Swiggy misses estimates, losses nearly doubles to Rs 1,081 crore

Food and grocery delivery platform, Swiggy on Friday reported a sharp 94.8% year-on-year increase in its net loss to Rs1,081.18 crore for the January–March quarter, significantly exceeding Bloomberg’s estimate of Rs 778 crore. The steep rise in losses was driven largely by heavy investments in its quick commerce arm, Instamart, as the company aggressively expanded its dark store network.

This widening of losses came despite a 44.8% increase in revenue from operations, which stood at Rs 4,410.01 crore, beating estimates of Rs 4,178 crore. However, expenses rose even more sharply, by 52.9% year-on-year to Rs 5,609.6 crore, undermining any benefit from the topline performance.