Swiggy's revenue up 35% but losses widen to Rs 3,117 crore

BENGALURU: Food and grocery delivery platform Swiggy's revenue from operations rose 35% year-on-year to Rs 15,227 crore, driven by double-digit growth in food delivery and a doubling of Instamart's order value.

Its net loss widened to Rs 3,117 crore for FY25, from Rs 2,350 crore in the corresponding period last year, as the company sharply ramped up investments in its quick-commerce vertical, Instamart. Total expenses climbed to Rs 18,725 crore from Rs 13,947 crore a year earlier, with advertising, delivery charges, and employee costs accounting for a major share.

Swiggy attributed the larger loss primarily to its quick-commerce business, which saw adjusted EBITDA loss widen to Rs 840 crore in the March quarter, up from the previous quarter, as the company added 316 dark stores and entered 124 cities. The contribution margin from this segment dropped further to -5.6%.

In contrast, the food delivery business posted improved profitability with the adjusted EBITDA margin expanding to 2.9% of gross order value (GOV), up from 0.5% a year ago. For the full year, Swiggy's food delivery GOV grew 17.6% to Rs 7,347 crore, supported by product innovations like faster deliveries through Bolt and premium offerings under its One Blck subscription. "We constantly look at the quality of the overall (customer) cohorts and the retention of our mature users. We don't see the impact of (competitive) intensity showing up on the retention of our users," co-founder and CEO Sriharsha Majety said.

Average monthly transacting users across services grew 35% year-on-year to 19.8 million, with over a third using more than one offering.