‘Nicely done’: Zomato’s Deepinder Goyal congratulates rival Swiggy on becoming profitable

Zomato’s co-founder and CEO Deepinder Goyal took to social media platform Twitter to congratulate rival company Swiggy on turning profitable. Swiggy’s co-founder and CEO Sriharsha Majety shared a blog post on Thursday morning. Goyal replied to Majety’s post by saying, “Congratulations! Nicely done.” 
 

 Zomato is slated to announce its Q4FY23 results tomorrow. 
 
In the blog post, Majety wrote, "This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than 9 years since its inception." 
 
The announcement came days after Swiggy’s investors -- Invesco and Baron Capital -- marked down the valuation of the food delivery giant. Moreover, the update also comes a day before Swiggy’s rival and NSE-listed Zomato is slated to announce its Q4FY23 results. 
 
“This is a milestone for food delivery globally, not just for us, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than 9 years since its inception,” Majety wrote in the post. 
 
The CEO also factored the reasons that have led to the company hitting the profitability benchmark. “Our sharp focus on innovation, coupled with strong execution has led to yet another milestone- As of March 2023, Swiggy’s food delivery business has turned profitable (After factoring in ALL corporate costs; excluding employee stock option costs),” he said. 
 
In the coming times, Majety highlighted that the company’s aim is to penetrate deeper into the Tier II and III markets, keep exploring the unventured geographies and segments, and continue to take measures to fuel the growth of the food delivery industry.

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