Swiggy, India’s leading food delivery and quick commerce company, reported a consolidated net loss of Rs 1,081 crore in the quarter ending March 2025, a sharp rise of 95% year-on-year. Despite strong topline growth, Swiggy's losses widened due to its aggressive investment in the Instamart vertical, highlighting the ongoing cash burn in India's competitive quick commerce market.
Swiggy’s operating revenue jumped 44.8% YoY to Rs 4,410 crore, up from Rs 3,045 crore in the previous year. The key driver was Instamart, whose gross order value (GOV) doubled to Rs 4,670 crore. The company aggressively expanded its infrastructure, adding 316 new dark stores, increasing active dark store space by 45% to over 4 million sq. ft.
Meanwhile, the core food delivery business posted a GOV of Rs 7,347 crore, growing 17.6% YoY. Monthly transacting users increased by 40% quarter-on-quarter to 9.8 million, aided by marketing campaigns and loyalty initiatives. The food delivery vertical’s adjusted EBITDA improved significantly, posting Rs 212 crore in Q4 versus just Rs 33 crore a year ago. The EBITDA margin expanded from 0.5% to 2.9%, signaling operational efficiency despite marketing spends.
Swiggy’s CEO, Sriharsha Majety, confirmed that Instamart’s peak investments were made in Q4 and that losses will begin to shrink in the upcoming quarters. Swiggy is also rumored to be preparing for an IPO, with analysts closely watching its financial performance.
As the online food delivery market in India grows, driven by urban lifestyle changes and smartphone penetration, Swiggy faces stiff competition from Zomato and emerging players like Zepto. Yet, its scale, logistics network, and diversified service offerings make it a formidable player in India’s hyperlocal delivery ecosystem.
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