Results · Commerce & Consumer Brands

Swiggy Q2 net loss widens, revenue jumps 54%

By Startup Enthusiast · 30 October 2025

What they do

Swiggy is an on-demand convenience platform for food delivery and quick commerce

Q2FY26 revenue rose 54% to Rs 5,561 crore, but net loss widened to Rs 1,092 crore

Instamart quick commerce GOV doubled to Rs 7,022 crore, while its loss narrowed to Rs 849 crore

Swiggy's consolidated net loss for Q2FY26 was Rs 1,092 crore, up from Rs 626 crore in the same quarter last year.
Revenue from operations grew 54.42% to Rs 5,561 crore, helped by strong food delivery and quick commerce.
Total expenses rose 55.74% to Rs 6,711 crore, with advertising costs nearly doubling to Rs 1,039 crore.
Food delivery GOV increased 18.8% to Rs 8,542 crore, and monthly transacting users grew 17% to 17.2 million.
Instamart quick commerce GOV jumped 108% to Rs 7,022 crore, with dark stores expanding to 1,102 across 128 cities.
Instamart's adjusted EBITDA loss narrowed to Rs 849 crore, improving from Rs 896 crore in the prior quarter.
The board approved a fundraise of up to Rs 10,000 crore via QIP, to be considered on 7 November 2025.
Swiggy divested its entire stake in Rapido for Rs 2,399 crore, boosting its cash position.

The results come amid intense competition in quick commerce, with Blinkit extending its market share lead to 70% while Instamart's share fell below 30%.
Analysts had mixed views: Jefferies set a target of Rs 500, while HSBC flagged Swiggy losing market share to Blinkit each quarter.
The Rs 10,000 crore fundraise is meant to strengthen the balance sheet in a dynamic competitive environment with legacy and new players attracting investments.
Instamart's contribution margin improved to -2.6% from -4.6% QoQ, and the company guided for breakeven before the June 2026 quarter.

Swiggy is an on-demand convenience platform offering food delivery and quick commerce (Instamart).
Its food delivery network includes over 2.6 lakh restaurants across 720+ cities.
The platform has over 6.9 lakh delivery partners.
Instamart operates 1,102 dark stores across 128 cities, with a total active area of 4.6 million sq ft.

Swiggy's board will meet on 7 November 2025 to consider a fundraise of up to Rs 10,000 crore via QIP or other modes.
The company plans to transfer its quick commerce business to a newly incorporated subsidiary, Swiggy Instamart Private Limited, via a slump sale.
Instamart aims to achieve contribution margin breakeven before the June 2026 quarter.
Swiggy will continue to invest in new propositions like Bolt, 99 Store, Deskeats, and health-focused curations to drive growth.