Indian food and grocery delivery firm Swiggy reported a narrower quarterly loss on Tuesday as the newly listed company saw robust order growth in both its food delivery and quick commerce segments.
Swiggy, which made its trading debut on Nov. 13, reported a second-quarter consolidated loss of 6.26 billion rupees ($74 million) for the three months ended Sept. 30, compared to a loss of 6.57 billion rupees a year earlier.
Swiggy and its main rival Zomato have diversified from their main food delivery businesses to bet on "quick commerce" becoming a bigger driver of growth as they jostle to deliver everything from milk to electronics within fifteen minutes.
In the quick commerce segment, Swiggy's Instamart competes with Zomato's Blinkit and start-up firm Zepto, while Mukesh Ambani's Reliance is a new entrant.
Swiggy reported a revenue of 36.01 billion rupees for the second quarter, up 30.3% year-on-year. Its expenses grew 23% as the company continued its quick commerce expansion.
