Swiggy posted a net loss of ₹1,018.18 crore for the March quarter. This is nearly double the ₹554.77 crore loss in the same quarter last year. The rise in losses is primarily because of increased investments in Swiggy's quick commerce business, Instamart.
Operational Revenue and Expenses
As per the company's report, Swiggy's operating income increased from ₹3,045.5 crore to ₹4,410 crore year-on-year. Yet, its total expenses have also increased comparatively from ₹3,668 crore to ₹5,609.6 crore during the same time.
Food Delivery Growth
As per Swiggy, the gross order value of its food delivery business increased by 17.6% to ₹7,347 crore. It shows sustained growth in the core business even at an increased cost.
Instamart Performance and Expansion
Instamart, Swiggy's quick commerce business, recorded its average order value growth by 13.3% to ₹526. The firm opened 316 new dark stores in India within this quarter to service this division.
CEO's Comment on Quick Commerce
Managing Director and Group CEO Sriharsha Majety stated that the quick commerce space is growing rapidly. He mentioned that competition is rising and Swiggy is putting more investments to further entrench its position in the market.
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