The Andhra Pradesh Hotels Association (APHA) has announced a statewide boycott of Swiggy operations starting October 14, according to Association President RV Swamy.
The decision to boycott Swiggy has been taken as they reportedly failed to make timely payments to restaurants and other food outlets.
Hotels Association President RV Swamy and Committee Convenor Ramana Rao announced that discussions were held with both food delivery platforms regarding the concerns of restaurant owners.
While Zomato agreed to the demands and conditions, Swiggy did not accept the terms. Consequently, the Hotels Association has decided to halt sales through Swiggy.
IPO-bound Swiggy clocks Rs 2,350 crore net loss in FY24
According to earlier reports, it states that, Zomato’s rival Swiggy, set for its initial public offering (IPO) posted Rs 2,350 crore in net loss in the last fiscal year (FY24).
The online food delivery platform, however, reduced the net loss by 44 per cent, from Rs 4,179 crore in FY23. The company saw its revenue grow 36 per cent to Rs 11,247 crore in FY24, from Rs 8,265 crore in the previous year.
Swiggy’s gross order value (GOV) stood at $4.2 billion, up 26 per cent year-on-year (YoY) as monthly transacting users were around 14.3 million.
According to the company’s FY24 financial report, profitability has sharply improved year-on-year, “as the peak of investments in Instamart is behind us and the business continues to grow rapidly”.
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