Swiggy's revenue jumps 30% to Rs 3,602 crore in Q2FY25, losses decline by 5% to Rs 626 crore

Sriharsha Majety food delivery company Swiggy has reported a 30% year-on-year growth in revenue from operations for the July-September quarter of FY25, reaching Rs 3,601.5 crore. 

This marks a significant jump from Rs 2,763.3 crore during the same period last year, driven by an increase in transacting users on the platform, according to regulatory filings.

Swiggy also saw its losses shrink by 5% to Rs 625.5 crore from Rs 657 crore during the same quarter last year.

However, the company’s losses widened slightly compared to the previous quarter (Q1FY25), when it reported a loss of Rs 611 crore against a revenue of Rs 3,222.2 crore.

What did Sriharsha Majety say?

"The remarkable performance of our food business operations comes on the back of strong innovation and execution. We are constantly trying to anticipate and improve the consumer's experience. The recent launch of Bolt- our 10-minute delivery service is an example of that. Similarly in quick commerce, we are anticipating and responding to consumer behaviour to bring more and more convenience to urban households," said Sriharsha Majety, MD & Group CEO, Swiggy.

He said that Swiggy Instamart is present in 54 cities and delivers more than 32,000 unique items, within an average delivery time of 13 minutes. 

Rise in gross order value (GOV)

Swiggy’s overall Gross Order Value (GOV) grew 30 % YoY to reach Rs 11,306 crore, while the consolidated adjusted EBITDA loss of Rs 341 crore represented a reduction in the loss by 30% YoY. Notably, the company's platform average monthly transacting users (MTU) grew 19.2% YoY to 17.1 million.

The Bengaluru-based company's food delivery business witnessed a near doubling of its protability, with Adjusted EBITDA clocking Rs 112 crore at a 1.6% margin. GOV grew steadily by 5.6% QoQ to Rs 7191 crore.

It recently launched ‘Bolt’, a 10-minute restaurant food delivery service, which already accounts for 5% of the overall food deliveries within 8 weeks of launch.

Swiggy Instamart's growth

Swiggy Instamart, the company’s quick commerce platform, witnessed a signicantly improved performance where its GOV growth accelerated to 24 % QoQ to reach Rs 3,382 crore.

The overall orders grew by 21 % QoQ, with orders per dark store per day rising 10% QoQ. Instamart added 12 cities and 52 stores during the quarter and improved its contribution margin by 124 bps QoQ to -1.9 %.

Swiggy Instamart plans to double its dark store count by March 25 (vs. 523 on March 24), while increasing the average size of stores by 30-35%. As a result, the active dark store area will grow to over 2.5 times YoY to reach 4 million square feet by March 25, the company said.

“In the last ten years, we have reached 118 million users and processed nearly 3.5 billion orders by oering a wide range of urban convenience opportunities. At the platform level, we’ve seen one of our best quarters so far with strong growth in GOV, while consistently reducing the losses," Majety said.

While Swiggy posted robust Q2 results, the company is still way behind its rival Zomato, which reported a revenue of Rs 4,799 crore and a net profit of Rs 176 crore.

"With well-spread-out businesses in dierent stages of protability, we’re excited by the value Swiggy will be able to bring to consumers, our ecosystem and shareholders," Majety added.