Swiggy’s Annual Run Rate At 1 Bn Orders: CFO Rahul Bothra

SUMMARY

Swiggy’s CFO Rahul Bothra said the foodtech major is runrating close to 1 Bn orders on a yearly basis

In Q2 FY25 alone, Swiggy clocked 230 Mn orders, of which 60 Mn were logged by Instamart

Swiggy reported a net loss of INR 625.53 Cr in Q2 FY25 on an operating revenue of INR 3,601.45 Cr

Foodtech major Swiggy is currently at an annual run rate of 1 Bn orders across its consumer offerings, its CFO Rahul Bothra said.

“In terms of scale, we’re runrating close to a billion orders on a yearly basis …” ET quoted Bothra as saying.

He made the remarks during the annual edtech summit in Delhi, which was organised by Arizona State University, GSV Ventures and Emeritus.

Swiggy was among the 13 new-age tech companies that went public last year. Its mega $1 Bn+ IPO was one of the biggest tech IPOs last year.

Commenting on Swiggy’s public listing, CFO Bothra said one of the key reasons behind the move was “the maturity of the business model”.

It must be noted that Swiggy clocked 230 Mn orders in the September quarter of the fiscal year 2024-25 (Q2 FY25) alone. Of the total, Swiggy’s quick commerce arm Instamart clocked 60 Mn orders.

Swiggy is set to announce its Q3 FY25 results on Wednesday (February 5).

The foodtech company, which went public last year, trimmed its consolidated net loss by 4.78% to INR 625.53 Cr in Q2 FY25 from INR 657 Cr in the year-ago quarter. Operating revenue zoomed 30% to INR 3,601.45 Cr during the quarter under review from INR 2,763.33 Cr in the year-ago period.

The gross order volume (GOV) of Swiggy’s food delivery business jumped 15% year-on-year to INR 7,191 Cr in the July-September quarter. Meanwhile, Instamart’s GOV zoomed 76% YoY to INR 3,382 Cr in the reported quarter.

In comparison, its rival Zomato’s food delivery and quick commerce arm Blinkit’s GOV stood at INR 9,690 Cr and INR 6,132 Cr, respectively, during the July-September quarter.

Shares of Swiggy closed Tuesday’s trading session 5.38% lower at INR 433.65 apiece on the BSE. Its market capitalisation stood at 98,206.14 Cr (around $11.3 Bn).

Meanwhile, its rival Zomato’s market cap stood at INR 2,26,300.72 Cr (around $26 Bn).

Earlier this week, brokerage Kotak Institutional Equities initiated coverage on Swiggy with a ‘buy’ rating and a target price of INR 500.