Swiggy revenue up 37% to ₹6,812cr as net loss narrows
Business
Swiggy just had a strong quarter: its net loss dropped 34% year over year to ₹791 crore, while revenue from operations shot up 37% to ₹6,812 crore.
Total income also climbed by 39%, showing the company's growth is picking up pace.
Instamart losses shrink to ₹651cr
Expenses went up as Swiggy expanded, but Instamart, its quick commerce arm, managed to shrink losses to ₹651 crore from last year's ₹797 crore.
Swiggy says Instamart could reach adjusted EBITDA breakeven once quarterly orders hit 250 to 300 million (currently at 114.5 million).
After sharing these numbers, Swiggy's stock jumped 3%.
The company also brought in Nandita Sinha (former Myntra CEO) to lead Instamart, with Group CEO Sriharsha Majety highlighting plans for fresh strategies and aiming for break even soon.