Swiggy net loss widens to Rs 1081 crore in Q4FY25

Business Standard

10-05-2025

Swiggy reported a net loss of Rs 1,081.18 crore for the quarter ended March 2025 (Q4 FY25), nearly doubling from Rs 554.77 crore in the same quarter last year.
Revenue from operations rose 44.8% year-on-year to Rs 4410.02 crore in Q4FY25.
The company's widening losses were primarily attributed to elevated spending on its quick commerce arm, Instamart. Swiggy increased investments in customer acquisition, dark store infrastructure, and marketing efforts amid intensifying competition, resulting in higher operating expenses.
Total expenditure jumped 52.93% year-on-year to Rs 5,609.67 crore in Q4 FY25. Employee benefits expenses rose 25.79% YoY to Rs 695.60 crore, while spending on advertising and sales promotion skyrocketed 135.46% to Rs 977.72 crore.
Platform Gross Order Value (B2C GOV) rose ~40% YoY to clock Rs 12,888 crore. However, consolidated adjusted EBITDA loss increased to Rs 732 crore due to significant growth investments in quick-commerce.
The food delivery business Gross Order Value (GOV) rose 17.6% YoY to Rs 7,347 crore. Adjusted EBITDA grew 15.4% QoQ and over 5x YoY to Rs 212 crore, and strong efficiency and execution drove a margin expansion to 2.9% of GOV, up from 0.5% a year ago. The growth was backed by innovative services like speedier deliveries through Bolt (which powers 12% Food delivery orders already) and differentiated propositions like the top-tier subscription programme One BLCK continued to drive up consumer traction.
Instamart accelerated its GOV growth to 101% YoY (19.5% QoQ), clocking Rs 4,670 crore in Q4. Average order value increased by 13.3% YoY to Rs 527. Instamart added 316 new darkstores (+45% QoQ), its highest-ever during a quarter; driving up active darkstore area to 4 mn sq ft (+62% QoQ) in line with guidance. Led by the growth investments, contribution margin declined from -4.6% in Q3FY25 to -5.6% in Q4FY25 and adjusted EBITDA loss increased to Rs 840 crore.
Sriharsha Majety, MD & Group CEO, Swiggy, said "FY25 was a year of many firsts for Swiggy. We launched multiple new apps, across Instamart, Snacc and recently, Pyng; all of which are aimed at opening up new user-segments and markets. Our Food delivery engine delivered best-ever results across innovation and execution, driving category-leading growth and rising profitability in lockstep. Quick-commerce is in a phase of rapid expansion and heightened competitive intensity, for which we have ramped-up investments aimed at market expansion (Megapods), reach (1000+ stores across 124 cities) and differentiation (Maxxsaver). Our Out of Home Consumption business turned profitable in Q4, within just 2 years of its integration. Overall, we remain focused on growth, on the back of delivering unparalleled convenience to consumers."
Swiggy is Indias pioneering on-demand convenience platform. With a footprint in food delivery, Swiggy Food collaborates with over 2.5 lakh restaurants across ~700 cities. Swiggy Instamart, its quick commerce platform operating in 120+ cities, delivers groceries and other essentials across 20+ categories in 10 minutes.