Swiggy is India's pioneering on-demand convenience platform. With a footprint in food delivery, Swiggy Food collaborates with over 2.5 lakh restaurants across ~700 cities. Swiggy Instamart, its quick commerce platform operating in 120+ cities, delivers groceries and other essentials across 20+ categories in 10 minutes. Swiggy Limited was incorporated as 'Bundl Technologies Private Limited' as a Private Limited Company, dated December 26, 2013. The Company changed its name to "Swiggy Private Limited" on April 1, 2024, and subsequently converted into a Public Limited Company, changing its name to 'Swiggy Limited' on April 10, 2024.
Swiggy is a consumer-first technology company offering users an easy-to-use convenience platform to browse, select, order, and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through an on-demand delivery network. In its 10th year of operation, Swiggy reached 112.73 million users who have transacted on its platform as of June 30, 2024.
Today's market capitalization of Swiggy Ltd is ₹1,01,478.96 Crore. The company made its public debut through its market debut on November 13, 2025, with shares listing at ₹412—a modest 5.64% premium over its IPO price of ₹390. Swiggy IPO opened for subscription on November 6, 2024, and closed on November 8, 2024. The shares were expected to be listed on Wednesday, November 13, 2024, on both BSE and NSE. Swiggy IPO price band was set at ₹371 to ₹390 per share.
The stock has experienced volatility since its listing, with the 52-week low for Swiggy share price being ₹297 and 52-week high being ₹617.3. Swiggy, the world's largest tech listing of 2024, has fallen below both its IPO price and its last 2022 private valuation. On Thursday, the food delivery company's stock fell as low as ₹374.80 ($4.29) below its November IPO price of ₹390, squeezing its market cap to $9.75 billion, before recovering slightly to around the IPO price level.
The Company's segments include Food Delivery, Out of home consumption, Supply chain and distribution, Platform Innovations, and Quick Commerce.
* Food delivery offers on-demand Food Delivery services through a network of restaurant partners and delivery partners, available through mobile application and/or Website.
* Out-of-home consumption offers restaurant dining solutions (provided through DineOut) and access to curated outdoor events through SteppinOut.
* Quick commerce offers on-demand grocery and household items to users through Instamart.
* Supply chain and distribution offers supply chain services to wholesalers, retailers, and fast-moving consumer goods brands, leveraging its warehousing capabilities.
The primary revenue model for Swiggy is the commission it receives from restaurant partners for each order placed through its platform. Revenue from Swiggy's Food Delivery business primarily includes pre-agreed commissions from restaurant partners, advertising revenue from these partners, fees charged to users and delivery partners for accessing the technology platform, and fees for additional business enablement services provided to restaurant partners. Strong partnerships, with 223,671 restaurant partners as of June 2024.
Revenue from Swiggy's Quick Commerce business includes pre-determined commissions from merchant partners, advertising revenue from brand partners, fees charged to users and delivery partners for utilizing its technology platform, and fees for additional business enablement services offered to merchant partners. Quick Commerce represents Swiggy's second-largest business segment, with revenue from operations reported ₹9,785.50 million, ₹4,513.63 million, and ₹828.43 million in financial years 2024, 2023, and 2022, respectively.
Through its Instamart service, Swiggy offers around 19,000 grocery SKUs, ranging from everyday essentials to festival-related items. As of June 30, 2024, Instamart operated 557 dark stores across 32 cities, expanding to 605 stores across 43 cities by September 10, 2024.
The business platform can be used to make restaurant reservations (Dineout) and for events bookings (SteppinOut), avail product pick-up/drop-off services (Genie) and engage in other hyperlocal commerce (Swiggy Minis, among others) activities.
Sales rose 35.38% to ₹15,226.76 Crore in the year ended March 2025, as against ₹11,247.39 Crore during the previous year ended March 2024. Revenue from operations rose 44.8% year-on-year to ₹4,410.02 Crore in Q4 FY25.
Key financial highlights for FY25:
* Sales rose 35.38% to ₹15,226.76 Crore in the year ended March 2025, as against ₹11,247.39 Crore during the previous year ended March 2024.
* For the full year, net loss reported to ₹3,116.80 Crore in the year ended March 2025, as against net loss of ₹2,350.24 Crore during the previous year ended March 2024.
* Sales rose 44.80% to ₹4,410.02 Crore in the quarter ended March 2025, as against ₹3,045.55 Crore during the previous quarter ended March 2024.
* Swiggy reported a net loss of ₹1,081.18 Crore for the quarter ended March 2025 (Q4 FY25), nearly doubling from ₹554.77 Crore in the same quarter last year.
The company's widening losses were primarily attributed to elevated spending on its quick commerce arm, Instamart. Swiggy increased investments in customer acquisition, dark store infrastructure, and marketing efforts amid intensifying competition, resulting in higher operating expenses. Total expenditure jumped 52.93% year-on-year to ₹5,609.67 Crore in Q4 FY25.
Meanwhile, competitor Zomato's quick-commerce unit Blinkit recorded quarterly gross order value of ₹78 billion ($890 million), nearly double Instamart's ₹39.1 billion ($446 million). Swiggy added 96 dark stores in the quarter for a total of 705 locations across the country but was outpaced by Blinkit's addition of 216 stores for a total of 1,007. Zepto has quietly built up its network to over 950 stores, according to a person with direct knowledge of the matter.
Still, Swiggy's cash reserves of ₹82 billion ($936 million) are less than half of Zomato's ₹190 billion ($2.2 billion), though Swiggy did manage to increase its average order value in quick commerce by 7% to ₹534 ($6.10) compared to the previous quarter.
Technology stack built for scalability, ensuring fast service delivery. Swiggy operates a technology-driven, asset-light model, leveraging a network of 317 leased facilities and 3,421 delivery centers. A gig workforce fulfills a significant portion of Swiggy's deliveries, optimizing costs to ₹39.65 per shipment in FY2024.
The company claims to utilize its network of users and partners to assess market demand for new offerings through targeted testing. Once a service demonstrates its potential for scalability, profitable unit economics, and geographic expansion, Swiggy proceeds to roll it out across various cities. Swiggy also claims to employ technology-driven personalized recommendations to help users quickly find desired offerings, evaluate their options, and make choices.
Swiggy is gaining traction with analysts projecting a share price increase to ₹536, driven by strong growth in food delivery and quick commerce. Swiggy's stock demonstrates resilience with positive technical indicators and strong growth in gross order value. Analysts maintain an Outperform rating, highlighting potential in food delivery and quick commerce.
The online food delivery market in India is poised for significant growth, driven by increased internet penetration, rising disposable income, and changing consumer preferences. According to industry reports, the food delivery market is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.98% between 2024 and 2029. This presents a massive opportunity for Swiggy to capture more market share.
The company continues to focus on expanding its market presence while working towards profitability, particularly in its core food delivery business where it has set ambitious targets for operational efficiency and margin improvement.
