It's 9 PM, you're tired, and you don't want to cook. You open an app, tap a few times, and a hot biryani shows up at your door in half an hour. Forgot to buy milk and eggs? Another tap and they arrive in 12 minutes. Both of those taps probably went through Swiggy.

Started in 2014 in Bengaluru, Swiggy is one of India's two big food delivery platforms, the other being Zomato. It pioneered full-stack food delivery here, then in 2020 jumped into quick commerce with Instamart, delivering groceries and daily items from small neighbourhood dark stores in minutes.

The company makes money by taking a cut on food orders, charging delivery and platform fees, selling ads to restaurants and brands, and running Instamart. It also has smaller bets Dineout for restaurant bookings, Genie for pickups, and a Swiggy One membership. In FY26, revenue hit ₹23,053 crore. The scale is real; the profit isn't here yet. You can track its live price and post-listing data on the IPO GMP Live homepage.

Financial Snapshot

Revenue growth is the easy part of this story. Sales went ₹6,120 crore in FY22, ₹8,265 crore in FY23, ₹11,247 crore in FY24, ₹15,227 crore in FY25, and ₹23,053 crore in FY26 a 51% jump in the latest year. Very few companies this size grow that fast.

Now the part that worries me. The losses were actually shrinking net loss fell from ₹4,179 crore in FY23 to ₹2,350 crore in FY24, which looked like a clean path to profit. Then it reversed. FY25 loss widened to ₹3,117 crore and FY26 to ₹4,154 crore. The losses are getting bigger again, not smaller.

The reason is quick commerce. Swiggy is pouring money into Instamart building dark stores and subsidising orders to keep up with Blinkit and Zepto in a brutal price war. Food delivery is close to paying for itself; Instamart is the cash furnace.

What I'll give them credit for is that the Q4 FY26 loss narrowed to ₹800 crore from ₹1,081 crore a year earlier, with revenue up 45%. So the burn may be peaking. But this is still a company losing over ₹4,000 crore a year, and you have to believe quick commerce turns before the cash gets thin.

Strengths

• It's one of only two players that matter in food delivery. Swiggy pioneered the model in India back in 2014 and pulled in ₹23,053 crore of revenue in FY26, up 51%. A consumer habit and delivery network this deep can't be built overnight, even with heavy funding.
• The platform cross-sells. Beyond food, Swiggy runs Instamart, Dineout, Genie and a Swiggy One membership, and more than 27% of its users use more than one of these. That shared customer base gives it an edge a standalone quick-commerce app doesn't have.
• The burn may be near its peak. Q4 FY26 net loss narrowed to ₹800 crore from ₹1,081 crore a year earlier, even as revenue jumped 45%. If that trend holds, the worst of the quick-commerce cash drain could be behind it.
• It's well-funded and institutionally backed. The IPO brought in ₹4,499 crore of fresh capital, and Swiggy raised ₹5,085 crore from 151 anchor investors including ICICI Prudential, BlackRock and Fidelity. That's a real cushion to keep fighting the quick-commerce war.

Risks

• Losses are widening, not shrinking. Net loss went from ₹2,350 crore in FY24 to ₹3,117 crore in FY25 to ₹4,154 crore in FY26. After looking like it was nearing profitability, the company is burning more cash again, with no firm date for when that stops.
• IPO investors are deep underwater. The stock hit an all-time high of ₹617 in December 2024 and now trades around ₹241 down roughly 60% from the peak and about 38% below the ₹390 issue price. Anyone who held from listing has a heavy loss.
• The quick-commerce price war has no truce in sight. Instamart is bleeding cash to match Blinkit and Zepto on speed and discounts. As long as all three keep subsidising, Swiggy's losses stay high regardless of how fast revenue grows.
• It's the number two, and number one is already profitable. Swiggy trails Zomato (now Eternal) in food delivery, and Zomato is making money while Swiggy isn't. That makes the rival the easier pick for many investors and keeps pressure on Swiggy's market share.

Should You Buy, Hold, or Sell?

The IPO is well behind us. This is a call on the stock around ₹241 roughly 38% below the ₹390 issue price and down about 60% from its December 2024 high.

Conservative investors — skip it. The company loses over ₹4,000 crore a year, there's no profit date, and a loss-making stock stuck in a price war isn't where you park safe money.

Moderate investors — wait. The revenue growth is real and the Q4 loss narrowing is encouraging, but I'd want two or three quarters proving Instamart's burn is actually falling before buying.

Aggressive investors — this is your kind of bet. At ~₹241, well off the highs, you're paying far less than IPO buyers did for the same growth, if you believe quick commerce eventually turns profitable.

Honest take: great franchise, fast growth, ugly losses a high-risk bet on quick commerce finally paying off, not a safe hold.

IPO Objects of the Issue

The fresh issue raised ₹4,499 crore. The ₹6,828.43 crore offer-for-sale went to existing shareholders, so the company received nothing from that part.

Contact Details

Swiggy Ltd. Embassy Tech Village, Block I&J, Devarabisanahalli, Outer Ring Road, Bengaluru, Karnataka – 560103 📧 secretarial@swiggy.in 🌐 www.swiggy.com

IPO Registrar — MUFG Intime India Pvt. Ltd. (formerly Link Intime India Pvt. Ltd.) 📞 +91-22-4918 6270 📧 swiggy.ipo@linkintime.co.in 🌐 www.in.mpms.mufg.com

For live GMP, subscription status and listing-day updates on every mainboard and SME issue, visit the IPO GMP Live homepage.

This page is not investment advice. GMP is indicative only. Please consult a SEBI-registered financial advisor before investing.