Foodtech and quick commerce major Swiggy reported strong top-line growth in the third quarter of FY26, even as losses widened amid aggressive expansion across logistics and quick commerce.
The Bengaluru based company’s operating revenue jumped 54% year-on-year to Rs 6,148 crore in Q3 FY26, compared with Rs 3,993 crore in Q3 FY25, according to its consolidated financial disclosures.
Scootsy Logistics drives topline growth
Scootsy Logistics emerged as the largest contributor, accounting for 48% of Swiggy’s operating revenue during the quarter. Revenue from Scootsy surged 76% YoY to Rs 2,981 crore in Q3 FY26 from Rs 1,693 crore a year ago, reflecting the scale-up of Swiggy’s supply chain and quick commerce operations.
Food delivery remains core, quick commerce accelerates
Swiggy’s core food delivery business continued to be a key revenue driver, contributing 33% of total operating revenue. Revenue from food delivery grew 25% YoY to Rs 2,039 crore, up from Rs 1,635 crore in Q3 FY25.
The quick commerce segment posted another strong quarter, with revenue rising 76% YoY to Rs 1,016 crore from Rs 577 crore a year earlier, underscoring Swiggy’s push to deepen its presence in ultra fast deliveries.
Including income from Dine Out, Genie, Swiggy Mini, and other non-operating streams, Swiggy’s total revenue stood at Rs 6,244 crore in Q3 FY26.
Expenses surge as procurement and delivery costs rise
Rising scale came with higher costs. Procurement of FMCG products for supply chain distribution remained the largest cost head, forming 38% of overall expenses. This cost jumped 76% YoY to Rs 2,746 crore during the quarter.
Delivery and related charges increased 36% YoY to Rs 1,533 crore. Employee benefit expenses stood at Rs 673 crore, while advertising and promotion spending touched Rs 1,108 crore in Q3 FY26.
Overall, Swiggy’s total expenses rose 49% YoY to Rs 7,298 crore, compared with Rs 4,898 crore in the same quarter last year.
Losses widen despite revenue growth
With expenses growing faster than revenue, Swiggy’s net loss widened 33% YoY to Rs 1,065 crore in Q3 FY26 from Rs 803 crore in Q3 FY25. For the nine month period, the company reported cumulative losses of Rs 3,354 crore.
Strong cash position post QIP and Rapido stake sale
As of December 31, 2025, Swiggy reported cash and cash equivalents of Rs 13,512 crore, including Rs 9,931 crore from net QIP proceeds. The company also realised around Rs 2,400 crore from selling its stake in Rapido, taking its proforma cash balance to nearly Rs 15,900 crore.
Swiggy shares closed at Rs 324, valuing the company at a market capitalisation of Rs 89,392 crore.
Eternal pulls ahead on profitability
In comparison, Eternal, the parent of Zomato, reported a threefold jump in revenue to Rs 16,315 crore in Q3 FY26 from Rs 5,405 crore a year earlier, while posting a profit after tax of Rs 102 crore, highlighting a widening divergence in profitability between the two foodtech rivals.
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