Swiggy has unveiled its first-ever financial results post-IPO, showcasing significant growth across its core businesses of food delivery and quick commerce. The results, reported for the quarter and half-year ending September 30, 2024, demonstrate Swiggy’s commitment to innovation and operational efficiency, marking an important milestone for the company’s journey as a publicly traded entity.

Key Highlights of Swiggy’s Performance

The Gross Order Value (GOV) of Swiggy’s platform grew by an impressive 30% year-on-year (YoY) to ₹11,306 crore. This robust growth was accompanied by a significant reduction in consolidated adjusted EBITDA losses by 30% YoY, amounting to ₹341 crore. The platform’s Average Monthly Transacting Users (MTU) surged by 19.2% YoY to 17.1 million, reflecting Swiggy's increasing user engagement.

Sriharsha Majety, Managing Director and Group CEO, emphasized Swiggy's relentless focus on enhancing the consumer experience through innovation. He highlighted initiatives like ‘Bolt,’ a 10-minute food delivery service, which has already captured 5% of total food orders within eight weeks of launch.

Food Delivery Business

Swiggy’s core food delivery segment recorded a nearly two-fold increase in profitability, with adjusted EBITDA reaching ₹112 crore at a 1.6% margin. The GOV for food delivery grew steadily by 5.6% QoQ to ₹7,191 crore, driven by superior order growth and operating leverage.

The launch of Bolt has been a game-changer in redefining customer expectations, offering restaurant meals in record delivery times. Swiggy’s commitment to customer satisfaction and operational excellence continues to fuel its leadership in the food delivery market.

Quick Commerce Expansion via Instamart

Swiggy’s Instamart quick commerce business experienced remarkable growth, with its GOV surging 24% QoQ to ₹3,382 crore. The platform’s orders grew by 21% QoQ, with a 10% improvement in daily orders per dark store. During the quarter, Instamart added 12 new cities and 52 stores, bringing its reach to 54 cities across India.

Swiggy plans to double the active dark store area by March 2025, targeting an expansion to 4 million square feet. This ambitious growth plan underscores Swiggy’s dedication to scaling its quick commerce operations while enhancing efficiency.

Future Outlook

Swiggy’s results signal a promising future for its investors and stakeholders. With innovative services like Bolt and its aggressive expansion of Instamart, the company is poised to maintain its momentum in redefining urban convenience.

Over the past decade, Swiggy has served 118 million users, processing 3.5 billion orders, and has positioned itself as India’s leading on-demand convenience platform.

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Swiggy’s commitment to innovation, operational efficiency, and consumer-centric growth continues to redefine the landscape of food delivery and quick commerce in India.