Instamart posts 1st QoQ GOV drop 0.7% amid 68% growth
Swiggy's quick delivery arm, Instamart, just posted its first-ever quarter-over-quarter GOV drop, down 0.7% to ₹7,881 crore in the March quarter of the 2026 fiscal year.
Still, if you zoom out, Instamart's yearly growth is a massive 68%, showing people are definitely still ordering online.
The slight slowdown matches what's happening across the industry as companies shift gears from chasing wild growth to actually making money.
Swiggy revenue rises to 6,383 cr
Even with Instamart's small dip, Swiggy as a whole is doing well: overall revenue jumped 45% year-over-year to ₹6,383 crore and losses shrank by 26%.
The company says it's focusing on building a sustainable business and aims for over ₹1 lakh crore in net order value over the medium term.
Competitors like Blinkit are seeing similar trends too; the quick commerce space is clearly maturing and prioritizing profits over breakneck expansion.