DBT Bureau
Pune, 4 Dec 2024
In its first results following its listing, Swiggy, India’s leading on-demand convenience platform, announced its financial performance for the quarter and half-year ending September 30, 2024.
Swiggy’s overall Gross Order Value (GOV) grew 30 % YoY to reach Rs 11306 crore, while the consolidated adjusted EBITDA loss of Rs 341 crore represented a reduction in the loss by 30% YoY. Platform Average Monthly Transacting Users (MTU) grew 19.2% YoY to 17.1M.
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. 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.”
Swiggy’s Food delivery business witnessed a near doubling of its profitability, with Adjusted EBITDA clocking Rs 112 crore at a 1.6% margin. GOV grew steadily by 5.6% QoQ to Rs 7191 Cr. The company recently launched ‘Bolt’, a 10-minute restaurant food delivery service, which already accounts for 5% of the overall food deliveries within 8 weeks of launch.
Swiggy Instamart, the company’s quick commerce platform, witnessed a significantly improved performance where its GOV growth accelerated to 24 % QoQ to reach Rs 3382 crore. The overall orders grew by 21 % QoQ, with orders per dark store per day rising 10% QoQ. Instamart added 12 cities and 52 stores during the quarter and improved its contribution margin by 124 bps QoQ to -1.9 %. Swiggy Instamart plans to double its dark store count by March 25 (vs. 523 on March 24), while increasing the average size of stores by 30-35%. As a result, the active dark store area will grow to over 2.5 times YoY to reach 4Mn square feet by March 25.
“In the last ten years, we have reached 118 million users and processed nearly 3.5 billion orders by offering a wide range of urban convenience opportunities. 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.”
