In the quarter ending March 31, Swiggy Instamart recorded a gross order value (GOV) of ₹7,881 crore, representing a 0.7% decline from the previous quarter, marking its first sequential drop. However, on a year-on-year basis, the GOV surged by 68%. The company’s revenue also increased by 50% to ₹1,057 crore. Despite the sequential decline, Swiggy's overall revenues rose 45% to ₹6,383 crore, and losses narrowed by 26% to ₹800 crore. The food delivery segment, which is Swiggy's core business, reported a 27% increase in revenue, with a GOV of over ₹9,000 crore, although growth was subdued compared to previous quarters. Swiggy emphasized the importance of sustainable unit economics over sheer volume growth, indicating a strategic shift in focus towards profitability in the quick commerce sector, especially as competitors like Blinkit also signal moderation in growth.