Swiggy, a major player in India’s food delivery industry, has announced its financial results for the third quarter ending December 31, 2024. The company reported a net loss of ₹799 crore, marking a significant increase from the ₹574 crore loss recorded during the same period last year.
Despite the growing losses, Swiggy’s operational revenue witnessed a strong 31% year-over-year jump, reaching ₹3,993 crore, up from ₹3,049 crore in Q3FY24. This impressive growth is primarily driven by the expansion of its quick commerce division, particularly Instamart.
Key Financial Highlights
- Gross Order Value (GOV): Swiggy’s GOV for food delivery and quick commerce saw a notable increase, signaling strong consumer demand.
- Instamart’s Performance: The quick commerce arm recorded a staggering 114% year-over-year surge in revenue, contributing significantly to Swiggy’s overall growth.
- Operating Losses: While revenue soared, increased operational costs and investments in expansion led to a rise in losses.
Swiggy continues to strengthen its foothold in the quick commerce sector, competing aggressively with rivals like Zomato’s Blinkit. The company remains focused on enhancing its service efficiency and expanding its offerings to sustain growth despite the mounting losses.
With the food delivery market evolving rapidly and quick commerce gaining momentum, Swiggy’s strategy in the coming quarters will be crucial in determining its long-term profitability.
