Swiggy , India's leading on-demand convenience platform, has reported robust growth for the second quarter of fiscal year 2026, with its food delivery business showing improved profitability and quick commerce segment experiencing rapid expansion.

Key Financial Highlights

• Consolidated revenue from operations grew 54.4% year-over-year (YoY) to ₹5,561.00 crore
• B2C Gross Order Value (GOV) increased 47.6% YoY to ₹16,683.00 crore
• Consolidated Adjusted EBITDA loss improved to ₹695.00 crore, down from ₹813.00 crore in Q1 FY26

Food Delivery Segment Strengthens

Swiggy's core food delivery business demonstrated solid performance:

• GOV grew 18.8% YoY to ₹8,542.00 crore
• Average Monthly Transacting Users (MTU) increased 17.2% YoY to 17.20 million
• Adjusted EBITDA improved by 25.4% quarter-over-quarter (QoQ) to ₹240.00 crore
• Adjusted EBITDA margin expanded to 2.8% of GOV, up 125 basis points YoY

The company attributed this growth to new propositions like Bolt, 99-Store, Deskeats, and health-focused curations, which have helped in expanding the user base and increasing order frequency.

Quick Commerce Accelerates

Instamart, Swiggy's quick commerce offering, showed remarkable growth:

• GOV surged 107.6% YoY and 24.2% QoQ to ₹7,022.00 crore
• Average Order Value (AOV) grew approximately 40% YoY to ₹697.00
• Contribution margin improved by 202 basis points QoQ to -2.6%
• Adjusted EBITDA margin improved by 375 basis points QoQ to -12.1%

The rapid expansion in quick commerce was driven by increased dark store network efficiency, with 1,102 stores now operational across 128 cities.

Strategic Initiatives and Future Outlook

Swiggy has undertaken several strategic initiatives to drive growth:

1. Launched 'Toing', a new app catering to budget-conscious users in Pune
2. Expanded 'Deskeats' to 7,000+ tech parks across 30 cities
3. Introduced health-focused categories on the platform
4. Planned divestment of its stake in Rapido for ₹2,399.00 crore, subject to regulatory approvals

The company's board is set to consider a fundraise of up to ₹10,000.00 crore through the Qualified Institutional Placement (QIP) route on November 7, 2025.

Management Commentary

Sriharsha Majety, MD & Group CEO of Swiggy, commented on the results: "Swiggy's Food delivery business delivered another quarter of robust growth and improved profitability, with the double-digit YoY order growth at the highest in 2 years. Instamart made giant strides in catering to all purchase-missions through Maxxsaver (grocery) and Quick India movement (non-grocery), driving up AOV 40% YoY."

As Swiggy continues to innovate and expand its services, the company remains focused on balancing growth with profitability across its diverse business segments.

Note: All financial figures are in Indian Rupees (₹).

Swiggy , India's leading on-demand convenience platform, has reported robust growth for the second quarter, with plans to potentially raise substantial funds to fuel further expansion.

Financial Highlights

• Revenue Surge: Swiggy's consolidated revenue from operations jumped 54.4% year-over-year to ₹5,561.00 crore, up from ₹3,601.00 crore in the same quarter last year.
• Loss Widening: The company's net loss increased to ₹1,092.00 crore, compared to ₹626.00 crore in the same quarter last year.
• Gross Order Value (GOV) Growth: B2C GOV saw a significant rise of 47.6% year-over-year, reaching ₹16,683.00 crore.
• Overall Platform Growth: Swiggy's overall platform gross order value grew 48% year-over-year.

Operational Performance

• User Base Expansion: Average Monthly Transacting Users (MTU) grew by 34% year-over-year to 22.9 million.
• Delivery Partner Network: The average monthly transacting delivery partners increased to 691,000, up from 522,000 in the same quarter last year.

Segment-wise Performance

1. Food Delivery

• GOV grew 18.8% year-over-year to ₹8,542.00 crore
• Adjusted EBITDA improved to ₹240.00 crore, with margins expanding to 2.8% of GOV
• Demonstrated strong growth with double-digit order increases, marking the highest growth in two years alongside improved profitability

2. Quick Commerce (Instamart)

• Witnessed a 107.6% year-over-year growth in GOV
• Average Order Value (AOV) increased by approximately 40% year-over-year to ₹697.00
• Recorded significant expansion with 108% yearly growth and 24% quarterly growth

3. Out-of-Home Consumption

• Reported 52% year-over-year growth in GOV, reaching ₹1,118.00 crore
• Achieved positive Adjusted EBITDA margins of 0.5%

Strategic Developments

1. Darkstore Expansion: Instamart added 40 darkstores, reaching a total of 1,102 stores across 128 cities.
2. Divestment Plans: Swiggy has entered into agreements to sell its entire stake in Rapido for ₹2,399.00 crore, subject to regulatory approvals.
3. Fundraising Consideration: The Board of Directors will meet on November 7 to consider raising up to ₹10,000.00 crore through a Qualified Institutional Placement (QIP) or other permitted modes.

Management Commentary

Sriharsha Majety, MD & Group CEO of Swiggy, stated, "Swiggy's Food delivery business delivered another quarter of robust growth and improved profitability, with the double-digit YoY order growth at the highest in 2 years. Instamart made giant strides in catering to all purchase-missions through Maxxsaver (grocery) and Quick India movement (non-grocery), driving up AOV 40% YoY."

Outlook

With its strong performance across segments and strategic initiatives, Swiggy appears well-positioned to capitalize on the growing demand for convenience services in India. The potential fundraise of ₹10,000.00 crore could provide the company with significant resources to support its expansion plans and strengthen its market position.

Investors and market watchers will be keenly observing Swiggy's ability to balance growth with profitability, especially in the competitive quick-commerce segment, as well as the outcome of its fundraising efforts in the coming months.

Note: All financial figures are in Indian Rupees (₹).