Swiggy Shares Jump 9% Ahead Of Q2 Results

Shares of Swiggy rallied more than 9% during the intraday trading today (December 3) to INR 542.10 apiece on BSE ahead of the foodtech major’s Q2 FY25 earnings announcement.

The stock opened at 503.45 on BSE today, after ending yesterday’s trading session at INR 495.35. Shares of Swiggy have rallied over 31% since the company made its public market debut on November 13.

The spike in the share price comes a day after Swiggy’s announcement that it has expanded its 10-minute delivery service ‘Bolt’ to 400 cities pan-India.

The newly listed company launched Bolt in October to deliver quick-to-prepare dishes in select cities —  Delhi NCR, Bengaluru, Chennai, Hyderabad, Mumbai and Pune — in under 10 minutes. 

The foodtech giant made its stock market debut, with its shares listing at a 8% premium over the IPO issue price. The company’s $1.35 Bn IPO was heavily oversubscribed. 

Inc42 reported earlier that the public listing of Swiggy will catapult 500 employees of the food delivery giant to the ‘crorepati’ status.

Swiggy widened its consolidated net loss by over 8% to INR 611 Cr in the June quarter of the financial year 2024-25 (Q1 FY25) from INR 564.08 Cr in the year-ago period.

However, operating revenue zoomed 35% to INR 3,222.2 Cr during the quarter under review from INR 2,389.8 Cr on the back of strong growth in its food delivery and quick commerce businesses. 

Swiggy along with its counterpart Zomato is also under Competition Commission of India (CCI) scrutiny. The competition watchdog has reportedly found that the foodtech majors breached competition laws, with their partnerships favouring select restaurants. 

It was reported that the exclusive arrangements between Swiggy, Zomato and the restaurant partners “prevent the market from becoming more competitive.”

Meanwhile, Swiggy is also gearing up to pilot a new services marketplace called ‘Yello’ targeting professional services for consumers.