Startups & Business3 min
Indian delivery app Swiggy's shares fall 15% as losses at its grocery arm grow
Swiggy's shares fell about 15% to ₹179.90 on October 23 after second-quarter results, wiping out about ₹9,000 Cr in market value, Inc42 reports. Revenue rose 36.1% year on year to ₹7,571 Cr, and the net loss narrowed to ₹922 Cr from ₹1,092 Cr a year earlier. Food delivery posted record adjusted EBITDA, but the Instamart quick-grocery business saw its adjusted EBITDA loss widen to ₹895 Cr. Instamart added 69 dark stores to reach 1,240, while rival Blinkit added 308 to reach 2,751.
Why it matters: Fast grocery delivery is expensive to scale. Swiggy says Instamart needs about 2.3 times its current size to break even, but has not given a timeline.