Swiggy, a leading foodtech company, has reported a consolidated net loss of INR 625.53 crore in the September quarter (Q2) of the financial year 2024-25 (FY25).
This represents a 4.78% decrease from the INR 657 crore loss reported in the same quarter last year. On a sequential basis, the loss increased by 2.32% from INR 611 crore.
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Sequential wise, revenue rises 12%
Reportedly, the company’s operating revenue, however, saw a significant increase of 30% to INR 3,601.45 crore during the quarter, compared to INR 2,763.33 crore in the same quarter last year. On a sequential basis, the revenue rose by 12% from INR 3,222.21 crore.
However, the food tech major’s consolidated adjusted EBITDA loss declined by 30% year-on-year (YoY) to INR 341 crore in Q2 FY25. The company’s overall gross order value (GOV) grew by 30% YoY to INR 11,306 crore during the quarter. Swiggy’s monthly transacting users (MTU) across its food delivery service, quick commerce arm Swiggy Instamart, and its out-of-home consumption vertical grew by 19.2% YoY to 1.71 million.
Best quarters so far with strong growth in GOV – Swiggy
“At the platform level, we’ve seen one of our best quarters so far with strong growth in GOV, while consistently reducing the losses. With well-spread-out businesses in different stages of profitability, we’re excited by the value Swiggy will be able to bring to consumers, our ecosystem, and shareholders,” the company said in a statement.
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Swiggy’s expenses jumped by 20% to INR 4,309.55 crore in Q2 FY25 from INR 3,596.63 crore in Q2 FY24. Sequentially, the expenses rose by 10% from INR 3,907.96 crore.
“This business is witnessing a heightened degree of competitive action. This means that we will need to be agile and responsive to the market movements and modulate our investments towards long-term health of the business for sustainable GOV growth. Our investments (including marketing spends) will be aimed at driving user growth, frequency, and wallet share with continuous hyper-local and geographical store expansion,” Swiggy CEO Sriharsha Majety said in a shareholder letter.
