Swiggy Delivers on Turnaround—Losses Drop 30% as Quick Commerce Booms

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Swiggy, one of India’s leading food delivery and quick commerce platforms, has made significant strides in improving its financial health, according to a recent report by Prosus, a key investor. The company managed to cut its losses by 30% in 2024, while its quick commerce segment saw a remarkable surge in gross order value (GOV).

Key Highlights:

Losses Down by 30%: Swiggy reduced its annual losses to $182 million in 2024, compared to $261 million the previous year. This marks a major step forward in the company’s path to profitability.
Quick Commerce GOV Doubled: The gross order value for Swiggy’s quick commerce business, which includes instant delivery of groceries and daily essentials, doubled year-on-year. This segment is now a major growth driver for the company.
Food Delivery Remains Strong: While quick commerce is booming, Swiggy’s core food delivery business continues to maintain its market position, even as competition remains fierce.
Cost Management: The company’s improved financials are attributed to better cost control, increased operational efficiency, and a focus on high-frequency, high-value customer segments.
Investor Confidence: Prosus highlighted Swiggy’s progress in its annual report, noting that the company’s focus on quick commerce is helping it diversify revenue streams and reduce reliance on traditional food delivery.
Future Outlook: Swiggy aims to further strengthen its quick commerce presence and continue improving margins, with an eye on long-term profitability and potential IPO plans.