Swiggy Q1 Net Loss Narrows 34% to ₹791 Cr as Revenue Jumps 37%

Swiggy reported a narrower consolidated net loss for the quarter ended June 30, as strong revenue growth and improving operating performance helped offset continued investments in its quick commerce business.

The food and grocery delivery platform posted a consolidated net loss of ₹791 crore in the first quarter, compared with ₹1,197 crore in the year-ago period. The loss also improved marginally from ₹800 crore reported in the March quarter.

Revenue from operations rose 37% year-on-year (YoY) to ₹6,812 crore, up from ₹4,961 crore a year earlier. On a sequential basis, revenue increased from ₹6,383 crore in the previous quarter, indicating continued growth across the company's businesses.

Quick Commerce Moves Towards Profitability

Swiggy said its quick commerce business continued to grow while improving profitability during the quarter. Gross order value (GOV) for the segment increased 39.8% YoY to ₹7,907 crore, while net order value (NOV) rose 38.9% to ₹5,817 crore.

The company also achieved contribution margin break-even in its quick commerce business, reporting a contribution margin of -0.2% of GOV, a significant improvement from the year-ago period. Adjusted EBITDA losses for the segment narrowed to ₹778 crore, improving by ₹80 crore sequentially.

Swiggy expanded its dark store network by 28 stores during the quarter, taking the total to 1,171 stores across 131 cities. The total dark store area increased to more than 4.9 million square feet, while the segment's net average order value rose 12.1% YoY to ₹508.

Food Delivery Business Continues to Grow

Swiggy's food delivery business recorded a 17.4% YoY increase in GOV to ₹9,490 crore during the quarter. Monthly transacting users in the segment increased by 0.9 million to 19.2 million, reflecting an 18% annual growth.

Overall, the platform's average monthly transacting users grew 27.4% YoY to 27.5 million, supported by growth across both food delivery and quick commerce businesses.

The food delivery segment's adjusted EBITDA improved by ₹100 crore from a year ago to ₹292 crore, while the adjusted EBITDA margin expanded to 3.1% of GOV, reflecting stronger operating efficiency despite continued investments in newer businesses.

CEO Says Focus Remains on Profitable Growth

Commenting on the results, Swiggy Managing Director and Group CEO Sriharsha Majety said the company's food delivery business continues to strengthen while quick commerce has reached an important milestone.

"Food delivery economics continue to strengthen as we innovate across affordability and consumer propositions to broaden adoption and unlock the next 100 million users in the category. Out-of-home consumption remains a profitable, fast-growing part of our business, making meaningful progress. In quick commerce, we delivered contribution breakeven exactly as we guided a year ago—a milestone that marks a real inflection point for the business," Majety said in the company's earnings statement.

He added that as quick commerce matures, Swiggy expects its differentiated assortment strategy and scale-led efficiencies to support the next phase of growth while further improving EBITDA.