On-demand delivery platform Swiggy is focusing on sustainable, long-term growth by leveraging its strengthened balance sheet, expanding its integrated convenience platform and pursuing disciplined investments across high-growth categories, according to Managing Director and Group Chief Executive Officer Sriharsha Majety.
In his message to shareholders in the company’s Annual Report 2026, Majety said India’s convenience economy continues to offer significant headroom for growth, with Swiggy positioning itself to serve more users, occasions and purchase missions while maintaining capital discipline.
“The opportunity ahead remains large, and our focus is clear,” he said, adding that the company’s integrated platform, reusable technology stack, partner ecosystem and execution capabilities provide a strong foundation to redefine convenience for urban consumers.
Capital war chest strengthens competitive edge
A major milestone during the year was the strengthening of Swiggy’s balance sheet through a ₹10,000 crore Qualified Institutional Placement (QIP), which the company described as the second-largest such fundraise outside India’s banking and financial services sector.
The issue attracted more than four times subscription from domestic and international investors despite volatile market conditions.
Combined with the ₹2,400 crore realised from the sale of its stake in Rapido, the capital infusion has significantly enhanced Swiggy’s ability to invest in technology, fulfilment infrastructure, product innovation, brand building and customer experience.
Majety said the stronger capital base enables the company to make long-term strategic investments even if they involve short-term profitability trade-offs.
Instamart emerges as key growth engine
Quick commerce continued to be one of Swiggy’s fastest-growing businesses during the year, with Instamart delivering strong growth across operational metrics.
Gross Order Value (GOV) surged 94.1% to ₹28,496 crore, while Net Order Value (NOV) increased 69.9% to ₹20,210 crore.
Order volumes climbed 44.4% to 412 million, while the average order value rose from ₹514 to ₹691, driven by a broader product assortment, higher contribution from non-grocery categories and larger basket sizes.
Monthly transacting users expanded 73.7% to 12.3 million, underlining growing consumer adoption of quick commerce.
Focus shifts from expansion to efficiency
Swiggy indicated that its quick-commerce strategy has evolved from aggressive network expansion to improving utilisation of existing infrastructure.
Rather than pursuing growth at any cost, the company prioritised increasing customer wallet share, improving basket quality, expanding product availability and enhancing operating leverage.
This helped improve Instamart’s contribution margin to negative 2.8% of GOV, compared with negative 4% in the previous year, aided by higher average order values, better monetisation, improved infrastructure utilisation and lower reliance on incentives.
During the year, Instamart expanded its network from 1,021 to 1,143 active dark stores, taking the total operational area to 4.8 million square feet. The company believes the existing infrastructure has sufficient capacity to support substantially higher order volumes as utilisation improves.
Responsible growth remains central
Majety also emphasised that Swiggy’s growth strategy extends beyond financial performance.
The company plans to continue strengthening social protection measures for delivery partners through welfare initiatives and participation in government programmes such as e-Shram, while creating greater opportunities for women in the platform economy.
Swiggy also intends to deepen engagement with restaurant and brand partners and reduce the environmental footprint of its operations by embedding sustainability into its operating model.
According to Majety, responsible growth will remain a core principle as the company scales its business across India’s expanding digital commerce landscape.