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Bengaluru-based food delivery major Swiggy Ltd., which competes with Deepinder Goyal-led Zomato, has reported strong growth across its core food delivery and quick-commerce businesses for the quarter ended March 31, 2025 (Q4FY25).
While the company posted a wider net loss of Rs 1,081 crore for the March quarter, compared to Rs 555 crore a year ago, its overall revenue rose 45% year over year to Rs 4,410 crore. The performance reflects Swiggy’s aggressive expansion and investment strategy aimed at building new services and acquiring users at scale.
Sriharsha Majety, managing director and group CEO of Swiggy, described FY25 as “a year of many firsts,” citing the launch of new services like Snacc and Pyng, in addition to ongoing growth in Instamart.
“Our food delivery engine delivered best-ever results across innovation and execution, driving category-leading growth and rising profitability in lockstep,” he said. He added that quick-commerce is currently in a phase of “rapid expansion and heightened competitive intensity,” prompting the company to scale up its investments in infrastructure and offerings, including Megapods, Maxxsaver, and over 1,000 dark stores now operating in 124 cities.
Food and Instamart drive platform momentum
Swiggy’s food delivery segment continues to strengthen, recording a 17.6% rise in Gross Order Value (GOV) year-on-year to Rs 7,347 crore. Adjusted EBITDA for the segment improved significantly, reaching Rs 212 crore, with margins climbing to 2.9% of GOV, up from 0.5% last year. This rise in profitability was attributed to efficiency improvements and services like Bolt, which now powers 12% of Swiggy’s food orders.
Quick-commerce platform Instamart experienced a GOV growth of 101% year over year, totalling Rs 4,670 crore for the quarter. The company added 316 new dark stores during the quarter alone—more than it had over the past two years—bringing the total store count to over 1,000 and expanding its footprint to 124 cities.
However, higher customer acquisition costs and a large number of new stores led to a deeper adjusted EBITDA loss of Rs 840 crore for the quarter, compared to Rs 273 crore a year earlier.
Despite these operational losses, Majety expressed optimism about Swiggy’s direction. “Our Out of Home Consumption business turned profitable in Q4, within just two years of its integration,” he said, reinforcing the company’s aim to deliver unmatched convenience while sustaining long-term growth.
The platform’s average monthly transacting users grew by 35% to reach 19.8 million, with 35% of them using more than one service. As the company continues to scale across categories, its multi-app and membership strategies, such as Swiggy One BLCK, remain central to expanding consumer engagement.
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