Swiggy Supports Events by Introducing its New "Scenes" Offering

Foodtech giant Swiggy has introduced Swiggy Scenes, a new feature on its app, in what appears to be an attempt to strengthen its events and ticketing play. The new option, which was introduced under Swiggy's "Dineout" offering, enables customers to reserve events, parties, and live music at Swiggy's partner restaurants. Currently, customers can reserve over 55 events in Delhi, including live music, Christmas parties, and New Year's celebrations. In Bengaluru, the firm has organised roughly 48 events. Swiggy wasn't available right away to answer Inc42's questions about the development. As soon as an answer is received, the story will be updated.

Recently Launched Initiatives by Swiggy

The launch of Scenes complements Swiggy's several other new developments over the past year or so. The company announced the introduction of One BLCK, a new premium invite-only membership club, on December 12. In October, it also introduced Bolt, a 10-minute meal delivery service. Nonetheless, this appears to be Swiggy's first new product for its "out-of-home consumption vertical" in the previous 12 months. The vertical includes its restaurant reservation and booking platform Dineout as well as its exclusive events and experiences firm Swiggy SteppinOut.

Swiggy’s Financial Progress

In Q2 of FY25, Swiggy generated INR 60 Cr in sales from the vertical, a 71% increase over INR 35 Cr in the same quarter last year. Swiggy projected adjusted EBITDA break-even for the out-of-home consumption vertical for the current fiscal year in its investor presentation. In Q2 of FY24, the vertical's deficit decreased 79% to INR 9.26 Cr from INR 44.34 Cr. During the reviewed quarter, the adjusted EBITDA margin as a percentage of its GOV was -1.3%, compared to -8.8% during the same period last year. This comes as Zomato, Swiggy's fiercest opponent, has been strengthening its position in the ticketing market for a while.

Zomato released District, a distinct app for its ticketing division, in November following the purchase of Paytm Insider earlier this year. Zomato provides its users with movie, event, and food options through the app. Through its first qualified institutional placement (QIP) in November, Zomato raised INR 8,500 Cr (about $1 billion) to support the expansion of its events and ticketing operations, as well as speedy commerce and food delivery.

Cutting Down on Losses

Revenue from its "Going Out" vertical increased 214% to INR 154 Cr in Q2 FY25 from INR 49 Cr in Q2 FY24. In the meantime, Swiggy reduced its consolidated net loss from INR 657 Cr in the previous quarter to INR 625.53 Cr in the September quarter, a 4.78% decrease. In Q2 of FY24, revenue increased by 30% to INR 3,601.45 Cr from INR 2,763.33 Cr.

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StartupTalkyNitin Konde