2026.03.26
Swiggy is a food delivery company that listed in November 2024 and sits second behind Eternal (formerly Zomato). It is concentrating capital on its quick commerce arm Instamart, and while revenue is growing, losses are widening too.
| Item | Details |
|---|---|
| Year founded | 2014 |
| Headquarters | Bengaluru (Karnataka) |
| CEO | Sriharsha Majety |
| Revenue | ₹23,053 crore (FY2026 = fiscal year ended March 2026 / up 51.4% year on year, approx. 401 billion yen). FY2025 was ₹15,227 crore |
| Net loss | ₹4,154 crore (FY2026 / widened from ₹3,117 crore the year before) |
| Listing | Listed on the BSE and NSE (IPO in November 2024) |
| Main services | Swiggy Food Delivery, Instamart (quick commerce), Swiggy Dineout, Swiggy Genie |
Swiggy's core business is delivering food from restaurants, and in that field it remains second to Eternal, which got there first. Where it has chosen to chase headroom is quick commerce, through Instamart. In market share it sits behind Blinkit, holding somewhere in the mid-20% range by industry estimates.
In quick commerce, the more inventory hubs you add across a city, the more costs come first. Revenue for FY2026 (fiscal year ended March 2026) grew sharply, up 51.4% year on year to ₹23,053 crore, but the net loss widened further to ₹4,154 crore from ₹3,117 crore the year before. Most of the growth comes from Instamart, and most of the loss comes from Instamart as well.
In September 2025 it sold its entire stake in the ride-hailing service Rapido, recovering ₹2,400 crore and directing it to the expansion of Instamart. That is a decision to bet on this field even at the cost of selling assets outside the core business.
Swiggy holds not only food delivery but also restaurant reservations (Dineout) and everyday goods delivery (Genie). From a restaurant's point of view, it is a counterpart that holds several of the touchpoints with customers. Commission levels come down to negotiation, but with only two possible partners to choose from, it is hard for the restaurant side to push hard on terms.
Restaurant delivery in India is almost entirely Eternal and Swiggy. It is not a field with many competing operators as in Japan, so anyone opening a restaurant has to assume being listed on both.
When opening a restaurant in India, delivery tends to account for a higher share of an outlet's sales than in Japan. In cities, customers order without ever coming to the restaurant, so how the outlet appears inside the delivery apps matters more to sales than the storefront. When drawing up an opening plan, the commissions of these two companies need to be built in as fixed costs from the start.
For a food manufacturer, Instamart becomes the shelf. According to guidance published by sales support firms, the steps for a Japanese manufacturer to get onto these channels run in this order: submitting brand materials, negotiating trading terms, registering product information, being assigned a distribution hub, and a two-to-four-week trial sale, taking 18 to 40 days. What is required is GST registration, an FSSAI license for food, a track record across 5 to 10 items, and a supply setup that does not run out of stock.
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