Why Swiggy Instamart is banking on Maxxsaver to fix its course

On Thursday evening, food delivery and quick commerce company Swiggy announced its April–June quarterly results, with losses doubling to Rs 1,197 crore and revenue growing 54% year-on-year to Rs 4,961 crore. Quick commerce continues to contribute the majority of the losses, with Instamart alone posting a loss of Rs 896 crore.

Swiggy’s management told investors that despite another quarter of steep losses, peak losses are behind them and the company remains on track to achieve profitability toward the end of the year.

The company said Instamart has grown out of the shadow of food delivery to become a standalone brand, with its GOV (gross order value) and user base now over two-thirds the size of Swiggy’s food delivery business. Assortment, it said, has significantly expanded in the previous quarter, with a large share of metro users now having access to 30,000 SKUs.