Swiggy Ltd Results: Net Loss Widens to ₹799 Crore, Revenue Up 31% in Q3
Swiggy Ltd: Overview
Swiggy Limited, established in 2014 and headquartered in Bangalore, India, has evolved into a leading consumer technology company specializing in on-demand services. Initially focusing on food delivery, Swiggy has diversified its offerings to include quick commerce through Instamart, dining out experiences via Dineout, and hyperlocal services like Swiggy Genie. Operating in over 600 cities across India, the company has built a vast network of restaurant partners and delivery personnel, aiming to provide seamless convenience to its users. Swiggy’s platform is accessible through a unified application, allowing customers to browse, select, order, and pay for a variety of services, thereby enhancing the urban consumer experience. The Indian on-demand delivery industry is experiencing rapid growth, driven by increasing urbanization, rising disposable incomes, and a growing preference for convenience among consumers. The food delivery segment, in particular, has seen significant expansion, with companies like Swiggy and its competitors vying for market share. Additionally, the quick commerce sector, which focuses on the rapid delivery of groceries and household items, is gaining momentum. Swiggy’s Instamart service has capitalized on this trend, contributing to the company’s diversified revenue streams. However, the industry is highly competitive, with players investing heavily in technology, logistics, and customer acquisition to maintain and grow their market positions. Regulatory challenges and the need for sustainable business models also play crucial roles in shaping the industry’s future.
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Swiggy’s platform witnessed significant growth, with the Platform Average Monthly Transacting Users (MTU) rising by 25.3% year-over-year (YoY) to reach 17.8 million. The food delivery segment recorded a Gross Order Value (GOV) growth of 19.2% YoY (3.4% quarter-over-quarter), amounting to ₹7,436 crore. Over the past year, Swiggy added 2.4 million new Monthly Transacting Users, bringing the total to 14.9 million. In the quick-commerce segment, Swiggy achieved an impressive GOV growth of 88.1% YoY (15.5% QoQ), reaching ₹3,907 crore, driven by a 13.9% QoQ increase in MTUs. The average order value continued to expand, reaching ₹534. Swiggy also ventured into 10-minute food delivery with the launch of Bolt in early October 2024, offering consumers access to a wide range of restaurants with delivery times of 10-15 minutes. Metropolitan areas played a crucial role in Swiggy’s growth, with over 70% of its stores in Q3 FY25 located in metros, which contributed to more than 80% of the platform’s total GOV. The company accelerated store additions, with 86 new stores established in January 2025 alone, keeping it on track to achieve its goal of a 4 million sq. ft. active dark store footprint by March 2025. Swiggy maintained a strong financial position with ₹8,183 crore in cash and cash equivalents as of December 31, 2024. To further enhance customer value, Swiggy introduced One BLCK, the premium tier of its horizontal loyalty program Swiggy One, aimed at elevating customer engagement and retention.
Business Segments
- Food Delivery: This is Swiggy’s core segment, offering on-demand food delivery services by partnering with a wide array of restaurants. Customers can order meals through Swiggy’s user-friendly app or website, with a focus on timely deliveries and diverse cuisine options. As of June 2024, Swiggy was present in 681 cities, highlighting its extensive reach in the food delivery market.
- Quick Commerce (Instamart): Launched to meet the growing demand for rapid grocery and household item deliveries, Instamart offers a wide selection of products delivered swiftly to customers’ doorsteps. This segment has seen substantial growth, with Swiggy expanding its network of dark stores to enhance delivery efficiency. As of October 2024, Swiggy operated 538 warehouses, averaging 4,000 square feet each, to support its quick commerce operations.
- Dineout and Events: Through the acquisition of Dineout, Swiggy has entered the dining out and events space, allowing users to make restaurant reservations and access curated events. This segment enhances Swiggy’s service portfolio by catering to customers seeking dining experiences outside their homes. As of June 2024, this service was available in 52 cities.
- Supply Chain and Distribution: Swiggy offers supply chain services to wholesalers, retailers, and fast-moving consumer goods (FMCG) brands, leveraging its warehousing capabilities to streamline logistics and distribution. This segment supports Swiggy’s quick commerce operations and provides value-added services to its partners.
Subsidiary Information
- Dineout: In 2022, Swiggy acquired Dineout, a prominent dining and table reservation platform, from Times Internet in an all-stock deal valued at approximately $120 million. Dineout enables users to discover restaurants, access menus and images, make reservations, avail attractive promotions, and process digital payments. This acquisition allowed Swiggy to strengthen its position in the dining-out segment.
- Lynk Logistics: In July 2023, Swiggy acquired Lynk Logistics, a company specializing in the organization and transportation of goods, as well as the development of systems to manage such logistics. Lynk provides a platform facilitating transportation services, thereby enhancing Swiggy’s capabilities in supply chain management and distribution.
- Swiggy Sports Private Limited: In January 2025, Swiggy received approval from the Ministry of Corporate Affairs to incorporate Swiggy Sports Private Limited, a wholly-owned subsidiary dedicated to sports and recreational activities. The objectives of this new entity include engaging in sports team ownership and management, talent development, event organization, facility operation, offering career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models.
Q3 FY25 Earnings
- Revenue of ₹3993 crore in Q3 FY25 up by 30.9% YoY from ₹3049 crore in Q3 FY24.
- EBITDA of ₹-726 crore in this quarter at a margin of -18% compared to -17% in Q3 FY24.
- Profit of ₹-799 crore in this quarter compared to a ₹-574 crore profit in Q3 FY24.
Financial Summary
| Amount in ₹ Cr | Q3 FY24 | Q3 FY25 | FY23 | FY24 |
| Revenue | 3049 | 3993 | 8265 | 11247 |
| Expenses | 3575 | 4719 | 12538 | 13447 |
| EBITDA | -526 | -726 | -4278 | -2199 |
| OPM | -17% | -18% | -52% | -20% |
| Other Income | 78 | 106 | 438 | 341 |
| Net Profit | -574 | -799 | -4179 | -2350 |
| NPM | -18.8% | -20% | -50.5% | -20.9% |
| EPS | – | -3.57 | – | – |