Results · Commerce & Consumer Brands

Swiggy reports wider losses as quick commerce costs rise

By Startup Enthusiast · 24 November 2025

What they do

Swiggy delivers food and instant groceries through its app in India

H1 FY26 adjusted EBITDA loss reached $178 million, increasing 109% from the prior year

Instamart growth doubled while the company prioritizes market share over immediate profits

Prosus disclosed that Swiggy's H1 FY26 adjusted EBITDA loss was $178 million.
This loss is a 109% increase compared to the $85 million loss in the prior year.
The net loss for the September quarter alone was Rs 1,091 crore, up 74.4% year-over-year.
Operating revenue for the September quarter grew by 54% to reach Rs 5,561 crore.
Customer base expanded to 21.6 million users between January and June 2025.
Overall Gross Order Value (GOV) increased by 43% during the same period.
Food delivery GOV grew by 18% supported by user gains and improved profitability.
Instamart GOV more than doubled with a 105% growth rate in the first half of FY26.

Swiggy is pursuing a scale-first strategy in quick commerce to consolidate market position.
The company is sacrificing near-term profitability to achieve future operating leverage.
Expansion costs for dark stores and last-mile capacity are outstripping current revenue gains.
CEO Sriharsha Majety stated Instamart improvements are due to own performance not rivals slowing spending.

Swiggy operates a food delivery platform connecting restaurants with customers across India.
It runs Instamart, a quick commerce service delivering groceries and essentials within minutes.
Revenue comes from commissions on orders and fees charged to merchants and consumers.
The business relies on a large network of riders for last-mile delivery logistics.
Instamart Average Order Value (AOV) grew by 26% in the April-June 2025 quarter.
The company maintains a customer base of over 21 million active users.
Food delivery remains a core segment with steady growth in order volumes.
Quick commerce expansion involves significant investment in fulfillment infrastructure and rider density.
Swiggy aims to balance volume growth with healthy contribution margins and AOV stability.

Swiggy is planning a Rs 10,000 crore raise via QIP to bolster its balance sheet.
The company intends to continue investing in quick commerce infrastructure and market consolidation.
Management will focus on improving profitability while maintaining growth trajectories.

Prosus (existing) — A Naspers-owned Dutch investor holding a **25%** stake in Swiggy as of September 2025.

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