### **Overview** Swiggy Ltd is India’s leading on-demand convenience platform, operating since 2013. The company connects consumers with food, groceries, dining experiences, logistics, and professional services through its technology-driven ecosystem. Swiggy is uniquely positioned as a multi-service platform with a reusable tech stack, expansive delivery network, and a growing suite of integrated offerings. The company completed India’s first IPO via confidential filing and emerged as the second-largest tech IPO globally in 2024. --- ### **Core Business Segments** Swiggy operates across four distinct verticals: 1. **Food Delivery** - Connects users with over 250,000 restaurant partners across 700+ cities via its app and website. - Serves ~18 million monthly transacting users (MTUs) and processes over 923 million annual orders. - Average order value (AOV) grew 7–8% YoY in FY25, driven by premiumization and product innovation. - Food delivery GOV grew ~18.8% YoY in Q1 FY26, within guided high-teens growth range. 2. **Quick Commerce (Instamart)** - Flagship service **Instamart** launched in 2020 as India’s first 10-minute grocery delivery platform. - Now an “Everything Store,” expanding into FMCG, fashion, electronics, and personal care. - Operates 1,102 dark stores across 128 cities (Q3 FY26), up from 27 cities in March 2024. - Achieved **108% YoY GOV growth**, reaching **INR 7,022 crore** in Q1 FY26. - Instamart GOV now exceeds **two-thirds** of core food delivery business. - Average delivery time: **~12.6 minutes nationally**, the fastest in the industry. - Non-grocery categories now contribute **>14% of Instamart GOV**, up from 3.5% YoY. - Over **28% of MTUs** use Maxxsaver, boosting basket size sustainably. 3. **Out-of-Home Consumption** - Includes **Dineout** (restaurant discovery & reservations) and **Scenes** (in-restaurant events). - Became **Adjusted EBITDA profitable in Q4 FY25**, with margin reaching **0.3%**. - FY25 GOV: **INR 3,084 crore**, growing 41.3% YoY. - Integrated into Swiggy’s unified app, serving **36,000+ active restaurants**. 4. **Supply Chain & Distribution (Scootsy)** - B2B logistics arm offering warehousing, fulfillment, and distribution for FMCGs, brands, and kiranas. - Manages **~4.2 million sq. ft.** of warehousing space across 24 cities. - Serves **~94,000 retailers/wholesalers** via **954 brand partnerships**. - Leveraging Swiggy’s delivery infrastructure to enable cost-efficient, scalable distribution. --- ### **Growth Drivers & Strategic Pillars** #### **1. Hyperlocal Network & Infrastructure** - **Dark Stores**: Rapid expansion with focus shifting from quantity to **utilization and densification**. - 44 **Megapods** (10,000–12,000 sq ft) launched, stocking **50,000+ SKUs** and serving **20%** of quick-commerce users. - Larger store formats (3,500–4,500 sq ft) carry 15,000–20,000 SKUs, driving higher AOV and operational efficiency. - Average orders per dark store: **1,025/day**, well below 2,000+ capacity, enabling growth without proportional store expansion. #### **2. Aggressive Product & Service Innovation** Swiggy follows a **three-stage framework (PMF → BMF → Scale)** to test and scale new ventures: - **Bolt (10-minute food delivery)** - Now **>10% of total food orders**, live in **700+ cities** (up from 425 in Feb 2025). - Higher retention (+4–6% MoM vs. platform average). - No speed incentives, prioritizing safety and reliability. - **Snacc** - Standalone app for **low-AOV meals** (noodles, snacks, protein shakes). - Targets Gen-Z, students, office workers. Focus: **volume, frequency, and affordability**. - **Toing** - New **budget-focused delivery app** launched in Pune (Oct 2025). - Tests standalone marketplace model for low-AOV segments. - **Pyng** - AI-powered **platform for verified professionals** (100+ categories: tax, fitness, home repairs). - Aims to build a **trusted service ecosystem**. - **99-Store & Maxxsaver** - **99-Store**: Flat ₹99 meals, free delivery. Contributes **high single-digit %** of food order volume. - **Maxxsaver**: “Cart-within-a-cart” feature encouraging volume-based discounts. - Drove **24.2% QoQ GOV growth** in Instamart—highest in 3 years—with only **40 new darkstores**. #### **3. User Retention & Monetization** - **Swiggy One** – India’s only **integrated membership** across food, Instamart, dining, and logistics. - **One BLCK**: Premium tier offering on-time guarantees, priority support, unlimited deliveries. - Strong cohort behavior: - Q4FY24 cohort spending **4.14x more in Q6** than Q0. - Q2FY26 cohort already **1.61x more engaged** than prior cohort at same stage. - Retention levers: **minimum order thresholds, targeted coupons, free delivery**. #### **4. Geographic & Market Expansion** - **New cities scale rapidly**, matching metro growth in <6 months. - **One in four new Instamart users from Tier 2/3 cities**. - **~1/3 of darkstores** added in FY25 were in new cities, performing at par with metros. --- ### **Technology & Ecosystem Advantages** - **Consumer-first platform design**: Modular, reusable tech stack enables rapid product launch. - Example: Snacc and Pyng developed in **under one month**. - **Operational control**: Owning delivery fleet and dark stores enables speed, quality, and cost optimization. - **AI-powered tools**: - **Swiggy Seal** (hygiene ratings), **Menu Score Tool**, **Smart Links** (social commerce), **Ecosaver** (order batching). - **Data analytics dashboard** for restaurants with 30+ performance metrics. --- ### **Financial & Operational Highlights (Latest Data: Jul–Oct 2025)** | Metric | Value | |-------|-------| | **B2C Gross Order Value (GOV)** | INR 46,549 crore (FY25) | | **Food Delivery GOV Growth** | 18.8% YoY | | **Instamart GOV Growth** | 108% YoY (Q1 FY26), 3 consecutive >100% quarters | | **Adjusted EBITDA (Q1 FY26)** | Loss of INR 1,911 crore (improving trend) | | **Monthly Transacting Users (Platform)** | 17.7 million | | **Delivery Partners** | 515,000+ | | **Restaurants** | 238,000 average/month | | **Dark Stores** | 1,102 across 128 cities | | **Investments (FY25–26 Forecast)** | | – Scootsy (expansion + leases) | INR 11,787 crore | | – Technology & Cloud | INR 7,034 crore | | – Brand Marketing | INR 11,153 crore |