Swiggy slashes annual losses by 30% as Instamart turbocharges growth, says key investor Prosus

Food and grocery delivery platform Swiggy reduced its adjusted EBITDA losses by 30% in calendar year 2024 to $182 million, down from $261 million the previous year, according to a financial update by key investor Prosus.

The improvement came alongside a 29% year-on-year increase in Gross Order Value (GOV), driven by consistent growth in food delivery and a significant ramp-up in its quick commerce business Instamart.

“In Q125, Swiggy delivered GOV growth of 40% year-on-year, and quick commerce GOV growth of 101% year-on-year, with 316 new dark stores added in the quarter,” the company said in a statement.

Swiggy reported a net loss of ₹1,081.18 crore for Q4 FY25, a 94% increase from ₹554.77 crore in the same quarter last year, even as operational revenue rose 45% year-on-year to ₹4,410 crore. For the full fiscal year, its loss widened 33% to ₹3,117 crore, while consolidated operational revenue grew 35% to ₹15,227 crore.

Prosus first invested in Swiggy in 2017 and remains one of its largest shareholders. Swiggy completed a ₹11,400 crore ($1.37 billion) IPO in November last year. The Netherlands-based firm sold over 109 million shares during the IPO, reducing its stake to 24.8% on a fully diluted basis. The partial exit delivered $2.8 billion in value for Prosus’ original 31% holding, more than twice its $1.3 billion investment. The firm raised $500 million via the share sale.

As of May 2, 2025, Prosus remains Swiggy’s largest shareholder with a 23.31% stake and has indicated it will stay invested for as long as necessary.

Apart from Swiggy, Prosus has backed several other Indian startups including BlueStone, Meesho, PayU, Urban Company, PharmEasy, and Eruditus. Multiple firms in its India portfolio, including Meesho and BlueStone, are reportedly preparing for public listings, offering Prosus further monetisation opportunities in the coming quarters. Meesho recently told Fortune India that the reverse flipping is set to complete in a few days given the company received approval from the NCLT to redomicile from the United States to India.