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Swiggy Sells Cloud Kitchen Business: Big news related to Swiggy, a company that provides food delivery facilities in the country, is coming out. The company has taken a big decision regarding the reduction in its cost. The company has sold its Cloud Kitchen Business to Kitchens@ as part of this exercise. Share Swapping is believed to be the biggest reason for this deal. That is, due to the exchange of shares, this has to be done. Earlier, Swiggy has fired 380 of its employees.
closed meat market place
Swiggy’s co-founder and CEO Sriharsha Majety (CEO Sri Harsha Majety) said in an e-mail sent to employees in January 2023 that the company was going to take a tough stand on some of its business verticals and shut down its meat marketplace. Has gone. He wrote in the email, the growth rate for food delivery has been less than we had estimated. We need to re-think our indirect cost to achieve our profit target.
cloud kitchens started
According to Money Control, the company launched Cloud Kitchens business Swiggy Access in November 2017 to set up kitchens for delivery only in some areas. If Swiggy sees a dip in the biryani business in Bengaluru, says a person in the know of the cloud kitchen, it may invite a biryani brand to use its real estate for the purpose of setting up a cloud kitchen .
The company spent so much money
Food delivery company Swiggy spent about Rs 175 crore in the year 2019 to create a segment of more than 1,000 cloud kitchens within 14 cities. The company was going to spend an additional Rs 75 crore, but by March 2020 had started cloud kitchen business in 12 additional cities. The company has registered a net loss of Rs 3,628.9 crore in FY22. In the financial year 2022, the company’s revenue has increased by 125 percent to Rs 5,704.9 crore.
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