Results · Commerce & Consumer Brands

Swiggy Q3 net loss widens to Rs 799 crore

By Startup Enthusiast · 5 February 2025

What they do

Swiggy runs food delivery and quick commerce (10-minute delivery of groceries) services in India

For Q3FY25, Swiggy reported a consolidated net loss of Rs 799 crore, up from Rs 574 crore a year ago, while revenue grew 31% to Rs 3,993 crore

The company expects to achieve positive adjusted EBITDA by Q3 FY26, with food delivery margins improving and quick commerce investments continuing

Swiggy announced its Q3FY25 results on 5 February 2025.
The company's consolidated net loss widened to Rs 799 crore from Rs 574 crore in the same quarter last year.
Revenue from operations rose 31% year-on-year to Rs 3,993 crore.
Consolidated adjusted EBITDA loss stood at Rs 490 crore, improving 2% YoY but increasing Rs 149 crore sequentially.
Food delivery adjusted EBITDA turned positive at Rs 184 crore, with a margin of 2.5% (up from 0.3% a year ago).
Instamart (quick commerce) contribution margin worsened to -4.6% from -1.9% in the previous quarter.
Marketing spends jumped 65% YoY to Rs 751 crore.
The company guided for positive adjusted EBITDA by Q3 FY26 (Oct-Dec 2025).

Swiggy went public in November 2024, making this its second quarterly result as a listed company.
The results show food delivery profitability improving while quick commerce investments continue to weigh on overall earnings.
Competitors Blinkit (Zomato) and Zepto have larger quick commerce run-rates ($3.7B and $3B respectively) and more dark stores.
The budget announcement of no income tax up to Rs 12 lakh may boost consumption, according to CEO Rohit Kapoor.

Swiggy operates food delivery and quick commerce (10-minute delivery of groceries) services.
It runs Instamart for quick commerce, Bolt for 10-minute food delivery, Snacc (a 10-minute delivery app), Swiggy Scenes (restaurant event reservations), and One BLCK (a premium tier of Swiggy One).
As of January 2025, Swiggy had 800 dark stores across 84 cities, with active darkstore area of 2.45 million sq ft.
Monthly transacting users stood at 17.8 million in Q3FY25, up 25.3% YoY.
Instamart had an annualised gross sale run-rate of $1.8 billion in the December quarter.

Swiggy expects to achieve positive adjusted EBITDA by Q3 FY26 (Oct-Dec 2025).
Food delivery medium-term EBITDA margin guidance is 5%.
Instamart contribution margin breakeven is targeted for Q3 FY26.
The company continues to invest in quick commerce, adding 96 dark stores in December 2024 alone.