Swiggy Instamart’s GOV surges 103 per cent year on year to Rs 7,938 crore

BENGALURU: Swiggy posted a sharp acceleration in food delivery growth in the December 2025 quarter, even as its quick-commerce arm Instamart continued its blistering expansion, according to results announced by the Bengaluru-based on-demand platform.

Food delivery gross order value rose 20.5 per cent year on year to Rs 8,959 crore, supported by a 22 per cent increase in monthly transacting users to 18.1 million. The segment’s adjusted Ebitda margin improved to 3 per cent of GOV, its strongest performance in two years, reflecting tighter cost control and higher user engagement.

Quick commerce remained the fastest-growing engine. Instamart’s GOV surged 103 per cent year on year to Rs 7,938 crore, driven by a nearly 40 per cent rise in average order value to Rs 746 and continued network expansion. Swiggy added 34 dark stores during the quarter, taking the total to 1,136 facilities across 131 cities and 4.8 million square feet.

Contribution margins in quick commerce improved by around 9 basis points quarter on quarter to minus 2.5 per cent, aided by larger basket sizes, lower incentives and operating leverage. The segment, however, posted an adjusted Ebitda loss of Rs 908 crore for the quarter, though margins narrowed further to minus 11.4 per cent.

Swiggy’s out-of-home consumption business remained profitable, recording 49 per cent year-on-year GOV growth, with adjusted Ebitda margins improving to 0.7 per cent of GOV.

At the platform level, average monthly transacting users climbed 37 per cent year on year to 24.3 million, with more than 36 per cent of users engaging with multiple services.

Swiggy MD and group CEO Sriharsha Majety, said the company was defying broader concerns of a sector slowdown by accelerating growth while improving margins. He added that Swiggy was still in the early stages of the quick-commerce opportunity and remained focused on disciplined investment backed by strong capital reserves.