Monday, Jan 13 2025 | Time 22:51 Hrs(IST)
image
Business EconomyPosted at: Dec 3 2024 7:51PM


Swiggy posts 30 pc jump in Gross Order Value at Rs 11,306 cr in first half

New Delhi, Dec 3 (UNI) In its first results post listing, on-demand convenience platform, Swiggy on Tuesday announced a 30 percent growth in Gross Order Value at Rs 11,306 crore for the quarter and half year ended September 30, 2024.
Swiggy’s overall Gross Order Value (GOV) grew 30 percent YoY to reach Rs 11306 crore, while the consolidated adjusted EBITDA loss of Rs 341 crore represented a reduction in the loss by 30 percent YoY. Platform Average Monthly Transacting Users (MTU) grew 19.2 percent YoY to 17.1M, the company said in a release.
Sriharsha Majety, MD & Group CEO, Swiggy, said “The remarkable performance of our food business operations comes on the back of strong innovation and execution. We are constantly trying to anticipate and improve the consumer's experience. The recent launch of Bolt- our 10-minute delivery service is an example of that.
Similarly in quick commerce, we are anticipating and responding to consumer behaviour to bring more and more convenience to urban households. Instamart today is present in 54 cities and delivers more than 32000 unique items, within an average delivery time of 13 minutes.”
Swiggy’s Food delivery business witnessed a near doubling of its profitability, with Adjusted EBITDA clocking Rs 112 crore at a 1.6% margin. GOV grew steadily by 5.6% QoQ to Rs 7191 crore. The company recently launched ‘Bolt’, a 10-minute restaurant food delivery service, which already accounts for 5% of the overall food deliveries within 8 weeks of launch.
Swiggy Instamart, the company’s quick commerce platform, witnessed a significantly improved performance where its GOV growth accelerated to 24 % QoQ to reach Rs 3382 crore. The overall orders grew by 21 % QoQ, with orders per dark store per day rising 10% QoQ.
Instamart added 12 cities and 52 stores during the quarter and improved its contribution margin by 124 bps QoQ to -1.9 %. Swiggy Instamart plans to double its dark store count by March 25 (vs. 523 on March 24), while increasing the average size of stores by 30-35%. As a result, the active dark store area will grow to over 2.5 times YoY to reach 4Mn square feet by March 25.
“In the last ten years, we have reached 118 million users and processed nearly 3.5 billion orders by offering a wide range of urban convenience opportunities. At the platform level, we’ve seen one of our best quarters so far with strong growth in GOV, while consistently reducing the losses. With well-spread-out businesses in different stages of profitability, we’re excited by the value Swiggy will be able to bring to consumers, our ecosystem and shareholders,” the company added.
UNI SKB CS1951
Please log in to get detailed story.
Tags: #Swiggy posts 30 pc jump in Gross Order Value at Rs 11#306 cr in first half
More News

Stock mkt crashes, Rupee at record low; Investors lose over Rs 24 lakh cr in last 4 sessions

13 Jan 2025 | 8:36 PM

Mumbai/New Delhi, Jan 13 (UNI) Spike in global crude prices, continued foreign fund outflows and falling rupee to USD resulted in India’s benchmark indices taking a severe beating today as the BSE Sensex crashed 1,050 points with investors losing an estimated over Rs 12 lakh crore wealth on a single day.

see more..

JSW Energy receives LoI for its resolution plan for KSK Mahanadi Power

13 Jan 2025 | 8:17 PM

New Delhi, Jan 13 (UNI) JSW Energy on Monday said that it has received letter of intent (LoI) for its resolution plan submitted for KSK Mahanadi Power Company Ltd (KMPCL) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code, 2016.

see more..

Schneider Electric wins contract to automate India’s largest water treatment plant in Mumbai

13 Jan 2025 | 8:12 PM

New Delhi, Jan 13 (UNI) Energy management and automation firm Schneider Electric on Monday announced that it has been awarded the contract to automate India’s largest Water Treatment
Plant in Bhandup, Mumbai.

see more..

O2 Power wins 800 MWh Battery Storage project in Rajasthan

13 Jan 2025 | 6:15 PM

New Delhi, Jan 13 (UNI) Renewable energy platform O2 Power, committed to driving the transition to clean energy through innovative solar and wind power solutions, on Monday announced that it has secured a renewable energy project of 800 MWh Battery Storage System (BESS) under competitive bidding conducted by Solar Energy Corporation of India Limited (SECI).

see more..

Aragen secures USD 100 Mn investment from Quadria Capital

13 Jan 2025 | 6:13 PM

New Delhi, Jan 13 (UNI) Research and Development organization Aragen on Monday announced that it has secured a USD 100 Million investment from Quadria Capital, an Asia healthcare-focused Private Equity fund.

see more..
image