Business: A junior employee has caused huge losses to food delivery platform Swiggy. According to Swiggy, this former junior employee has defrauded it of Rs 33 crore. This is a big setback for Swiggy, which is preparing for an IPO. The company has given this information in its annual report for the financial year 2023-24. Swiggy has not disclosed the name of this employee. Legal action is being taken against him. However, such a big scam by a junior employee has raised questions on the administration of the company. 

Former employee commits fraud with Swiggy's subsidiary 

According to Swiggy, this embezzlement has happened with one of its subsidiaries till the financial year ending on March 31. The annual report states that this former employee has embezzled a total of Rs 32.67 crore from them. After getting information about this, the help of legal process is being taken. This is bad news for Zomato's main competitor Swiggy. People are asking questions that how can a small employee cheat such a big company. 

Swiggy's IPO will be more than Rs 10 thousand crore 

Swiggy recently submitted the IPO papers to market regulator SEBI to launch an IPO. According to the document filed in April, it is going to use the confidential route to launch the IPO. The company wants to raise about Rs 10,414 crore through the IPO. Out of this, there will be a fresh issue of Rs 3,750 crore and Rs 6,664 crore will be raised through Offer for Sale. 

The company has a net loss of Rs 2,350 crore in FY 2024

Swiggy has incurred a net loss of Rs 2,350 crore in FY 2024. However, the company has been successful in reducing its loss by 44 percent. It had incurred a net loss of Rs 4,179 crore in FY 2023. The company's revenue has also increased by 36 percent to Rs 11,247 crore. A year ago this figure was Rs 8,265 crore. Swiggy's gross order value has also increased by 26 percent to Rs 4.2 billion. Swiggy has said that Instamart's business is also growing rapidly.