Swiggy Q4 revenue surges 45%, but losses nearly double

Swiggy reported a strong increase in top line for the three months ending March, as consolidated operating revenue grew 45% year-on-year to Rs 4,410 crore. However, despite robust sales, losses almost doubled to Rs 1,081.2 crore during the period. Operating losses widened as expenses surged 52% to Rs 5,610 crore compared to the previous year.

Swiggy’s food delivery segment delivered sustained growth during the March quarter, while the quick commerce business witnessed aggressive expansion. The underpenetrated out-of-home consumption vertical also posted healthy growth.

Key takeaways from Swiggy’s Q4 results:

• Q4 loss: Rs 1,081 crore, widening by 1.9 times from Rs 555 crore in the same period last year.
• Q4 revenue: Rs 4,410 crore, up 45% from Rs 3,046 crore a year ago.
• FY25 loss: Rs 3,117 crore, compared to Rs 2,350 crore at the end of FY24.
• FY25 revenue: Rs 15,623 crore, a 34% increase from Rs 11,634 crore.

Also Read: Swiggy Q4 Results: Net loss nearly doubles to Rs 1,081 crore despite 45% YoY revenue jump

Profitability hit

Swiggy’s profitability took a hit as expenses rose sharply across the board, climbing 52% to Rs 5,610 crore in the March quarter. The restaurant aggregator reported a consolidated EBITDA loss of Rs 962 crore, compared to an operating loss of Rs 485 crore in the same quarter the previous year. The surge in expenses was primarily due to increased spending on its quick delivery arm, Instamart, amid intensified competition from rivals Blinkit and Zepto.

Food delivery

As a mature vertical, Swiggy’s food delivery business reported steady growth in gross order value (GOV), rising 17%. The adjusted Ebitda—reflecting the performance of the segment—grew more than five-fold to Rs 212 crore in Q4 FY25.

Quick commerce

Instamart, Swiggy’s quick delivery business, saw its GOV rise 101% year-on-year. However, the adjusted Ebitda loss also increased to Rs 840 crore during the same period.

Also Read: Swiggy Instamart’s operating losses peaked in Q4, says Sriharsha Majety

Expansion of dark stores

During the quarter, Swiggy Instamart added 316 dark stores, bringing the total count to 1,021, achieving its target of over 1,000 dark stores by the end of FY25. In comparison, Blinkit added 294 dark stores during the same period, bringing its total to 1,301 micro-warehouses as of March 31.

Swiggy’s focus on expanding its quick commerce vertical, while successful in driving revenue growth, continues to weigh heavily on profitability. The challenge remains balancing growth with sustainable cost management, especially as competition in the quick commerce space intensifies.