Food tech and grocery delivery company Swiggy posted a revenue of Rs 3,601.5 crore during the July-September period, an increase of 30 percent from Rs 2,763.3 crore recorded during the same period last year, as the number of transacting users increased on the platform, regulatory filings showed. The company also saw its losses narrow 5 percent from Rs 657 crore to Rs 625.5 crore during the period.
Swiggy had posted a revenue of Rs 3,222.2 crore and its losses stood at Rs 611 crore during Q1FY25.
Zomato, Swiggy's old rival, had posted a revenue of Rs 4,799 crore and had a profit after tax of Rs 272 crore during the September quarter.
The company is declaring its results for the first time since it went public last month.
In Q2FY25, Swiggy saw its monthly transacting users (MTU) increase by a million. The company now has a total user base of 17.1 million, a growth of 7 percent quarter on quarter (QoQ) and an increase of 19 percent year-on-year (YoY).
Swiggy key takeaways
Sriharsha Majety, MD & Group CEO, Swiggy, said, “The remarkable performance of our food business operations comes on the back of strong innovation and execution. We are constantly trying to anticipate and improve the consumer's experience."
Bolt, Swiggy's 10-minute food delivery platform, now accounts for 5 percent of all food orders, the company said.
"The recent launch of Bolt- our 10-minute delivery service is an example of that. Similarly in quick commerce, we are anticipating and responding to consumer behaviour to bring more and more convenience to urban households. Instamart today is present in 54 cities and delivers more than 32000 unique items, within an average delivery time of 13 minutes,” Majety said.
Swiggy's share prices closed at Rs 501.30 apiece on the BSE on December 3.
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