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Food Delivery: iFood reaches 100m order milestone4, achieves record profit and drives innovation and ecosystem expansion, and Swiggy’s IPO delivers gain of US$2bn
iFood delivered strong top line growth, with Gross Merchandise Value (GMV) up 32%, orders up 29% and revenue increasing 30%.
iFood’s core restaurant business grew aEBIT by 85% to US$148m, improving aEBIT margin to 26%.
Extensions grew revenue by 30%, driven by strong performance in groceries marketplace and credit businesses
Overall, iFood achieved a record profit, with aEBIT of US$98m, up 387%.
Delivery Hero grew GMV by 6% for the six months ended 30 June 2024, with revenue up 19%, boosting profitability to an adjusted EBITDA of €241m (up from €9m in 1H23).
Swiggy grew Gross Order Value (GOV) by 24%, while adjusted EBITDA losses reduced to US$85m.
Swiggy listed on Indian exchanges in November, with a valuation of US$11.3bn, and a Prosus gain of US$2bn on total investment.
Bron: Yahoo.Com / Prosus H1 results 2024