food experiences to users. This experiment has led to its due learnings, even as we focus on operational excellence for the brand,” a company spokesperson told Business Today at that time. In addition, the food delivery firm’s investor and Netherlands-based investment group, Prosus also announced around the same time that Swiggy’s core restaurant food delivery business grew its Gross Merchandise Value (GMV) by 40 per cent in 2022, while its quick commerce GMV increased 15x during the first six months of the year. Prosus also noted that its share in the foodtech giant grew 118 per cent to reach $150 million. The last investment raised by Swiggy was in January this year. The $700-million funding round was led by American investment management company, Invesco.