Latest news with #quickcommerce
Reuters
a day ago
- Business
- Reuters
India's Swiggy reports wider quarterly loss on marketing cost spike
July 31 (Reuters) - Swiggy's ( opens new tab quarterly loss nearly doubled from a year earlier as the Indian online delivery platform spent more on marketing to attract customers in a highly-competitive market, its results showed on Thursday. Swiggy, a decade-old player and one of the market leaders in the food delivery business alongside Eternal's ( opens new tab Zomato, continues investing in the business through marketing, platform upgrades and loyalty programs. It is also pouring money into its quick-commerce arm, Instamart, as it opens more stores, strengthens logistics, and offers discounts. The company faced challenges related to lower availability of delivery partners due to earlier-than-expected monsoon showers in India. Meanwhile, marketing investments remained high amid "sticky competitive intensity," it said in a statement. India's quick commerce space is getting crowded with entrants like Tata-backed BigBasket and Amazon (AMZN.O), opens new tab. The food delivery space is also seeing rising competition with the foray of ride-hailing platform, Rapido, in which Swiggy owns a 12% stake. Swiggy's total revenue surged 54% to 49.61 billion rupees ($566.2 million) in the quarter ended June 30, while its consolidated expenses jumped about 60% to 62.44 billion rupees, as sales promotions more than doubled. Its consolidated net loss widened to 11.97 billion rupees for the quarter, from a loss of 6.11 billion rupees a year ago. Swiggy expanded to 127 cities from 124 in the previous quarter, added 41 stores, and continued scaling up store sizes. Gross order value from its food delivery segment rose about 19% to 80.86 billion rupees in the June quarter, while Instamart's gross order value surged nearly 108% to 56.55 billion rupees. ($1 = 87.5740 Indian rupees)
CNA
a day ago
- Business
- CNA
India's Swiggy reports wider quarterly loss on marketing cost spike
Swiggy's quarterly loss nearly doubled from a year earlier as the Indian online delivery platform spent more on marketing to attract customers in a highly-competitive market, its results showed on Thursday. Swiggy, a decade-old player and one of the market leaders in the food delivery business alongside Eternal's Zomato, continues investing in the business through marketing, platform upgrades and loyalty programs. It is also pouring money into its quick-commerce arm, Instamart, as it opens more stores, strengthens logistics, and offers discounts. The company faced challenges related to lower availability of delivery partners due to earlier-than-expected monsoon showers in India. Meanwhile, marketing investments remained high amid "sticky competitive intensity," it said in a statement. India's quick commerce space is getting crowded with entrants like Tata-backed BigBasket and Amazon. The food delivery space is also seeing rising competition with the foray of ride-hailing platform, Rapido, in which Swiggy owns a 12 per cent stake. Swiggy's total revenue surged 54 per cent to 49.61 billion rupees ($566.2 million) in the quarter ended June 30, while its consolidated expenses jumped about 60 per cent to 62.44 billion rupees, as sales promotions more than doubled. Its consolidated net loss widened to 11.97 billion rupees for the quarter, from a loss of 6.11 billion rupees a year ago. Swiggy expanded to 127 cities from 124 in the previous quarter, added 41 stores, and continued scaling up store sizes. Gross order value from its food delivery segment rose about 19 per cent to 80.86 billion rupees in the June quarter, while Instamart's gross order value surged nearly 108 per cent to 56.55 billion rupees. ($1 = 87.5740 Indian rupees)
CNA
a day ago
- Business
- CNA
India's online delivery platform Swiggy posts wider quarterly loss on higher expenses
Indian online delivery platform Swiggy posted a wider quarterly loss on Thursday, as rising investments in its quick-commerce arm, Instamart, continued to weigh. Its consolidated net loss widened to 11.97 billion rupees ($136.68 million) for the quarter ended June 30, from a loss of 6.11 billion rupees a year ago. Swiggy is pouring money into expanding its quick-commerce arm, Instamart, with major investments going to set up stores, strengthening warehousing and logistics, and offering aggressive discounts to attract users. The decade-old Swiggy, which enjoys a duopoly in the food delivery business with Eternal's Zomato, continues to spend on its core food delivery business through marketing, platform upgrades, and loyalty programs like Swiggy One, as it fights to maintain its edge in the competitive delivery market. Instamart, which delivers everything from pulses to purses in minutes, is up against stiff competition from Eternal's Blinkit, Zepto [ Tata-backed BigBasket, and Amazon, all racing to win the quick-commerce game by prioritizing rapid expansion over profits. Swiggy's revenue surged 54 per cent to 49.61 billion rupees in the quarter ended June 30. Its consolidated expenses jumped about 60 per cent in the quarter to 62.44 billion rupees, owing to higher spends on advertising.
CNA
a day ago
- Business
- CNA
India's Swiggy logs wider first-quarter loss
Indian food delivery giant Swiggy posted a wider first-quarter loss on Thursday, as rising investments in its quick-commerce arm, Instamart, continued to weigh. Its consolidated net loss widened to 11.97 billion rupees ($136.68 million) for the quarter ended June 30, from a loss of 6.11 billion rupees a year ago. ($1 = 87.5740 Indian rupees)
Reuters
a day ago
- Business
- Reuters
India's online delivery platform Swiggy posts wider quarterly loss on higher expenses
July 31 (Reuters) - Indian online delivery platform Swiggy ( opens new tab posted a wider quarterly loss on Thursday, as rising investments in its quick-commerce arm, Instamart, continued to weigh. Its consolidated net loss widened to 11.97 billion rupees ($136.68 million) for the quarter ended June 30, from a loss of 6.11 billion rupees a year ago. Swiggy is pouring money into expanding its quick-commerce arm, Instamart, with major investments going to set up stores, strengthening warehousing and logistics, and offering aggressive discounts to attract users. The decade-old Swiggy, which enjoys a duopoly in the food delivery business with Eternal's ( opens new tab Zomato, continues to spend on its core food delivery business through marketing, platform upgrades, and loyalty programs like Swiggy One, as it fights to maintain its edge in the competitive delivery market. Instamart, which delivers everything from pulses to purses in minutes, is up against stiff competition from Eternal's Blinkit, Zepto Tata-backed BigBasket, and Amazon (AMZN.O), opens new tab, all racing to win the quick-commerce game by prioritizing rapid expansion over profits. Swiggy's revenue surged 54% to 49.61 billion rupees in the quarter ended June 30. Its consolidated expenses jumped about 60% in the quarter to 62.44 billion rupees, owing to higher spends on advertising. ($1 = 87.5740 Indian rupees)
