Heavy quick commerce spend pushes Swiggy’s Q4 losses to Rs 1,081 Cr

Swiggy's quick commerce vertical Instamart reported INR 1,081 crore losses in Q4 FY25 despite 115% revenue growth, dragging consolidated losses to INR 480 crore. The heavy investments in dark store expansion and customer acquisition resulted in 42% contribution margin negative for quick commerce, though food delivery turned EBITDA positive. Instamart's gross order value crossed INR 3,200 crore quarterly but high logistics and discounting costs impacted profitability. Swiggy plans to reduce Instamart losses by 35% in FY26 through private label expansion and delivery fee introductions. The results highlight the ongoing challenges of capital-intensive quick commerce models in India, even as the segment shows strong demand growth with 19-minute average delivery times.