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Swiggy narrows Q1 net loss as revenue rises on quick commerce

Swiggy said quick commerce drove GOV and helped contribution margin move to -0.2% of GOV, while average monthly transacting users rose to 27.5 million.

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Swiggy narrowed its consolidated net loss to ₹ 791 crore in the April to June quarter, improving from a ₹ 1,197 crore loss in the year-ago period, LiveMint Markets reports.

Revenue from operations rose 37% year over year to ₹ 6,812 crore, with growth tied to Swiggy's quick-commerce business. On a sequential basis, the net loss also improved to ₹ 800 crore from the March quarter, and adjusted EBITDA losses narrowed to ₹ 650 crore from ₹ 945 crore a year earlier.

Swiggy reported that average monthly transacting users grew 27.4% year over year to 27.5 million, and rose 9.2% sequentially. Its food delivery GOV increased 17.4% year over year to ₹ 9,490 crore, with the segment adding 0.9 million monthly transacting users to reach 19.2 million.

For quick commerce, Swiggy said GOV rose 39.8% year over year to ₹ 7,907 crore and net order value increased 38.9% to ₹ 5,817. The dark-store footprint expanded by 28 stores to 1,171 stores across 131 cities, and Swiggy said quick commerce reached its contribution margin break-even target, with overall contribution at -0.2% of GOV for the quarter.

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