SRIHARSHA MAJETY
Swiggy sees 4% equity change hands in block deals; shares gain 2.5%
Swiggy shares rose 2.53% following block deals involving 4% equity. The company faces MSCI index removal on September 7 due to foreign ownership caps, while Q1 FY27 results showed a narrowed net loss of Rs 791 crore.
Shiprocket stock jumps post debut; ETSA 2026 Woman Ahead, Social Enterprise nominees
Shiprocket shares extended their strong listing-day gains with a 6% jump on Thursday. This and more in today’s ETtech Top 5.
New-age stocks take off; Swiggy goes Indian
Happy Wednesday! India’s new-age companies are gaining ground in public markets as more startups go public. This and more in today’s ETtech Morning Dispatch.
Swiggy shareholders approve proposal to become Indian-owned and controlled
Swiggy shareholders have approved proposals enabling the company to become Indian-owned and controlled, including changes to board appointments and a 49.5% cap on foreign shareholding. The move will allow Instamart to shift to an inventory-led model. Swiggy also announced senior leadership appointments across its food delivery and quick commerce businesses.
Post-IPO deferral, Zepto targets higher average order value to cut losses
Zepto is deviating from its earlier strategy of chasing order volume growth and is instead focusing on average order value (AOV), according to people with knowledge of the matter. That makes it the third large quick commerce player, after Eternal-owned Blinkit and Swiggy’s Instamart, to sacrifice growth in pursuit of an improvement in net profit.
India aims to see electric air taxis fly by 2028, testing to gather pace next year: Union Civil Aviation Minister
India aims for electric air taxis to fly by 2028, with testing accelerating next year. Electric vertical take-off and landing aircraft offer new mobility for major congested cities. Sarla Aviation is developing a six-passenger eVTOL aircraft with seven electric motors. Affordability and safety are key for commercial viability, with localization reducing costs. These aircraft could significantly cut travel times and find uses in medical evacuations.
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Swiggy shares jump nearly 3% as company targets Rs 10,000 crore adjusted EBITDA by FY31
Swiggy shares rose after the company unveiled an ambitious FY31 roadmap targeting Rs 10,000 crore in Adjusted EBITDA. It aims to more than triple consolidated GOV to Rs 2.5 lakh crore from Rs 67,734 crore in FY26, driven by food delivery, Instamart and Dineout.
Swiggy targets Rs 10,000 crore in annual adjusted Ebitda in five years
Swiggy aims for ten thousand crore rupees adjusted Ebitda by fiscal year thirty-one. Its food delivery business will contribute five thousand crore rupees to this goal. The quick commerce unit, Instamart, is expected to generate four thousand crore rupees. Swiggy also targets one lakh crore rupees in net order value across its operations. The company is working to make its quick commerce unit profitable soon.
Ex Swiggy, Zomato execs launch AI startup Profound, raise $1.5 million from Stellaris, 3one4
Former Swiggy and Zomato executives have launched Profound, an AI representative platform. This new startup has secured significant seed funding from prominent investors. Professionals can create customized AI representatives through brief voice conversations. The platform aims to revolutionize hiring, mentoring, and networking processes for organizations. Profound plans a public beta launch before its full rollout later this year.
Bengaluru hoteliers seek meeting with Swiggy CEO, repeat Aug 15 boycott threat
The latest move comes amid growing friction between restaurant associations and food delivery platforms over commissions, discounting policies and platform fees. Earlier this year, several Bengaluru restaurants temporarily went offline on food delivery apps, alleging that deep discounting and high commissions were hurting their profitability.
Swiggy Q1 losses narrow; Groww founders plan new fund
Happy Friday! Swiggy lowered its losses in the April-June quarter as revenue rose. This and more in today’s ETtech Morning Dispatch.
Swiggy’s Q1 loss narrows as Instamart's profitability push slows growth
The Bengaluru-based food and grocery delivery company said that its quick commerce unit Instamart, which became contribution level neutral during the quarter, will break even on an adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) basis when it reaches 250-300 million quarterly orders, up from 114.5 million in the June quarter.
Instamart operating-level breakeven hinges on order volumes expanding 2.5x
For the first quarter of FY27, Instamart broke even at the contribution margin level, in line with the guidance the company had provided five quarters ago. Contribution margin is a financial metric that measures how much revenue remains after covering variable costs.
Swiggy Instamart ropes in ex-Myntra boss Nandita Sinha as q-comm battle heats up
Myntra's former CEO Nandita Sinha will lead Swiggy's Instamart quick commerce business from August 3. She replaces Amitesh Kumar Jha, who resigned on July 28 for other opportunities. Sinha previously led fashion e-commerce platform Myntra since 2022. This leadership change occurs as the quick commerce sector faces intense competition. Rivals are investing heavily to capture market share in online groceries.
Flipkart’s food delivery foray; Swiggy CEO on qcomm competition
Flipkart will launch its food delivery pilot next month, CEO Kalyan Krishnamurthy said. This and more in today’s ETtech Top 5.
Quick commerce will continue to attract capital, competition: Swiggy group CEO Sriharsha Majety
Swiggy's Instamart aims for profitability by enhancing its product offering and customer experience. The quick commerce sector will remain competitive and well-funded, attracting significant capital. Instamart is shifting focus from new dark stores to optimizing existing assets for better utilization. Contribution margins improved due to higher average order values and better infrastructure. The company seeks to become a destination for everyday upgrades and essentials.
Swiggy CEO Sriharsha Majety vows to stay out of Amazon-Ambani spending war
Swiggy is prioritizing profitability over rapid expansion. The company will not match rivals like Flipkart and Reliance Retail's aggressive delivery speed and discount strategies. Swiggy's CEO believes this approach will retain loyal customers. This decision comes amid intense competition in India's fast-growing quick commerce sector. Investors are seeking a clear path to profitability for Swiggy's Instamart unit.
Swiggy CEO Sriharsha Majety sees telecom parallels in qcomm frenzy, says strategic clarity is key
Swiggy founder Sriharsha Majety emphasised that strategic clarity is crucial for survival during aggressive spending cycles, drawing parallels with past industry booms. He stated the company is balancing growth and profitability, aiming to build a durable business rather than sacrificing market share for short-term relevance.
Swiggy Instamart delivers 101% YoY growth in Q4 GOV
Swiggy's overall revenue from operations climbed 45% YoY to Rs 4,410 crore, but its losses doubled to Rs 1,081 crore from Rs 554 during the same period, on aggressive spending to expand the dark stores network as competition intensifies.
Swiggy Instamart at an inflection point amid rising competition: CEO Sriharsha Majety
Swiggy's quick-commerce arm Instamart is expanding its dark store network and doubling its store count to stay competitive in the quick-commerce sector. CEO Sriharsha Majety outlines plans for larger stores, including 'megapods' that will offer an extensive selection of items with quick delivery times. Enhanced investments aim for sustainable growth.
Shy Swiggy CEO Sriharsha Majety makes a rare appearance on IPO listing, says the app was actually a forgotten college idea
Swiggy CEO Sriharsha Majety: Swiggy, the food delivery giant, debuted on the stock market. CEO Sriharsha Majety, usually media-shy, marked the occasion with a rare public appearance. Majety shared the origin story of Swiggy, tracing it back to his days at IIM Calcutta. The IPO is set to create a significant number of crorepatis among Swiggy's employee base.
Swiggy management explains why they increased the size of IPO to Rs 4,499 crore and reveals future Q-commerce strategy
Swiggy is raising Rs 4,499 crore through an IPO to invest in its quick commerce business and expand its dark stores. The company plans to open new stores and explore new categories while maintaining focus on food delivery and quick commerce. Swiggy's IPO aims to support its growth trajectory and innovation.
Swiggy sacks 380 employees: read CEO Sriharsha Majety’s email on job cuts
Online food delivery platform Swiggy is laying off 380 employees. The decision was communicated to staff at a town hall on Friday.
Zomato vs Swiggy: The cutest professional rivalry, ever
CEOs Deepinder Goyal and Sriharsha Majety had the sweetest Twitter exchange on New Year's eve.
Swiggy elevates Phani Kishan as cofounder
Last year, Swiggy’s cofounder and chief technology officer Rahul Jaimini exited to join Pesto Tech, a career accelerator startup. Swiggy currently has two cofounder's -- Sriharsha Majety and Nandan Reddy.
Swiggy COO Vivek Sunder to step down, CEO Majety takes over role
COO Vivek Sunder, who was overseeing Swiggy's food delivery business, has decided to pursue interests “outside of Swiggy”, CEO Sriharsha Majety says in an email to employees.
Swiggy co-founder Rahul Jaimini quits
While Jaimini will no longer be involved in day-to-day responsibilities at Swiggy, he will continue to be a board member and a shareholder at the company.
Swiggy co-founder Rahul Jamini moves out to join Pesto Tech
At Swiggy, Jaimini was instrumental in building the firm’s technology backbone and led the functions of engineering, analytics and IT team, including Swiggy Labs.
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