The programme helps restaurants access financial products such as term loans and credit lines from lending firms including Indifi, Incred, PayU, IIFL and FT Cash.
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Of the 8,000 restaurants that have accessed these products, 3,000 availed loans in 2022.
“The NBFCs (non-banking finance companies) will soon facilitate more solutions like pre-approved loans to enable our partners to gain easier and quicker access to capital, driving even more growth for their businesses,” said Swapnil Bajpai, vice president – supply at Swiggy.
Swiggy has been in a pitched battle with listed rival Zomato to gain food delivery market share. Brokerage reports have pegged Swiggy’s share at around 45%, giving Zomato an edge over its Bengaluru-based rival. The two also slug it out in the quick-commerce space — through Swiggy Instamart and Zomato-owned Blinkit.
Swiggy is itself eyeing a public listing, with news reports in late August suggesting the company had initiated talks with bankers to assess its valuation before an expected 2024 initial public offering, after halting the process for months due to weakness in the markets.
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On August 28, US-based asset management firm Baron Capital Group marked up its valuation of Swiggy by 34% to $8.54 billion.On June 27, Swiggy’s biggest shareholder, Prosus, said its share in Swiggy’s loss had shot up to $180 million in fiscal year 2023 (FY23) from $100 million in FY22. That translated to an aggregate loss of around $540 million for Swiggy for the fiscal year.