Results · Commerce & Consumer Brands

Swiggy CFO says store expansion now follows growth

By Startup Enthusiast · 24 April 2025

What they do

CFO Rahul Bothra said store expansion will be a result of growth, not a driver, and Instamart losses are peaking

Swiggy added more users in the last quarter than in the previous six quarters combined, and more stores than in the last eight quarters combined

The company expects Instamart to reach contribution break-even in 3-5 quarters

Swiggy CFO Rahul Bothra said store expansion from now on will be a derivative of growth, not the other way around.
Bothra said investments in Instamart (quick commerce arm) have peaked and losses should start unwinding.
In the last quarter, Swiggy added more users than cumulatively in the preceding six quarters.
In terms of number of stores, Swiggy added more than the last eight quarters cumulatively.
Swiggy's 10-minute food delivery arm Bolt is live in over 500 cities and clocks over 12% of total food delivery order volumes.
New users acquired through Bolt show 4-6% higher monthly retention than the platform average.
Swiggy expects Instamart to reach contribution break-even in 3-5 quarters.
Swiggy partnered with Kalyan Jewellers to deliver gold and silver coins via Instamart in over 100 cities.

Zomato shut down its 15-minute food delivery initiatives Quick and Everyday, citing lack of infrastructure and no visible path to profitability.
Zepto pioneered 15-minute food delivery with Zepto Café in 2022, now fulfills over 100,000 daily orders through a standalone app.
Blinkit secured board approval to cap foreign shareholding at 49.5% to become an IOCC (Indian-owned and controlled company) and own inventory.
Top three quick commerce firms (Blinkit, Zepto, Swiggy Instamart) delivered 4.15-4.45 million orders daily in March 2025.

Swiggy operates food delivery and quick commerce (10-minute delivery of groceries and goods) platforms.
Its 10-minute food delivery arm Bolt offers curated selection from over 45,000 restaurant brands including McDonald's, KFC, Subway, Faasos, Burger King, and Curefoods.
Bolt uses a hyperlocal two-kilometre delivery model with a margin structure that is not dilutive.
Swiggy uses megapods that are 2.5x larger than dark stores and can do 5,000-6,000 orders per day vs 2,000-3,000 for smaller dark stores.
Swiggy Instamart has 1,021 active dark stores as of March 2025 across 124 cities, with a footprint of 4 million sq ft (up 62% QoQ).
Advertising income from quick commerce in three years is close to what food delivery generated after eight years.
Swiggy's last-mile delivery costs for quick commerce are currently 40% lower than those of food delivery.
Swiggy focuses on quality of growth: customer retention and spending per user.

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