Food delivery platform Swiggy nearly doubled its losses in the fourth quarter to Rs 1,081 crore, compared with Rs 554 crore in the same period last year. Meanwhile, revenue from operations rose 45% year-on-year to Rs 4,410 crore.
Swiggy’s losses widened primarily due to aggressive spending on its quick commerce delivery business, Instamart, as competition from rivals Blinkit and Zepto intensified. The company ramped up investments in customer acquisition, dark store expansion, and marketing to defend its market share, leading to higher operating costs.
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Content Source: economictimes.indiatimes.com