Swiggy ad spends rise 65% YoY to Rs 751 crore in Q3

Swiggy reported results today for the quarter and nine months ended December 31, 2024.

Swiggy’s Gross Order Value (GOV) grew 38% YoY to Rs 12,165 crore, while the consolidated adjusted EBITDA loss reduced by ~2% YoY to Rs 490 crore but rose Rs 149 Cr QoQ.

The platform’s Average MTU increased 25.3% YoY to reach 17.8 million; with nearly a third of all users utilising more than one service on the platform.

The platform’s ad spends for the quarter stood at Rs 751.485 crore up from Rs 537.115 crore in the previous quarter ended September 2024, registering a 39.9% spike. Year-on-year, the platform saw 65.3% jump in ad spends from Rs 454.5 crore to Rs 751.4 crore.

Sriharsha Majety, MD & Group CEO, Swiggy, said “We continued our focus on creating segmented offerings for the consumer during the festive quarter, which we believe will open up more consumption occasions. In recent months, we've introduced Bolt and Snacc (10-minute food delivery), expanded into new categories within Quick-Commerce, and plan to offer an even greater assortment.

“We've also launched Swiggy Scenes focused on restaurant event reservations; and introduced One BLCK, the premium tier of our Swiggy One subscription program. We delivered higher YoY growth across all 3 of our primary businesses during Q3, which accelerated B2C GOV growth to 38% YoY.

“The secular expansion in Food delivery margins and cashow generation is balanced by growth investments being made in Quick-commerce including darkstores expansion and marketing, amidst high competitive intensity in the near term. With this thrust, Instamart added another 86 stores in January 2025, and has grown MTUs to 9 million (+2 million).”

Swiggy’s Food Delivery business Gross Order Value (GOV) grew 19.2% YoY to Rs 7,436 crore. Adjusted EBITDA grew 63.7% QoQ to Rs 184 crore, delivering a 2.5% margin, up from 0.3% a year ago. The segment also added 2.4 million MTUs over the past year, driven by multiple industry-leading innovations. ‘Bolt,’ a 10-minute restaurant food delivery service launched in October 2024, already accounts for 9% of overall food deliveries.

Swiggy Instamart reported an 88% YoY (15.5% QoQ) rise in GOV to Rs 3,907 crore. Average order value increased by 14% YoY to Rs 534 driven by greater selection and increased consumer salience. Instamart added 96 new active stores during the quarter (+16% QOQ); driving up active darkstore area to 2.45 mn sq ft (+25% QoQ). Growth investments in Quick-commerce led to a reduction in contribution margin from -1.9% in Q2FY25 to -4.6% in Q3FY25, as the company ramped up user activation and darkstore expansion across geographies.