Swiggy posts Rs 3,600 Cr revenue in Q2; Instamart contributes 13.6%

Foodtech and quick commerce giant Swiggy has managed a 30.3% quarter-on-quarter growth in its operating revenue which spiked to Rs 3,601 crore during Q2 FY25 as compared to Rs 2,763 crore Q2 FY24. This growth was largely driven by the expansion of its quick commerce businesses which grew 135% in the last quarter.

Swiggy’s food delivery business continues to be a major contributor, accounting for 43.7% of the total collection in Q2 FY25. Revenues from this vertical grew 23% to Rs 1,575 crore from Rs 1,281 crore in Q2 FY24. 

The company’s quick commerce segment also saw remarkable growth, with revenue surging by 135% to Rs 490 crore in Q2 FY25 from Rs 208 crore in Q2 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new stores, contributing significantly to the company’s overall revenue.

Scootsy Logistics contributed a major 40% of Swiggy’s overall operating income. Income from this entity increased by 22% quarter-on-quarter to Rs 1,452 crore in Q2 FY25 from Rs 1,190 crore in Q2 FY24. Scootsy alone earned a total revenue of Rs 5,196 crore of revenue in FY24. This vertical is engaged in the business of supply chain services and distribution.

Swiggy’s Dine Out, Genie, Swiggy Mini and other non-operating income took its total revenue to Rs 3,686 crore in Q2 FY25.

On the cost side, the procurement of FMCG products for supply chain distribution formed 32.2% of its overall cost which increased by 16.1% to Rs 1,388 crore in Q2 FY25. Meanwhile, the delivery charges saw a modest 4.7% growth to Rs 1,095 crore in Q2 FY25.

Swiggy spent Rs 607 crore and Rs 605 crore on employee benefits and advertising, respectively. Its legal, infrastructure, and other overheads pushed the overall cost up by 22.9% to Rs 4309 crore in Q2 FY25.

The 30.3% scale and controlled expenditure helped Swiggy to decrease its losses by 4.9% to Rs 625 crore in Q2FY25 from Rs 657 crore in Q2FY24. It spent Rs 1.19 to earn a rupee in Q2FY25.

[Swiggy vs Zomato]

In Q2 FY25, Swiggy and Zomato both demonstrated revenue growth, with Swiggy's revenue from operations rising by 11.76% to Rs 3,601 crore and Zomato posted 14.1% Q-o-Q growth to Rs 4,799 crore.

However, the companies displayed contrasting profitability, as Swiggy reported a loss of Rs 625 crore, while Zomato recorded a profit of Rs 176 crore during the quarter ending September 2024.

In the grocery delivery segment, Zomato's Blinkit outpaced Swiggy's Instamart, generating Rs 1,156 crore in revenue compared to Instamart's Rs 490 crore in Q2. Similarly, in food delivery, Zomato led with Rs 2,012 crore in revenue, surpassing Swiggy's Rs 1,577 crore during the quarter.

These figures highlight Zomato's continued dominance in profitability and operational metrics over Swiggy across key segments.

After today’s trading session, Swiggy’s share price closed at Rs 491 a piece with a market cap of Rs 1,18,870 crore or $14 billion. Whereas, Zomato’s share price stood at Rs 280 with a market capitalization of Rs 2,48,353 crore or $29.3 billion.