India's Swiggy posts narrower quarterly loss as food delivery, Instamart growth stays strong
- Instamart (Swiggy) reports that its adjusted earnings before interest, taxes, depreciation and amortisation margins improve to negative 10.9%
India’s Swiggy on Friday reported a narrower fourth quarter loss, helped by continued growth at its core food delivery business and its quick commerce delivery arm, Instamart.
Swiggy said its food delivery business posted its strongest growth in nearly four years, hitting a 15-quarter high. Gross order values rose 22.6% to about 90 billion rupees.
Instamart’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margins improved to negative 10.9% from negative 11.4% in the prior quarter.
India’s fast-growing quick-commerce sector has become an $11.5 billion market within five years, changing how Indians shop with apps allowing groceries and electronics to be home delivered within minutes.
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The company’s consolidated loss came in at 8 billion Indian rupees ($84.66 million) in the three months ended March 31, compared with 10.65 billion rupees in the previous quarter.
“Food delivery has grown at its strongest pace in nearly four years…and defying scepticism around a sector slowdown, with meaningfully better margins than a year ago” CEO Sriharsha Majety said.
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