Food delivery platform Swiggy on Wednesday reported a net loss of Rs 799 crore in the third quarter ended December 2024, compared to Rs 575 crore loss it reported in the year-ago period. Its revenue from operations grew 31% in the December quarter to Rs 3,993 crore compared to Rs 3,049 crore in the same quarter last year.
Swiggy’s Gross Order Value (GOV) grew 38% y-o-y to Rs 12,165 crore. Its food delivery GOV saw 19.2% y-o-y growth to Rs 7,436 crore, driven by Bolt, a 10-minute restaurant food delivery service, which was launched in October last year. Adjusted EBITDA margins expanded to 2.5% of GOV.
Its quick commerce arm Instamart GOV growth rises to 88.1% y-o-y to Rs 3,907 crore. Also, the average order value increased by 14% y-o-y to Rs 534. Instamart added 96 new active stores during the quarter, driving up active darkstore area to 2.45 mn sq ft (+25% QoQ).
Swiggy said growth investments in quick commerce led to a reduction in contribution margin from -1.9% in Q2FY25 to -4.6% in Q3FY25, as the company ramped up user activation and darkstore expansion across geographies.
Sriharsha Majety, MD & Group CEO, Swiggy, said, “We continued our focus on creating segmented offerings for the consumer during the festive quarter, which we believe will open up more consumption occasions. In recent months, we have introduced Bolt and Snacc (10-minute food delivery), expanded into new categories within quick commerce, and plan to offer an even greater assortment."
It has also launched Swiggy Scenes, focused on restaurant event reservations; and introduced One BLCK, the premium tier of Swiggy One subscription program.
"We delivered higher YoY growth across all 3 of our primary businesses during Q3, which accelerated B2C GOV growth to 38% YoY. The secular expansion in food delivery margins and cash flow generation is balanced by growth investments being made in quick commerce including darkstores expansion and marketing, amidst high competitive intensity in the near term," he added.