Swiggy's Strategic Push: Expanding Amidst Quick Commerce Challenges

Swiggy's consolidated net loss widened to Rs 1,081.18 crore in Q1 2023, driven by investments in quick commerce. Revenue rose to Rs 4,410 crore while expenses increased significantly. The food delivery business continued to grow, and Instamart saw major expansion. CEO Sriharsha Majety emphasized on growth and market differentiation.

In the latest financial disclosure, food delivery giant Swiggy has reported a steep increase in its consolidated net loss for the first quarter of 2023, reaching Rs 1,081.18 crore. This setback is primarily due to the company's substantial investment in the quick commerce sector.

Despite this financial strain, Swiggy's revenue from operations increased to Rs 4,410 crore during the January-March period. This marks a considerable rise from the Rs 3,045.5 crore reported in the same period the previous year, suggesting positive momentum in business operations.

Further expanding its market footprint, Swiggy Instamart experienced significant growth during the quarter by adding 316 new dark stores, marking a 45% sequential increase. Speaking about the company's direction, CEO Sriharsha Majety highlighted the importance of strategic investments aimed at market expansion and differentiation amidst intense competition.

(With inputs from agencies.)