Swiggy, India’s leading food and grocery delivery platform, reported a sharp widening of its net loss for the fourth quarter of FY25, with losses nearly doubling to ₹1,081 crore, compared to ₹554 crore in the same period last year.
Revenue Growth & Market Expansion
Despite the losses, Swiggy’s revenue from operations surged 45% YoY to ₹4,410 crore, driven by strong growth across its business verticals. The company’s gross order value (GOV) rose 40% YoY to ₹12,888 crore, reflecting increased consumer demand.
Instamart’s Aggressive Expansion & Impact on Losses
Swiggy’s quick commerce arm, Instamart, played a significant role in the company’s financial performance.
- Instamart’s GOV grew 101% YoY to ₹4,670 crore, fueled by rapid expansion.
- The company added 316 new dark stores, exceeding the cumulative additions of the past eight quarters, and expanded its footprint to 124 cities.
- However, Instamart’s contribution margin declined to -5.6%, compared to -4.6% in the previous quarter, as Swiggy ramped up customer acquisition and network expansion.
- Adjusted EBITDA loss for Instamart rose to ₹840 crore, driven by higher operating costs associated with new stores and aggressive market expansion.
Food Delivery Business Performance
Swiggy’s food delivery segment reported a 17.6% YoY growth in GOV, reaching ₹7,347 crore.
- Adjusted EBITDA margins for food delivery improved to 2.9% of GOV, compared to 0.5% a year ago.
- Growth was supported by premium subscription programs like One BLCK and faster deliveries through Bolt, which now power 12% of all food delivery orders.
Investor Sentiment & Market Outlook
Despite the widening losses, Swiggy’s multi-service strategy has helped retain customers, with monthly transacting users (MTUs) growing 35% YoY to 19.8 million. Analysts believe that Instamart’s losses may begin to unwind, but the pace will depend on expansion strategies and competitive intensity.
