Swiggy’s Q4 FY25 numbers is a story of aggressive expansion and mounting losses, a mix that not all investors are cheering.
By the numbers:
- Quarterly revenue: ₹4,410 crore, up 45% YoY
- Losses: ₹1,081 crore, nearly double last year’s ₹555 crore
- Instamart Gross Order Value: ₹4,670 crore, which nearly doubled YoY
- New dark stores: 316 added in Q4, up almost 45% vs. last quarter
What’s driving the losses: we all know quick-commerce isn’t cheap, particularly when competition is so hot. Zepto, Zomato, Flipkart, and a handful of others are spending like there’s no tomorrow.
Swiggy is compelled to pour hundreds of millions to stay competitive, opening new dark stores while continuing discounts to keep consumers engaged. The competition is particularly bloody with industry leader Blinkit.
Bottomline: the food delivery business is largely saturated, with growth slowing across the country. Instamart is its only real growth engine for Swiggy. The question is: will public market investors wait it out, or are they better off taking their money elsewhere.
