Swiggy Q3 net loss widens to ₹799 crore as expenses surge

Swiggy Ltd., the on-demand delivery platform which listed last year, said consolidated net loss for the third quarter ended December 31 widened to ₹799 crore from a net loss of ₹574 crore a year ago.

During the quarter the company saw its advertising and sales promotion spend increasing by more than ₹300 crore to ₹751 crore, employee benefit expenses rising ₹220 crore to ₹657 crore, delivery related charges growing ₹263 crore to ₹1,127 crore and cost of purchases of stock-in trade rising ₹233 crore to ₹1,557 crore year-on-year (YoY).

The company’s stock on Wednesday fell 3.59% to ₹418.10 on the BSE.

For the quarter ended December 31, revenue from operations increased 31% to Rs 3,993 crore from Rs 3,049 crore in the same period last year.

The company said its platform gross order value (B2C GOV) increased 38% to ₹12,165 crore, food delivery GOV grew 19.2% to ₹7,436 crore, Instamart GOV grew 88.1%.

Sriharsha Majety, MD & Group CEO, Swiggy in a statement said “We continued our focus on creating segmented offerings for the consumer during the festive quarter, which we believe will open up more consumption occasions.”