Swiggy, led by MD and Group CEO Sriharsha Majety, reported impressive revenue for the July-September quarter of FY25. The Bengaluru-based food delivery company achieved a 30% year-on-year increase in revenue, reaching Rs 3,602 crore. This marks a significant rise from Rs 2,763 crore in the same period last year.
Swiggy also reduced its losses by 5%, posting a loss of Rs 626 crore compared to Rs 657 crore in Q2FY24. However, losses slightly widened from the Rs 611 crore reported in the previous quarter.
Driving Factors Behind Growth
The strong revenue growth is attributed to an increase in transacting users on Swiggy’s platform. The company’s Gross Order Value (GOV) grew 30% YoY to Rs 11,306 crore. Monthly transacting users (MTU) increased by 19.2% YoY, reaching 17.1 million.
Swiggy’s food delivery business nearly doubled its profitability with an adjusted EBITDA of Rs 112 crore, reflecting a 1.6% margin. The quarter also witnessed GOV rising 5.6% QoQ to Rs 7,191 crore.
Swiggy introduced Bolt, a 10-minute food delivery service, which gained quick traction. Within just eight weeks, Bolt accounted for 5% of Swiggy’s total food deliveries.
Majety commented on the innovation, saying, “We focus on anticipating consumer needs and improving their experience. Bolt is an example of our commitment to innovation in food delivery.”
Swiggy Instamart’s Strong Performance
Swiggy Instamart, the company’s quick commerce platform, showed notable growth during the quarter. Its GOV grew 24% QoQ to Rs 3,382 crore, with order volume rising 21%.
Instamart expanded its operations by adding 12 cities and 52 new stores, increasing the total number of stores to 523. Swiggy plans to double its store count and expand storage areas by March 2025, targeting a total dark store area of 4 million square feet.
Majety highlighted Instamart’s achievements, stating that the platform delivers over 32,000 unique items within an average of 13 minutes across 54 cities.
Swiggy’s Ten-Year Journey
Over the past decade, Swiggy has served 118 million users and processed nearly 3.5 billion orders. Majety noted, “This has been one of our best quarters, showing strong GOV growth while reducing losses.”
Despite the robust results, Swiggy trails behind its competitor Zomato, which reported Rs 4,799 crore in revenue and a net profit of Rs 176 crore in Q2FY25. Majety remains optimistic, adding, “We are excited about the value Swiggy continues to bring to our consumers and stakeholders.”
Swiggy’s strong performance in Q2FY25 reflects its focus on innovation and user satisfaction, setting the stage for further growth in the food delivery and quick commerce sectors.
