Swiggy Q2 results: Loss narrows to Rs 626 crore, revenue rises 30%

Indian food and grocery delivery firm Swiggy reported a narrower quarterly loss on Tuesday as the newly listed company saw robust order growth in both its food delivery and quick commerce segments. 

Swiggy, which made its trading debut on Nov. 13, reported a second-quarter consolidated loss of Rs 626 crore ($74 million) for the three months ended Sept. 30, compared to a loss of Rs 657 crore a year earlier. 

Swiggy and its main rival Zomato have diversified from their main food delivery businesses to bet on "quick commerce" becoming a bigger driver of growth as they jostle to deliver everything from milk to electronics within fifteen minutes. 

In the quick commerce segment, Swiggy's Instamart competes with Zomato's Blinkit and start-up firm Zepto, while Mukesh Ambani's Reliance is a new entrant. 

Swiggy reported a revenue of Rs 3,601 crore for the second quarter, up 30.3 per cent year-on-year. Its expenses grew 23 per cent as the company continued its quick commerce expansion.

     

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