Mumbai: Indian food and grocery delivery platform Swiggy announced a reduced quarterly loss on Tuesday, driven by strong order growth in its food delivery and quick commerce segments, media reports said.
The company, which went public on November 13, posted a consolidated loss of Rs 626 crore ($74 million) for the second quarter ending September 30, an improvement from the Rs 657 crore loss recorded during the same period last year, Reuters reported.
Swiggy and its chief competitor, Zomato, have expanded beyond food delivery to invest in quick commerce, aiming to make this a significant growth driver.
The segment includes delivering items such as milk and electronics in under 15 minutes.
Swiggys Instamart faces competition from Zomatos Blinkit, start-up Zepto, and Mukesh Ambanis Reliance, a recent entrant in the space.
For the second quarter, Swiggy reported revenue of Rs 3,601 crore, marking a 30.3% year-on-year increase, while its expenses rose 23% as it pushed ahead with its quick commerce initiatives.
