Swiggy's Q4 loss widens to Rs 1,081 crore amid heavy quick commerce investment

Food delivery and quick commerce major Swiggy reported a sharp rise in its consolidated net loss to Rs 1,081.18 crore for the March quarter, nearly double the Rs 554.77 crore loss recorded a year earlier. The surge in losses was driven by aggressive investments in its quick commerce vertical, Instamart.

Despite the widening losses, Swiggy's revenue from operations jumped 45% year-on-year to Rs 4,410 crore during the January-March period, compared to Rs 3,045.5 crore in the same quarter last year, according to a regulatory filing.

However, total expenses ballooned to Rs 5,609.6 crore from Rs 3,668 crore in the year-ago period, reflecting the cost of expansion and customer acquisition efforts.

Swiggy said the gross order value (GOV) of its core food delivery business rose 17.6% year-on-year to Rs 7,347 crore. Adjusted EBITDA came in at Rs 212 crore, marking a fivefold jump year-on-year and a 15.4% rise quarter-on-quarter. This led to margin expansion to 2.9% of GOV, compared to just 0.5% a year ago.

Instamart, Swiggy’s quick commerce arm, saw its average order value grow 13.3% to Rs 527. The company added 316 dark stores in the quarter—a 45% increase sequentially—making it the highest addition in a single quarter to date.

Swiggy also reported a 40% quarter-on-quarter surge in monthly transacting users (MTUs), reaching 9.8 million, buoyed by increased investment in customer acquisition amid intense market competition.

“Quick commerce is in a phase of rapid expansion and heightened competitive intensity,” said Swiggy MD & Group CEO Sriharsha Majety. “We have ramped up investments in market expansion, reach, and product differentiation. Our Out-of-Home Consumption business turned profitable in Q4, just two years after integration.”

Majety added that Swiggy remains focused on growth, anchored by its promise of delivering unparalleled convenience to consumers.