Results · Commerce & Consumer Brands

Swiggy reports Q1 FY26 results with wider losses

By Startup Enthusiast · 31 July 2025

What they do

Swiggy operates food delivery and quick commerce services in India

Q1 FY26 revenue rose 54% to Rs 4,961 crore while net loss widened to Rs 1,197 crore

The company is re-evaluating its stake in Rapido due to direct competition in food delivery

Swiggy reported a net loss of Rs 1,197 crore for Q1 FY26, up from Rs 611 crore previously.
Revenue increased 54% year-on-year to reach Rs 4,961 crore during the quarter.
Total expenses rose 60% driven by higher delivery, advertising, and logistics costs.
Quick commerce segment saw Gross Order Value (GOV) surge 107.6% to Rs 5,655 crore.
Swiggy is actively reviewing its 12% stake in Rapido because Rapido entered food delivery.
The Rapido stake is valued at approximately $120 million based on current market valuations.
Cash and cash equivalents fell 20% to Rs 5,354 crore as of June 30, 2025.
Competitor Zomato holds significantly more cash at Rs 18,857 crore in the same period.

Rapido's entry into food delivery creates a direct conflict with Swiggy's core business.
Swiggy led Rapido's $180 million funding round in April 2022 but missed later rounds.
Founder Sriharsha Majety cited past experiences scaling difficult platforms like Uber and Ola.
Swiggy aims for contribution margin breakeven in quick commerce between Q3 FY26 and Q1 FY27.

Swiggy runs two main segments: food delivery and Instamart quick commerce.
Food delivery generated Rs 202 crore profit with an adjusted EBITDA margin of 2.4%.
Food delivery GOV reached Rs 8,086 crore, growing 18.8% year-on-year.
Instamart processed 92 million orders with an average order value of Rs 612.
The company operates 1,062 dark stores across 127 cities for quick commerce.
Monthly transacting customers in food delivery averaged 6.06 lakh users.
Swiggy added 1.2 million new monthly active users to reach 16.3 million total.
Zomato/Eternal maintains a massive cash reserve of Rs 18,857 crore.

Swiggy targets contribution margin breakeven for Instamart between Q3 FY26 and Q1 FY27.
Rapido plans to scale its Ownly pilot to 10 cities from Bengaluru.
Swiggy continues to evaluate its strategic position regarding Rapido's stake.