Swiggy, the Bengaluru-based food tech player locked in fierce competition with Zomato, closed the March 2025 quarter with solid topline growth but a much wider loss, as it doubled down on quick-commerce and new services.
For the quarter ending March 31, Swiggy reported a revenue of Rs 4,410 crore—up 45% compared to the same period last year. However, this came at the cost of deeper red ink: net losses widened to Rs 1,081 crore, nearly double the Rs 555 crore it lost in Q4FY24.
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Group CEO and co-founder Sriharsha Majety described FY25 as “a landmark year,” with the launch of bite-sized video commerce app Snacc and peer-to-peer delivery platform Pyng, alongside a rapid buildout of its Instamart business. “Our food delivery arm clocked record highs in both innovation and performance,” Majety noted, adding that the quick-commerce segment is heating up and demands sustained investment.
Food Delivery Holds Steady, Quick-Commerce Scales Fast
Swiggy’s flagship food delivery unit reported Gross Order Value (GOV) of Rs 7,347 crore for the quarter—a 17.6% rise year-on-year. Margins improved as well, with adjusted EBITDA touching Rs 212 crore and profitability margins climbing to 2.9% of GOV, up from just 0.5% a year ago. The improvement was powered in part by its logistics optimization service, Bolt, which now handles over 12% of Swiggy’s food orders.
Instamart, Swiggy’s 15- to 30-minute grocery delivery service, continues to be the company’s fastest-growing vertical. GOV more than doubled to Rs 4,670 crore—marking 101% year-on-year growth. The company added 316 new dark stores in just one quarter, more than it had added in the previous two years combined. Swiggy now operates over 1,000 dark stores across 124 cities.
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But scaling comes at a price. Quick-commerce still burns cash fast: the adjusted EBITDA loss for that division swelled to Rs 840 crore in Q4, up sharply from Rs 273 crore last year, thanks to higher spending on customer acquisition and infrastructure like Megapods and Maxxsaver services.
