Bengaluru-based food delivery giant Swiggy reported a consolidated adjusted EBITDA loss of INR 732 Cr for Q4 FY25, primarily driven by aggressive investments in its quick-commerce segment. The company’s Platform Gross Order Value (GOV) surged by 40% year-on-year (YoY) to INR 12,888 Cr during the quarter, driven by robust growth across its food delivery and Instamart segments.
Swiggy’s food delivery business registered a GOV of INR 7,347 Cr, marking a 17.6% YoY growth. The segment’s adjusted EBITDA margins improved significantly to 2.9% of GOV, up from 0.5% in the previous year. This growth was attributed to efficiency improvements and rising order values, fuelled by innovations like Bolt, which powers 12% of Swiggy’s food delivery orders. Furthermore, the premium subscription programme, Swiggy One BLCK, contributed to enhanced consumer engagement and loyalty.
The company’s quick-commerce arm, Instamart, recorded a staggering 101% YoY increase in GOV, clocking INR 4,670 Cr during the quarter. Swiggy added 316 new dark stores to its network—more than the cumulative number of stores added over the past eight quarters—expanding its reach to 124 cities. Despite this growth, Instamart’s adjusted EBITDA loss widened to INR 840 Cr, as heavy investments in new dark stores and user acquisition exerted pressure on margins. The average order value on Instamart grew by 13.3% YoY to INR 527 per order.
Swiggy’s Out of Home Consumption segment also delivered strong performance, with GOV rising by 42% YoY. The segment turned profitable during the quarter, achieving an adjusted EBITDA margin of 0.3% of GOV. Swiggy highlighted that 35% of its 19.8 million monthly transacting users (MTUs) engaged with more than one service on its platform, indicating strong cross-platform usage and customer retention.
Commenting on the company’s quarterly performance, Swiggy’s MD and Group CEO, Sriharsha Majety, stated, “FY25 was a year of many firsts for Swiggy. Our Food delivery engine delivered best-ever results, driving category-leading growth and rising profitability in lockstep. Quick-commerce is in a phase of rapid expansion, and we have ramped up investments aimed at market expansion, reach, and differentiation.”
Majety further noted Swiggy’s focus on diversifying its offerings, citing the launch of new apps like Instamart, Snacc, and the recently introduced Pyng. These initiatives are part of Swiggy’s broader strategy to tap into emerging markets and expand its user base.
Swiggy’s continued investments in quick-commerce come amid intensifying competition from rivals like Zepto and Blinkit, which are also scaling up their dark store operations. Despite the competitive landscape, Swiggy’s strategic expansions in food delivery and Instamart position it strongly within India’s fast-growing convenience economy.
Looking ahead, Swiggy plans to bolster its quick-commerce footprint while driving efficiencies in its food delivery segment. With investments in technology, logistics, and consumer engagement, the company aims to sustain its growth momentum while navigating margin pressures in the highly competitive quick-commerce space.
