Sriharsha Majety & Nandan Reddy on Unit Economics

The business model Majety built has multiple complementary streams: commission from restaurant partners, delivery and platform fees, the Swiggy One subscription for repeat usage, and quick-commerce via Instamart — a layered approach that hedges against dependence on any one revenue line.

For the April–June 2024 quarter, Swiggy reported operating revenues of Rs 3,222 crore, up 35% year-on-year, while net loss widened by 8% to Rs 611 crore — a profile that the IPO documents had to defend: revenue growth visible, but path to profitability still under construction at the moment of listing.