Swiggy reported a net loss of ₹1,197 crore in the first quarter of the current financial year, nearly double the ₹611 crore loss in the same period last year. However, its revenue grew from ₹3,310 crore to ₹5,048 crore.
The company’s expenses, including delivery, advertising, employee benefits, and logistics for quick commerce, rose from ₹3,908 crore to ₹6,244 crore.
Segment-wise, Swiggy’s food delivery division earned a profit of ₹202 crore with revenue of ₹1,799 crore. In contrast, its quick commerce arm Instamart recorded a loss of ₹797 crore on revenue of ₹806 crore. The supply chain and distribution segment also posted a ₹47 crore loss.
CEO Sriharsha Majeti attributed the losses to heavy investments in other segments for long-term sustainable growth. Meanwhile, competitor Zomato’s parent company Eternal reported a ₹25 crore profit with ₹7,167 crore revenue in the same quarter.
