Newsletter
Swiggy’s losses are shrinking, but the company is still burning cash to win the quick-commerce race.
By the numbers: for the March quarter, Swiggy reported:
- A net loss of ₹800 crore, improving from ₹1,081 crore last year.
- Revenue jumped 45% to ₹6,383 crore.
The driver: the biggest boost came from food delivery, which saw its fastest growth in nearly four years. Food delivery revenue rose to ₹2,075 crore, while the segment crossed ₹1,000 crore in annual adjusted EBITDA, showing stronger profitability.
Quick commerce, however, remains expensive. Instamart’s gross order value surged nearly 69% to ₹7,881 crore, but the business still posted an EBIT loss of ₹736 crore. Swiggy added only seven new dark stores during the quarter, signalling a more selective expansion strategy.
The company also saw average order values rise 33% to ₹700, helped by larger basket sizes and more non-grocery purchases.
Overall, the results show that Swiggy’s core food delivery business is becoming stronger and more profitable, while quick commerce continues to drive growth, but at a high cost.
