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Quick Commerce
Earnings season is in full swing, and Swiggy’s results on Wednesday were among the most anticipated ones. Investors reacted sharply to its Q3FY25 performance, with shares closing below its IPO price of Rs 390 on the BSE on Thursday.
Even though the SoftBank-backed company posted a 31% rise in revenue to Rs 3,993 crore, what spooked investors was its mounting losses—Rs 799 crore, up 31% year-on-year—amid intensifying competition in quick commerce.
Swiggy’s food delivery business fared slightly better, capturing market share from Zomato with a 19% year-on-year growth versus Zomato’s 16.8%. Swiggy’s early bet on a 10-minute food delivery marketplace seems to be paying off, with Bolt—available in more than 400 cities—orders now accounting for 9% of its total orders. Zomato, which was late to the game, launched its 10-minute food delivery service only last month, that too in select locations.
However, signs of a slowdown are evident, as Swiggy’s gross order value (GOV) rose just 3% quarter-on-quarter basis to Rs 7,436 crore.
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