Swiggy , India's leading on-demand convenience platform, reported a significant 54% year-over-year increase in revenue, despite a near doubling of net losses. The company's financial results highlight both its robust growth and the challenges it faces in achieving profitability.

Revenue Growth and Expanded Losses

Swiggy's revenue from operations rose 54% to Rs 4,961.00 crore. However, the company's net loss widened to Rs 1,197.00 crore from Rs 611.00 crore year-over-year, nearly doubling from the previous fiscal year. This increase in losses reflects the company's continued investments in growth initiatives and market expansion.

Segment Performance

Food Delivery

Swiggy's core Food Delivery business faced some challenges. Food delivery contribution margins dropped to 7.3% of Gross Order Value, down 43 basis points quarter-over-quarter, primarily due to seasonal factors including higher delivery costs from lower delivery partner availability and monsoons. Adjusted EBITDA margins declined to 2.4%, down 52 basis points quarter-over-quarter.

Quick Commerce

Swiggy's Quick Commerce segment, Instamart, showed remarkable growth. The segment posted losses of Rs 896.00 crore but demonstrated strong performance with 108% year-over-year GOV growth to Rs 5,655.00 crore. Instamart added 41 new dark stores, bringing the total to 1,062 across 127 cities. Swiggy maintains guidance of reaching contribution margin break-even in Quick Commerce between Q3FY26 and Q1FY27.

Strategic Initiatives and Developments

Swiggy continues to innovate and expand its service offerings. The company has introduced new initiatives such as:

1. 99-Store: Launched affordability initiatives including flat-priced meals at Rs 99.00 across 175+ cities.

2. Rapido Stake Re-evaluation: Swiggy is actively re-evaluating its 12% minority stake in Rapido due to potential conflict of interest after Rapido announced plans to enter the food delivery business.

Outlook

While Swiggy's rapid revenue growth is impressive, the widening losses highlight the challenges in the highly competitive food delivery and quick commerce sectors. The company remains focused on expanding its user base, improving unit economics, and driving towards profitability in its Quick Commerce segment.

As Swiggy continues to balance growth with profitability, investors will be watching closely to see how the company navigates the competitive landscape, especially with the potential changes in its relationship with Rapido, and progresses towards its financial goals in the coming quarters.

Swiggy , India's leading on-demand convenience platform, has announced significant changes to its board structure and leadership team, marking a transition towards greater independence following its public listing.

Board Restructuring

The company has made two key appointments to its board:

• Faraz Khalid, CEO of noon, has been appointed as an Additional Non-Executive Independent Director, subject to shareholder approval, for a five-year term from July 25, 2025, to July 24, 2030.
• The Board of Directors has approved the re-appointment of Mr. Shailesh Vishnubhai Haribhakti as Non-Executive Independent Director for a second term of five years, from January 24, 2026 to January 23, 2031, subject to shareholder approval.

These appointments coincide with the resignation of two nominee directors: Sumer Juneja, representing Softbank, and Anand Daniel, representing Accel.

Strategic Appointments

Faraz Khalid

Faraz Khalid brings extensive experience to Swiggy's board. As the CEO of noon, a leading consumer commerce platform in the Middle East, Khalid has overseen the company's evolution into a multifaceted ecosystem encompassing e-commerce, quick commerce, and food delivery. His prior experience includes co-founding Namshi, a regional fashion leader.

Shailesh Haribhakti

Shailesh Haribhakti, a Chartered Accountant and Cost Accountant with over five decades of experience, currently serves as Chairman of Shailesh Haribhakti & Associates and Vice Chairman of GovEVA Consulting. He previously served as Chairman of the National Pension Scheme Trust from 2015-2017 and has been associated with various professional institutions including SEBI committees. Haribhakti has confirmed he meets the independence criteria under the Companies Act, 2013 and listing regulations.

Sriharsha Majety, Founder and Group CEO of Swiggy, commented on Khalid's appointment: "Faraz is among the most visionary leaders in e-commerce, bringing extensive expertise in integrating advanced technology, scaling operations, and delivering superior customer experiences."

Departure of Nominee Directors

The resignations of Sumer Juneja and Anand Daniel, effective July 25, 2025, mark a significant shift in Swiggy's board composition. Both directors cited professional commitments as the reason for their departure. Their exit reflects the natural progression of Swiggy's governance structure following its successful IPO last year.

Leadership Changes in Compliance Function

Swiggy has also announced changes in its compliance leadership:

• Venkatraman Ramachandran has resigned as Interim Company Secretary and Compliance Officer, effective July 24, 2025.
• Cauveri Sriram has been appointed as the new Company Secretary and Compliance Officer, effective July 25, 2025.

Cauveri Sriram is a qualified Cost Accountant and fellow Company Secretary with over 15 years of experience in corporate governance, compliance, stakeholder engagement, enterprise risk, investor relations, finance, and audit. She was previously associated with the Tata group and other leading organizations.

Enhancing Corporate Governance

Anand Kripalu, Independent Director and Chairperson of Swiggy's Board, emphasized the significance of these changes: "The refreshed Board structure underscores Swiggy's commitment to enhancing Board independence as part of the long-term roadmap towards stronger corporate governance, transparency, and value creation for all shareholders."

Looking Ahead

With these changes, Swiggy aims to align its board structure and leadership team with best practices for publicly listed companies. The company continues to focus on innovation and growth, leveraging its extensive network of 5.4 lakh delivery partners and partnerships with over 2.5 lakh restaurants across approximately 718 cities in India.

As Swiggy evolves its governance structure, it remains committed to its mission of elevating the quality of life for urban consumers through unparalleled convenience in food delivery, quick commerce, and other innovative services.