BENGALURU: Food delivery major Swiggy on May 9 posted a net loss of Rs 1,081 crore for the quarter ended March 2025, compared to the loss of Rs 555 crore it reported in the year-ago period.
Its total income rose by 44 per cent y-o-y to Rs 4,531 crore as against Rs 3,143 crore in the same quarter last year.
The platform's Gross Order Value (GOV) rose about 40 per cent y-o-y to Rs 12,888 crore. Its consolidated adjusted EBITDA loss increased to Rs 732 crore due to significant growth investments in quick commerce.
Sriharsha Majety, MD & Group CEO, Swiggy, said, “FY25 was a year of many firsts for Swiggy. We launched multiple new apps, across Instamart, Snacc and recently, Pyng; all of which are aimed at opening up new user segments and markets. Our Food delivery engine delivered best-ever results across innovation and execution, driving category-leading growth and rising profitability in lockstep."
Quick-commerce is in a phase of rapid expansion and heightened competitive intensity, for which we have ramped up investments aimed at market expansion (Megapods), reach (1000+ stores across 124 cities) and differentiation (Maxxsaver), he added.
Its food delivery GOV grew 17.6% y-o-y and adjusted EBITDA margins improved to 2.9% of GOV, up from 0.5% a year ago.
According to its filings, Instamart GOV growth increased to 101% y-o-y. It added 316 dark stores, which is greater than the number of dark stores it added cumulatively over the last eight quarters.
Swiggy also expanded its quick commerce arm, Instamart service to 124 cities.
In his letter to shareholders, Majety said, "Since a significant chunk of new stores and users were added over the latter half of the quarter, their order contribution in Q4 was muted."
"With a lifetime-high proportion of new darkstores (316 added on a Q3 base of 705) and new users (2.8 Mn monthly transacting users added on a Q3 base of 7 Mn), combined with high competitive intensity, the past quarter witnessed the peak of investments into Quick-commerce. As a result, Contribution margins declined 100 bps QoQ to -5.6%, and Adjusted EBITDA losses increased to Rs 840 cr," he said.
"We believe that Instamart reached the peak of Adjusted EBITDA losses in late-Q4, and from hereon, we expect to progressively unwind losses, the pace of which will be determined by our expansion of AOV (Average Order Value) and take-rates, and the nature and quantum of competitive intensity," he added.
The platform has Rs 6,695 crore cash and cash equivalents as of March 31, 2025. Its shares closed at Rs 314, a 0.19% decline on the BSE, on May 9.
