Swiggy’s losses have increased 109% as it continues to prioritise aggressive expansion in quick commerce, while the food delivery business remains strong. As per the financial disclosures from the company’s key investor, Prosus, the company’s adjusted EBITDA loss widened to $178 million for the six months that ended on 30 September 2025, as compared to $85 million recorded in the same period last year.
The spike in losses has been largely driven by heightened spending on Swiggy Instamart, where investments in dark stores, last-mile delivery capacity and competitive pricing are outstripping revenue gains. Prosus said the company is consciously sacrificing near-term profitability to consolidate its position in a rapidly growing quick-commerce market. “Instamart (quick commerce) more than doubled GOV, growing by 105%, with average order value rising 26% in Q1 FY26 (April to June 2025), although continued investment in scale and competitiveness in quick commerce deepened adjusted EBITDA losses,” the report said.
Growth momentum remains intact
Despite mounting losses, operating indicators point to sustained demand traction. Swiggy’s active customer base expanded 35% year-on-year to 21.6 million, while gross order value (GOV) climbed 43%, helped by steady food delivery growth and new express formats such as Bolt.
Food delivery GOV grew 18% during the period, with Prosus noting improving profitability trends in this segment. Swiggy’s quick commerce arm continues to be the primary growth engine and the biggest drag on margins. Instamart’s GOV more than doubled, rising 105%, while average order value increased 26% in the first quarter of FY26. Prosus said the business is scaling rapidly in response to strong consumer adoption, but the pace of expansion is inflating costs related to fulfilment infrastructure, rider density and market competition.
Strategy trade-off: Scale now, profitability later
Although Swiggy’s primary business, the food delivery model, is exhibiting signs of operational improvement, the strain of the quick commerce model paints the financial picture. According to Prosus, Swiggy is still on a scale-first trajectory and is betting that once market consolidation stabilises and demand matures, operating leverage will materialise.
