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Swiggy registers INR 625.53 Cr net loss, revenue rises 30% in Q2 FY25

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Swiggy registers INR 625.53 Cr net loss, revenue rises 30% in Q2 FY25

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.

Continue Exploring: Shareholders block Gautam Singhania’s appointment as Raymond Lifestyle chairperson!

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.

Continue Exploring: Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

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.

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Shareholders block Gautam Singhania’s appointment as Raymond Lifestyle chairperson! 

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Raymond Chairperson
Shareholders block Gautam Singhania's appointment as Raymond Lifestyle chairperson! 

Corporate governance advisory firms are urging shareholders to vote against Gautam Singhania’s proposed appointment as executive chairperson of Raymond Lifestyle Ltd.

IiAS raises remuneration issues

Institutional Investor Advisory Services India (IiAS) has raised concerns over several aspects of the proposal, including Singhania’s remuneration package and the company’s governance practices.

Continue Exploring: Record-breaking sales for retail, brands during ‘Black Friday’ weekend

Singhania, the chairperson and managing director of Raymond Ltd., is seeking reappointment as executive chairperson of Raymond Lifestyle for five years, starting September 1, 2024, with a minimum remuneration commitment for three years. However, the terms of his appointment have raised eyebrows, with a monthly salary ranging between INR 55 lakh to INR 80 lakh, along with allowances for medical reimbursement, leave travel, and retirement benefits, totaling an estimated INR 12.35 crore annually.

IiAS has pointed out that the resolution to appoint Singhania lacks clarity on major issues, such as commission details and performance-linked targets. Furthermore, the proposal does not specify a ceiling limit on Singhania’s total pay, which could exceed 5% of Raymond Lifestyle’s net profit, raising concerns about unchecked salary growth.

Raymond Lifestyle fails to show adequate performance metric

The firm has also expressed concerns about the absence of malus or claw-back clauses and ESG targets tied to performance. Additionally, the company has failed to provide adequate disclosures on the performance metrics required for Singhania to earn the proposed remuneration, making it difficult for shareholders to assess whether the pay is in tune with the company’s performance.

Continue Exploring: Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

To make matters worse, Singhania is currently engaged in divorce proceedings with his wife, Nawaz Modi, who has accused him of domestic violence and misusing company funds for personal benefits. While the board has not commented on these allegations, IiAS has expressed concerns about the possible impact on the company’s governance and reputation.

Given the lack of clarity on his remuneration, potential conflicts of interest, and unresolved legal matters, IiAS has advised shareholders to reject the resolution and vote against Singhania’s appointment. The advisory firm has stressed that it is crucial for shareholders to protect the company from any governance risks stemming from these issues.

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Record-breaking sales for retail, brands during ‘Black Friday’ weekend

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Black Friday Sales
Record-breaking sales for retail, brands during ‘Black Friday’ weekend

Retailers and brands in India have reported a record-breaking business during the Black Friday weekend sales, driven by heavy discounts and marketing efforts. 

The sales were almost 70-80% of what they would achieve during big shopping periods like Republic and Independence Day sales.

Company achieved almost 70-75% sales – Lifestyle International

According to Devarajan Iyer, CEO of Lifestyle International, “Black Friday sales have been pretty good and a lot of stock has been liquidated.” He added that the company achieved almost 70-75% sales of what it does during Republic and Independence Days.

Continue Exploring: Flipkart pilots 10-minute medicine delivery, death to local ‘medical stores’

Marketers believe that the high discounts offered during the Black Friday sales drove sales. “Indian consumers love discounts. While discounts have been commonplace nowadays, deep discounts offered during the Black Friday sales created an incentive for consumers to come out to buy something since they have been deferring their demand for a while now,” said Santosh Desai, a social commentator and brand expert.

Further, Nilesh Gupta, director of Vijay Sales, a leading electronic retail chain, said that the company recorded 75-80% of the business it achieves during big shopping days. “There were discounts on smartphones during Black Friday which as a category instantly drives sales. Televisions and appliance sales too were brisk. Brands undertook heavy marketing which had a positive rub-off effect. In 1-2 years, Black Friday can be as big as Republic or Independence Day sales in India,” he said.

In addition, the Black Friday sales saw good footfall in malls, with top brands such as H&M, Levi’s, Skechers, Samsung, LG, Xiaomi, Puma, and Adidas offering heavy discounts across most of their merchandise. “The Black Friday sales were a hit this weekend. Footfall and sales went up by 30-40% in many brands compared to last year’s sales. We are hoping that with this weekend consumption buoyancy will return back,” said Pushpa Bector, senior executive director and business head at DLF Retail.

Continue Exploring: Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

E-comm. discounts drive higher sales than physical stores

An executive at a prominent apparel brand said that discounts of up to 70% on platforms like Amazon and Myntra drove higher sales online compared to physical stores. Even luxury brands such as Michael Kors, Coach, Guess, Swarovski, and Tommy Hilfiger were being sold on discounts of up to 70%.

The Black Friday sales in India have been gaining traction in recent years, with more brands participating this year. The sales started last Friday and continued till the weekend, with some even extending it to Monday. Marketers have been trying to develop Black Friday as a property to push sales after Diwali, which has always been a lull period.

Most brands and retailers matched the scale of discounts during Black Friday to that of Independence Day and Republic Day, which are big revenue grossers. Executives said this was because they were trying to clear unsold inventory after the festive season. The festive season this year was an average one, with a sudden deceleration in urban demand reported by brands in the past two quarters.

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Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

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Zomato offers 47.75 Cr equity shares to Foodie Bay ESOP Trust for employees

Zomato has allotted 47.75 crore equity shares to its employee welfare trust, Foodie Bay Employees ESOP Trust. 

The shares were allotted under various employee stock option plans (ESOPs), including Zomato ESOP 2018, ESOP 2021, ESOP 2022, and ESOP 2024.

Continue Exploring: Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

Zomato’s new shares worth INR 13,489.3 Cr

Reportedly, the company’s board approved the issuance and allotment of the shares, which have a face value of INR 1 each. As per the stock’s last close, the newly-allotted shares are worth INR 13,489.3 crore.

With this allotment, Zomato’s issued, subscribed, and paid-up equity share capital has increased to INR 965.03 crore from INR 917.28 crore earlier. Several new-age tech companies, including Delhivery, Nykaa, ixigo, and ideaForge, have issued ESOPs this year to reward their employees.

Zomato raises INR 8,500 Cr

Meanwhile, Zomato’s ESOP announcement comes just days after the company raised INR 8,500 crore through a qualified institutions placement, its first major fundraise since its 2021 IPO. According to CEO Deepinder Goyal, Zomato needed to enhance its cash balance “given the competitive landscape and the much larger scale of our business today.”

Continue Exploring: Soulflower hair oil overtakes Mamaearth as top-selling brand – Blinkit

Additionally, the expansion of Blinkit, Zomato’s quick commerce arm, is expected to impact the company’s financial health in the near term. In its Q2 FY25 performance, Zomato reported a 30% decline in its net profit to INR 176 crore, primarily due to increased expenses on Blinkit’s expansion. Operating revenue grew 14% quarter-on-quarter to INR 4,799 crore, driven by strong performance across its food delivery and quick commerce verticals.

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Flipkart pilots 10-minute medicine delivery, death to local ‘medical stores’

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Flipkart pilots 10-minute medicine delivery, death to local ‘medical stores’

India’s 10-minute delivery market is expanding beyond groceries and essentials to include food and medicine. Flipkart, a major e-commerce player, is planning to start delivering medicines within 10 minutes through its “Flipkart Minutes” service.

Flipkart Minutes for medicines!

“Flipkart wants to develop Flipkart Minutes into a full-fledged quick commerce platform. Medicines is a hitherto untapped opportunity since existing platforms deliver products in an hour to even 3-5 days,” said a senior industry executive.

Continue Exploring: Thai tea brand Kongsi Tea Bar aims expansion via Franchise India

Reportedly, Flipkart has started partnering with local chemists in major cities to sell medicines through its platform. The company is also partnering with local pharmacists to deliver medicines to customers, in compliance with India’s drug norms. Flipkart is looking to partner with registered chemists to expand its medicine delivery service.

The quick commerce market in India is growing rapidly, with players like Zomato-owned Blinkit, Swiggy Instamart, Zepto, and Tata-owned BigBasket competing for market share. These companies are offering a range of products, including groceries, food, and now medicines, with delivery times of under 10 minutes.

10 new players in Q-comm

However, the market is also attracting new players, with over 10 new quick commerce brands emerging. These new players are looking to compete with established players by offering innovative delivery solutions.

Continue Exploring: Bharat Tex 2025: APEC invites British apparel firms to explore import opportunities in India 

In July, several e-commerce companies, including Swiggy, BigBasket, and Zomato, started piloting home delivery of low-alcohol beverages in several states. This move is seen as an attempt to expand their product offerings and retain customer interest.

Meanwhile, Amazon‘s Indian arm is preparing to launch its own quick commerce delivery service, code-named Tez, by the end of the year. The service will begin by delivering groceries and daily essentials.

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Ventive Hospitality receives SEBI’s nod for INR 2,000 Cr IPO 

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Ventive Hospitality receives SEBI’s nod for INR 2,000 Cr IPO 

Ventive Hospitality Limited, a luxury hospitality company, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

BRE Asia acquires Ventive Hospitality in 2017

The company plans to issue equity shares worth up to INR 2,000 crore. Ventive Hospitality was founded as the hospitality division of Panchshil Realty, a real estate conglomerate based in Pune. In 2017, BRE Asia, an affiliate of Blackstone, acquired a 50% stake in the company.

Continue Exploring: Thai tea brand Kongsi Tea Bar aims expansion via Franchise India

Notably, Ventive Hospitality owns and operates luxury hospitality assets across India and the Maldives, with properties managed by global operators such as Marriott, Hilton, Minor, and Atmosphere. 

Its portfolio includes 11 operational assets with 2,036 keys, a significant increase from just 83 keys in 2007. Key assets include JW Marriott Pune, The Ritz-Carlton Pune, Conrad Maldives, Anantara Maldives, and Raaya by Atmosphere Maldives.

The company has expanded its footprint by developing and acquiring properties in new regions, including Bengaluru, Varanasi, and the Maldives. Ventive Hospitality’s luxury hospitality assets have contributed over 80% of its pro forma revenue from hotel operations in FY24, FY23, and FY22.

Continue Exploring: Blue Tribe Foods features Anushka-Virat in launch video of plant-based chicken nuggets

Ventive Hospitality expands portfolio with 367 keys

Meanwhile, the company plans to expand its portfolio by 367 keys, or 18.02%, by FY2028 through new development projects in Varanasi, Uttar Pradesh, Bengaluru, Karnataka, and Sri Lanka. The IPO will be managed by several leading investment banks, including JM Financial Limited, Axis Capital Limited, and ICICI Securities Limited.

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Thai tea brand Kongsi Tea Bar aims expansion via Franchise India

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Thai tea brand Kongsi Tea Bar aims expansion via Franchise India

Kongsi Tea Bar, a popular Thai bubble tea brand, is planning a major expansion in India through Franchise India. 

The brand is committed to delivering an authentic bubble tea experience by sourcing high-quality ingredients from Thailand and Southeast Asia.

Continue Exploring: Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

Kongsi Tea Bar opens 10 outlets in Bangalore

In India, Kongsi Tea Bar has already opened its first ten outlets in Bangalore this year. The brand plans to launch its upcoming outlets through the franchise model. Kongsi Tea Bar ensures that each drink reflects the rich heritage of Asian tea culture, with a focus on using real Thai tea leaves and traditional ingredients.

Commenting on their expansion, Deepak Pulipati, Co-Founder & CEO said, “In India, it’s a new concept of Thai bubble tea and its premium brand. The presentation and the packaging are important. The beverage menus are same as we have in abroad and we haven’t Indianized the beverage menu.”

Continue Exploring: L’Oréal India’s net income plummets to INR 487.46 Cr, revenue surges 12%

100 outlets in 2025

Kongsi Tea Bar is backed by the Pulipati group, a well-known conglomerate with a successful track record in various industries. The brand plans to launch 100 outlets by the end of next year, targeting airports as one of the launch locations. The target audience is Gen-Z and millennials.

Deepak Pulipati added, “The target audience is Gen-Z and millennial both. Moving further, we want to explore more in target audience.” Kongsi Tea Bar also serves a variety of desserts, including mocha, bao buns, dimsums, and more.

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Blue Tribe Foods features Anushka-Virat in launch video of plant-based chicken nuggets

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Blue Tribe Foods features Anushka-Virat in launch video of plant-based chicken nuggets

Blue Tribe Foods has introduced a new range of plant-based chicken nuggets, redefining sustainable snacking. The brand has launched a campaign featuring Anushka Sharma and Virat Kohli to promote the product.

Hormone-free, 100% animal-free chicken nuggets

Thanks to a breakthrough high-moisture cooking process, these nuggets boast a remarkably meaty texture, making them almost indistinguishable from traditional chicken nuggets. Not only do these nuggets enhance taste, but they also increase the protein content by 50% compared to the previous batch, offering a nutritional profile comparable to traditional chicken nuggets. They also pack more than 4x the protein of regular veg nuggets. The nuggets come with a range of health benefits, including being protein-rich, zero cholesterol, hormone-free, and 100% animal-free.

Continue Exploring: Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

Movement toward a better, conscious world – Anushka Sharma

Anushka Sharma, who has partnered with Blue Tribe to promote the product, said, “Blue Tribe is leading a quiet revolution, and these nuggets are the future of food which can be both indulgent and healthy. As someone who cares deeply about making mindful choices, I am happy that these nuggets are a testament to what’s possible when innovation meets purpose. It’s not just food—it’s a movement toward a better, more conscious world.”

Virat Kohli, who has also partnered with Blue Tribe, said, “The journey to better eating doesn’t have to be boring, and Blue Tribe has nailed that balance. These nuggets are more than just a snack—they’re a statement that taste and sustainability can go hand in hand. It’s exciting to see how Blue Tribe is making plant-based eating mainstream in such an authentic and delicious way.”

Continue Exploring: Soulflower hair oil overtakes Mamaearth as top-selling brand – Blinkit

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Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

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Swiggy’s 10-minute food delivery service now available in 400 tier II-III cities

Swiggy, a leading food delivery platform, has announced the expansion of its 10-minute food delivery service, Bolt, to over 400 cities and towns across India.

Swiggy launches bolt services in October

Initially launched in major cities like Bengaluru, Chennai, and Hyderabad, Bolt is now available in Tier I, II, and III cities, including Jaipur, Lucknow, and Roorkee.

Continue Exploring: Soulflower hair oil overtakes Mamaearth as top-selling brand – Blinkit

“Bolt is changing the way customers are experiencing food… With all the customer love we’ve received so far and the growing excitement from both national and local restaurants, expanding Bolt was an easy decision. We’re thrilled to bring this experience to even more cities and homes,” said Rohit Kapoor, CEO of Swiggy’s Food Marketplace.

Swiggy partners with 40,000 restaurants 

Further, Swiggy has partnered with over 40,000 restaurants, offering a range of more than 10 lakh menu items. The Bolt service aims to deliver freshly prepared food, including snacks, beverages, and breakfast items, within 10 minutes. To ensure efficiency, the delivery radius for Bolt is limited to 2 km, with orders prioritized for delivery executives nearest to the Bolt outlets.

Continue Exploring: L’Oréal India’s net income plummets to INR 487.46 Cr, revenue surges 12%

According to Swiggy, Bolt has seen the highest adoption in Andhra Pradesh and Telangana, followed by Haryana, Tamil Nadu, and Gujarat. The company has also partnered with popular brands like KFC, McDonald’s, and Starbucks, as well as local establishments.

In Tier II cities, restaurants like Varalakshmi Tiffins in Guntur and Baap of Rolls in Roorkee report that over 10% of their orders are processed through Swiggy Bolt.

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Soulflower hair oil overtakes Mamaearth as top-selling brand – Blinkit

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Soulflower hair oil overtakes Mamaearth as top-selling brand - Blinkit

Soulflower, India’s first farm-to-face brand, has emerged as a leader in the premium hair oil market, according to a report by Blinkit.

Soulflower’s revenue share surges 33%

The brand holds an impressive 33% revenue share in the segment, surpassing Hamdard and Mamaearth. Soulflower’s dominance in the premium hair oil category, which contributes 16% to Blinkit’s overall revenue, underscores its growing popularity.

Continue Exploring: Tata Starbucks to operate 1,000 cafes by FY2027-28, still under-penetrated – CEO

“Soulflower has always been at the forefront of innovation and our partnership with Blinkit is a testament to that. As one of the first beauty brands to embrace e-commerce, we’ve become India’s New Tel (oil) for Gen-Z and Gen-Alpha,” said Natasha Tuli, Co-Founder & CEO, Soulflower. “Thanks to Blinkit, we are able to reach a large segment of our customers in just ten minutes. It brought us closer to our consumers and enabled us to solve their hair and skin problems at the soonest possible.”

Soulflower ranks 2nd in visibility on Blinkit

The brand has established a significant foothold in the small-pack segment, competing successfully with global players. Additionally, Soulflower ranks second in organic visibility on Blinkit, trailing only Parachute, which highlights its strong brand recognition and customer trust.

Continue Exploring: Packaged food giants link CEO performance to nutrition goal; Nestle, ITC initiates

Further, the report highlighted regional demand, with Delhi NCR driving the majority of category revenue, followed by Mumbai, Bengaluru, and Chennai. Soulflower’s reach and visibility on Blinkit have solidified its position as a trusted choice for premium hair oil consumers. Natasha Tuli further added, “We’re thrilled to see Soulflower emerge as a leader in the premium hair oil segment. Our commitment to using farm-fresh ingredients has resonated with consumers.”

Soulflower offers around 200 different products, such as carrier oils, essential oils, shampoo bars, soaps, masks, aroma oils, diffusers, and potpourri. Founded in 2001, it expanded globally in 2015, starting to sell its products in the US, Dubai, and the UK.

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