Quick Commerce

Early status check for Swiggy Instamart’s new leadership as Q-commerce losses widen

Pranav Balakrishnan

February 07, 2025 | 4 Min Read

Swiggy shares closed below its IPO price on Thursday, after mixed Q3 performance left investors unimpressed. The focus was on its quick commerce business, Instamart, which not only posted higher losses in the quarter, but also continued to lag behind rivals on key metrics.

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.

Read this article for free

In addition, access 50+ archived articles and 3 new articles every month

Got a tip? If you have a lead we should be chasing at The CapTable, write to us at tips@the-captable.com

Join our community of 100,000+ top executives, VCs, entrepreneurs, and brightest student minds

Trusted by the best

Karthik Reddy

Blume Ventures

The CapTable brings a refreshing set of insights for us at the Blume team, highlighting stories that bring together the underlying business and founders with that of investors' journeys with these startups. It's an important perspective that very few bring to startup ecosystem enthusiasts.

Latest Articles

The Youtubers quietly building India’s next wave of e-commerce sellers

Post-pandemic, seller influencers have evolved into hybrids of educators and account managers, aggregating and managing merchants locally as they bring regional brands onto platforms such as Meesho, Flipkart, and Amazon.

Pranav Balakrishnan

VCs are racing to fund India’s first reusable rocket. Who’s winning the game?

As funding accelerates, Indian space-tech startups are betting on reusable rockets to lower costs and enable scale, but the path is challenging and the competition fierce.

Parvathi Benu

India's air cargo boom leaves most carriers grounded

India moved a record 3.7 million tonnes of air cargo last year, driven by e-commerce and pharma exports. Yet nearly every carrier hauling freight lost money. Only Blue Dart Aviation was profitable, even as the rest of the industry bled Rs 52,000 crore.

Anuj Suvarna

India’s new luxury playbook: Homes as hard assets, handbags as portable wealth

India’s luxury market in 2025 shifted from aspiration to asset allocation. Ultra-HNIs are buying scarcity-driven luxury homes for permanence and designer handbags for liquidity, treating both as hard assets that hedge volatility, preserve value, and diversify wealth beyond traditional markets.

Sohini Mitter

How to claim mutual fund investments of a deceased family member

While the process is largely straightforward, lining up the required documents can be tricky, especially if the deceased had not named a nominee.

Maulik M

Convinced that The Captable stories and insights
will give you the edge?

Convinced that The Captable stories
and insights will give you the edge?

Subscribe Now

Stories

Explore