Swiggy Limited has informed the Exchange about Investor Presentation
Corporate Presentation November 2025
Key highlights
Focus on delivering unparalleled convenience to urban users
Pioneering hyperlocal commerce solutions tailored to consumer needs, supported by strong execution
Food delivery: profit engine driving growth, margin expansion and sustained cash generation
Instamart’s triple-digit growth and categories expansion is building India’s “everything store”
Integrated out-of-home offerings are seamlessly unlocking additional profitable revenue streams
Scalable platform enables seamless interactions, boosting engagement and network effects
Strong financials: rapid growth, disciplined capital allocation, a clear path to profitability
Strong leadership team supported by experienced board striving to deliver responsible growth
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PLATFORM FOR CONVENIENCE
1
Focus on delivering unparalleled convenience to urban users
New-age, consumer-first tech company offering an easy-to-use integrated platform…
…elevating the quality of life for urban consumers by providing unparalleled convenience
Food delivery
Dining out and Events
Grocery and Household items delivery
Other hyperlocal services
Restaurant partners
Merchant partners
Brand partners
Delivery partners
Technology
Analytics
Fulfilment
Membership
5
Source: Swiggy Limited IPO Prospectus
3
PIONEERING SOLUTIONS
Pioneers of high-frequency hyperlocal commerce categories in India driven by an innovation-led culture
2
PIONEERED AND CREATED TWO LARGE CONSUMER INTERNET CATEGORIES IN INDIA
STRATEGIC ACQUISITIONS EXPANDING PLATFORM CAPABILITIES
2014 Launch
7181 Cities
2020 Launch
1241 Cities
INR 34k Cr. Annualized GOV Q2FY26
51%
B2C GOV Q2FY26 Share (%)
INR 28k Cr. Annualized GOV Q2FY26
42%
B2C GOV Q2FY26 Share (%)
10-min Food Delivery
Food Delivery from restaurants
Restaurant reservations and payments
Co-branded credit-card
Membership programme providing benefits across offerings
Quick delivery of groceries and household items
Gifting solutions
Events & Experiences
Quick Bites
2022 Acquisition
561 Cities
INR 4k Cr.2 Annualized GOV Q2FY26
7%3
B2C GOV Q2FY26 Share (%)
Innovation-first DNA Ideate, iterate and expand constantly
Swiggy’s app as the primary interface Driving quick adoption and cross-pollination
Modular tech stack Quick and low-cost innovations
Source: Swiggy Limited FY25 Annual Report and Quarterly disclosures Note: 1# Cities details for Swiggy Food delivery, Instamart and Dineout are as of March 31, 2025; 2 Represents Out-of-home Consumption segment’s annualized GOV Q2FY26; 3 Represents the share of Out-of-home Consumption segment in B2C GOV Q2FY26
4
PIONEERING SOLUTIONS
Growth opportunity through new user acquisition and reactivation; led by new use-cases and affordability-led penetration into consumer wallet
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O N L I N E C O M M E R C E U S E R S Transacts online across various digital platforms
T O T A L E T U O N S W I G G Y (Ever transacted users)
A T U O N S W I G G Y (Annual transacted users)
A V E R A G E M T U O N S W I G G Y (Monthly transacted users)
~230-250 million1
~128 million2 (approx. half of online commerce users)
~57 million2 (less than half of ETU)
~18 million2,3 (~1/3rd of ATU)
Source: Swiggy Limited Annual Report 2025 Note: 1 As of CY 2024. Source: as per Redseer; 2 Considered for the period FY2024-25; 3 In Q2FY26, average MTU on Swiggy stands at ~23 million
5
FOOD DELIVERY
3
Consistent growth driven by healthy user additions and increasing engagement
Monthly Transacting Users
Gross Order Value
In mm
y-o-y growth
INR Cr.
y-o-y growth
18.8%
16.6%
16.0%
17.2%
13.4%
17.2
16.3
Higher Engagement
Q2FY26 witnessed double-digit YoY order growth, i.e., highest in the last 2 years
19.2%
17.6%
18.8%
18.8%
14.6%
8,542
8,086
14.7
14.9
15.1
7,436
7,347
7,191
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
MTU growth accelerated to mid-to-high teens over the last few quarters driven by improved value proposition
GOV has been growing at a steady YoY increase of ~18.5% over the past four quarters
Source: Swiggy Limited Quarterly disclosures
6
FOOD DELIVERY
Strengthening platform’s appeal to a larger user base through new use cases and maintaining optimal affordability
3
125mm+1 Swiggy Food delivery ETU
16.3mm1 MTU
Significant runway of growth
Expanding MTU base is critical
Swiggy’s MTUs represent only ~13%1 of its ever-transacted food delivery user base
For the long-term health of the food delivery category
Our 2-pronged strategy for achieving consistent growth while making steady progress towards profitability
New use cases
Optimum affordability
Segmented propositions spurring new-use cases and thereby improving penetration and user engagement
10-min food delivery | 700+ cities | 1 in 10 orders
New categories with healthy options
Everyday office food missions | 7,000+ tech parks | 30+ cities
Affordable meals | 500+ cities | high single digit share of orders
Premium restaurants keeping platform AOV balanced
1
2
3
For unlocking growth while maintaining profitability
Collaboration with restaurant partners to co-create propositions
Total cost of service (delivery fee + platform fee + membership fee) for consumer has remained range-bound at 5-6% of AOV
Source: Swiggy Limited FY25 Annual Report and Quarterly disclosures Note: The data points provided in this page are for Q2FY26;1 Represents the data for Q1FY26
7
FOOD DELIVERY
3
Steady growth unlocking scale driven operating leverage benefits enhancing profitability
as a % of GOV
INR Cr.
24.5%
24.6%
25.0%
25.4%
25.1%
25.0%
25.4%
25.7%
25.8%
Adjusted Revenue1
1,535
1,533
1,559
1,730
1,808
1,860
1,867
2,080
2,206
Q2FY24 - Q2FY26 growth (%)
+43.7%
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Contribution Profit
INR Cr.
5.1%
318
5.9%
367
6.7%
415
6.4%
436
6.6%
478
7.4%
7.8%
7.3%
7.3%
550
571
593
626
+96.8%
Advertising revenue as % of GOV: >4% in Q2FY26
Rising advertising revenues are boosting profitability and helping to offset volatility from competitive pressures
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
INR Cr.
Below contribution costs
5.9%
5.6%
6.1%
5.6%
5.1%
4.9%
4.9%
371
351
382
378
366
366
358
5.0%
402
4.5%
385
+3.9%
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
INR Cr.
Adjusted EBITDA
(0.8%)
(53)
0.3%
0.5%
16
33
0.8%
58
1.6%
112
2.5%
184
2.9%
212
2.4%
192
2.8%
240
NM
Q2FY24
Q3FY24
Q4FY24
Q1FY25
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Significant operating leverage at play
GOV and Adj. Revenue have grown by ~44% and ~97% respectively in the last 2 years while below contribution expenses have remained almost flat
Food delivery business generated an annualized adjusted EBITDA of ~INR 960cr in Q2FY26
Source: Swiggy Limited Quarterly disclosures Note: 1 Also referred to as ‘Gross Revenue’
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QUICK COMMERCE
4
Consistent triple digit growth rates combined with improving profitability
Gross Order Value
Contribution Profit
Adjusted EBITDA
INR Cr.
y-o-y growth
Average MTU (mm)
INR Cr.
Margin as % of GOV
INR Cr.
Margin as % of GOV
12.0
11.1
107.6% 107.6%
9.8
101.0%
7.0
88.1%
6.2
75.5%
7,022
5,655
4,670
3,382
3,907
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
(1.9%)
(4.6%)
(5.6%)
(4.6%)
(2.6%)
(10.6%)
(14.8%)
(18.0%)
(15.8%)
(12.1%)
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
(66)
(359)
(179)
(181)
(578)
(260)
(260)
(840)
(896)
(849)
GOV growth accelerated to above 100% over the past year
~300bps CM improvement in last two quarters
Operating leverage playing out as visible in ~590bps improvement in last two quarters
Source: Swiggy Limited Quarterly disclosures
9
QUICK COMMERCE
Balanced growth in order volumes and AOV driving the Quick Commerce platform expansion
4
Gross Order Value
# of Orders
Average Order Value
INR Cr.
y-o-y growth
mm
y-o-y growth
INR
107.6%
107.6%
65.0%
77.2%
48.7%
13.3%
25.7%
101.0%
y-o-y growth
39.7%
7,022
101
697
5,655
4,670
89
92
612
527
Q4FY25
Q1FY26
Q2FY26
Q4FY25
Q1FY26
Q2FY26
Q4FY25
Q1FY26
Q2FY26
Source: Swiggy Limited Quarterly disclosures
10
QUICK COMMERCE
4
Wallet share expansion driven by significant improvement in the consumer proposition
Consumer proposition
Cohort analysis (GOV / User)
SPEED
Improvement in delivery times ~13 minutes1
Quarter
Q0
Q1
Q2
Q3
Q4
Q5
Q6
Q4FY24
100%
240%
303%
322%
304%
346%
414%
BETTER SELECTION CATERING TO ALL
Purchase missions
Consumption categories
Q1FY25
105%
287%
308%
292%
333%
401%
⚫ Immediate / Emergency / Impulse
⚫ Top-up
⚫ Weekly stock-up
⚫ Monthly basket
⚫ Festive / Event / Seasonal
⚫ Hyperlocal / Community
%GOV share
Q2FY25
Q4FY25
Q2FY26
Q2FY25
121%
289%
280%
320%
387%
Grocery (Incl. Fresh)
91%
Non-Grocery
9%
84%
16%
74%
26%
⚫ Electronics (audio, wearables, etc.) ⚫ Small home appliances
⚫ Home & Kitchen ⚫ Toys and others
Q3FY25
124%
261%
297%
361%
30K+ SKUs2 (>2x growth QoQ) across 20+ categories
Q4FY25
126%
261%
316%
Enabled by large-sized stores and Megapods
Communicated through Quick India Movement
Q1FY26
140%
311%
VALUE
Differentiated through brand partnerships Maxxsaver and QIM
Q2FY26
161%
Cohorts witnessing
⚫ Continuous sequential GOV improvements
⚫ Increased spending in the base quarter of acquisition
Source: Swiggy Limited Quarterly disclosures Note: 1 Average delivery time for Instamart (national average) is calculated as average delivery time for the exit months of Q1FY26 (Jun-25) and Q2FY26 (Sep-25); 2 For the period Q2FY26
11
QUICK COMMERCE
4
Focus on wallet share expansion & basket-value growth leading to improved profitability
Increasing wallet share led by differentiated offerings....
....delivering sharp AOV expansion by catering to more purchase missions....
GOV / User (INR / Month)1
AOV (INR per order)
Net AOV (INR per order)2
1.2x
1,705
1,955
1,582
1.3x
612
453
697
485
527
400
Q4FY25
Q1FY26
Q2FY26
Q4FY25
Q1FY26
Q2FY26
...and higher absolute revenue despite the marginal reduction in take rates...
…resulting in contribution margin improvement
Adjusted Revenue per Order (INR)3
Take rate (adj. revenue as % GOV)
Contribution Profit (INR Cr.)
Contribution margin (as % of GOV)
15.7%
15.2%
14.8%
Q4FY25
Q1FY26
Q2FY26
83
93
103
Q4FY25
Q1FY26
Q2FY26
(260)
(260)
(5.6%)
(4.6%)
(181)
(2.6%)
Source: Swiggy Limited Quarterly disclosures Note:1 Calculated as Average monthly GOV divided by Average Monthly Transacting Users for Quick Commerce business; 2 Net AOV is defined as NOV / Orders; 3 Calculated as Adjusted Revenue for the quarter divided by total number of orders in that quarter
12
QUICK COMMERCE
Expanded network with larger darkstores capable of 2x the present throughput; operating leverage driving Contribution upswing
4
Network reached 1,102 darkstores across 128 cities
44
67
38%
45%
124
95%
127
91%
128
81%
609
705
1,021
1,062
1,102
Faster growth in footprint driven by higher share of larger stores, including Megapods
3,199
3,475
54%
75%
1.9
2.5
3,889
161%
4,045
159%
4,168
136%
4.0
4.3
4.6
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Active Dark Stores (Exit) (#)
y-o-y growth (%)
xx
Cities (#)
Active Dark Store area (Mn Sq ft)
y-o-y growth (%)
xx
Avg area per Dark Store (sq ft)1
Large stores enable wider selection; leading to higher throughput
Orders / darkstore / day is at ~50% of avg. store capacity
Rapid footprint expansion in Q4 led to network under-utilization
16%
17,359
15,946
11,762
13,163
15,287
Orders / darsktore / day on upswing led by operating leverage, post significant store additions in Q4
2,000+
1,260
1,236
1,190
985
1,025
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
GOV per unit area (INR per sq ft)
Orders / darkstore / day (#)2
Avg. store capacity
Source: Swiggy Limited Quarterly disclosures Note: 1 Calculated as Active Dark store area (Mn Sq ft) divided by Active Dark Stores (exit) for the quarter; 2 # based on active darkstore-days, as orders should be linked to only the period a darkstore has been active
13
QUICK COMMERCE
4
Clearly identified margin improvement levers driving the path to profitability
Emphasis on profitable basket-value growth
GOV / user increased 15% QoQ to ~INR 1,950/month (Q2FY26)
Higher advertising revenue
Scale fuelling the growth of high margin advertisement revenues
Optimization of customer incentives
Partnering with brands to co-create differential propositions
Unlocking operating leverage with scale
Above contribution margin
Below contribution margin
Upfront investments into building the network ➔under-utilized darkstores
Upfront investments in marketing (across both performance and brand marketing)
Q4FY25
Q1FY26
Q2FY26
Contribution Margin (% GOV)
(5.6%)
(4.6%)
(2.6%)
Below contribution cost (% GOV)
Adjusted EBITDA Margin (% GOV)
12.4%
11.2%
9.5%
Q4FY25
Q1FY26
Q2FY26
Q4FY25
Q1FY26
Q2FY26
(18.0%)
(15.8%)
(12.1%)
Source: Swiggy Limited Quarterly disclosures
14
OUT-OF-HOME CONSUMPTION
Out-of-Home consumption segment has been charting a strong path quietly: 50%+ YoY GOV growth and has been profitable for the last 3 quarters
5
Gross Order Value
Adjusted EBITDA
INR Cr. y-o-y growth
xx
Avg. Monthly Active Restaurants (‘000)
INR Cr.
Adj. EBITDA as % of GOV
34.7
36.5
38.7
41.3
44.4
68.0%
46.3%
41.6%
60.7%
52.5%
734
821
872
1,056
1,118
(1.0%)
(1.3%)
Early stages of evolution; Adj. EBITDA margins to expand further as more discretionary incomes open up in-restaurant-dining
0.3%
0.5%
0.5%
5
6
2
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
(9)
(8)
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Turnaround in Dineout since acquisition
Integrated onto the primary Swiggy app 2 yrs ago
Benefited from established Food Delivery user base and improved brand recall overall
2.8x1 Increase in GOV
3.4x1 Increase in average monthly active restaurants
Adjusted EBITDA margins – double digit negative at acquisition2 to positive in Q4FY25
Source: Swiggy Limited Quarterly disclosures Note: 1 Considered for the period FY23-FY25; 2 Represents Adj. EBITDA margin for FY23
15
SCALABLE PLATFORM
6
Strong network effects driven by increasing user and partner base on a unified platform…
Advertising services
Reservation & payments
Delivery
Partner services driving up engagement and retention
More Demand
Food Delivery
Restaurant, Merchant, and Brand partners
Users
Multiple use cases driving up users and time on the app
Quick Commerce
Table reservation and ticketing
Digital Storefronts
More Supply
Event bookings
Source: Swiggy Limited FY25 Annual Report
16
SCALABLE PLATFORM
6
…which becomes amplified with geographical overlap of multiple offerings…
Indian cities with a population of 50,000+ with e-commerce presence
presence
Food Delivery
Instamart
Dineout
Number of cities
950+2
7181
1241
561
Significant potential to expand our offerings across cities, as well as increase their geographical overlap; thereby increasing consumer salience of our platform
INNOVATIVE OFFERINGS
EXPANDED PURCHASE MISSIONS
✔ Offer segmented services for a wide user
✔ Offer wide product assortments by adding
base
■ 99-store - affordable meals (not
necessarily smaller basket sizes); present in 500+3 cities; accounts for high single share of Swiggy orders
■ Deskeats - caters to everyday office food missions; present in 7,000+3 tech parks across 30+3 cities
■ Ecosaver mode offering opt-in batching
of orders
new categories especially in the high margin non-grocery segment, especially through large format stores (Megapods)
✔ Maxxsaver to improve value delivered to
customer for building lager baskets
FASTER DELIVERY TIMES
GREATER CONVENIENCE
✔ Bolt 10 minute Food delivery. Live across 700+3 cities, accounts for over 1 in 10 orders3 to the platform
✔ Swiggy One Membership program
✔ Co-branded credit card
✔ Instamart has improved its delivery time to
~134 mins
✔ Leveraging our integrated and data-backed technology infrastructure to innovate new capabilities
Source: Swiggy Limited FY25 Annual Report and Quarterly disclosures Note: 1 # of cities of Swiggy Food Delivery, Instamart and Dineout are as of Mar 31, 2025; 2 950+ Indian cities with population of 50,000+ cities with e-commerce presence; source: as per Redseer; 3 These data points are for Q2FY26; 4 Average delivery time for Instamart (national average) is calculated as average delivery time for the exit months of Q1FY26 (Jun-25) and Q2FY26 (Sep-25)
17
SCALABLE PLATFORM
6
…driving cross pollination and secular platform growth
Growing number of users using multiple service
Driving secular platform MTU growth
1.3x
MTU in mm
28.1%
30.5%
34.8%
35.4%
35.7%
71.9%
69.5%
65.2%
64.6%
64.3%
17.8
17.1
1.4x
19.8
22.9
21.6
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
1 offering
> 1 offering
Source: Swiggy Limited Quarterly disclosures Note: Financial disclosures were originally presented in INR millions with two decimal places. These figures have been rounded to INR crores with zero decimal places
18
STRONG FINANCIAL PROFILE
7
Accelerating B2C GOV growth led by a shift in the GOV mix towards the rapidly growing Quick-commerce segment, while Food delivery continues to grow steadily
B2C GOV growth accelerating on the back of MTU growth and cross-pollination of services
Quick Commerce now accounts for 40%+ of the total B2C GOV and ~80% of the Food Delivery GOV
GOV (INR Cr.)
y-o-y growth
Quick commerce
B2C
Food delivery
76%
30%
15%
88%
38%
101%
40%
108%
108%
45%
48%
19%
18%
19%
19%
11,307 734
3,382
12,164
821
3,907
12,889 872
4,670
16,682
1,118
7,022
14,797
1,056
5,655
7,191
7,436
7,347
8,086
8,542
Share of GOV (in %)
+12%
7%
7%
7%
7%
7%
30%
32%
36%
38%
42%
64%
61%
57%
55%
51%
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
Food Delivery
Quick Commerce
Out-of-Home Consumption
Food Delivery
Quick Commerce
Out-of-Home Consumption
Source: Swiggy Limited Quarterly disclosures
19
STRONG FINANCIAL PROFILE
The business model is built for operating leverage, with a maturing network, disciplined capital allocation, and a clear path to profitability across all major segments (1/2)
7
FY24 FY24
Adjusted Revenue
24.6%
FY25 FY25
25.2%
Q2 FY26 Q2 FY26
25.8%
Profitability waterfall (% of GOV) – Food Delivery
Variable costs
18.9%
18.2%
18.5%
Contribution Profits
5.7%
Below contribution costs
5.9%
Adj. EBITDA
(0.2%)
7.1%
5.1%
2.0%
7.3%
4.5%
2.8%
Advertising revenue Self-serve ads
Steady AOV improvement Larger basket, balancing premium offerings with affordable plays
Collaboration with restaurant partners Co-creating propositions
Operating leverage
Low WC & capex requirements High ROCE
Source: Swiggy Limited FY25 Annual Report and Quarterly disclosures
20
STRONG FINANCIAL PROFILE
The business model is built for operating leverage, with a maturing network, disciplined capital allocation, and a clear path to profitability across all major segments (2/2)
7
Profitability waterfall (% of GOV) – Quick Commerce
FY24
FY25
Q2 FY26
Adjusted Revenue
13.5%
Variable costs
19.5%
15.3%
19.4%
14.8%
17.4%
Contribution Profits
(6.0%)
(4.0%)
Below contribution costs
10.2%
10.2%
Adj. EBITDA
(16.2%)
(14.3%)
(2.6%)
9.5%
(12.1%)
Advertising revenue Self-serve ads
Wallet share improvement and category mix optimization Higher AOV
Optimization of customer incentives Direct brand participation
Operating leverage Upfront investments in network and brand building
Source: Swiggy Limited FY25 Annual Report and Quarterly disclosures
21
STRONG FINANCIAL PROFILE
Reduction in cash burn driven by rising profits in the Food delivery business, stabilizing losses in the Quick Commerce and lower capex and working capital needs
7
INR Cr.
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
Commentary
Adjusted EBITDA
(341)
(491)
(732)
(813)
(695)
Food Delivery
112
184
212
192
240
⚫ Food delivery profitability continues to improve
Quick Commerce
(359)
(578)
(840)
(896)
(849)
⚫ Quick-commerce losses have reduced QoQ in Q2FY26
Out-of-home Consumption
(9)
(8)
2
5
6
⚫ Out-of-home consumption turned profitable in Q4FY25
Others
(85)
(88)
(107)
(113)
(92)
⚫ Calibrated investments in other segments
Less: Capital Expenditure incurred
(100)
(149)
(425)
(319)
(188)
⚫ Significant investments made upfront; material capex reduction over the last 3 quarters
Add: (Inc.) / Dec. in working capital
30
58
(482)
(288)
(9)
⚫ Working capital optimization being delivered leading to requirement coming down
Add: Treasury income and others1
112
(147)
151
79
143
Add: Net proceeds from IPO
4,380
Change in cash
(299)
3,652
(1,488)
(1,341)
(749)
⚫ Reduction in the cash burn (~50%) over the last 2 quarters
Add: Opening cash balance
4,830
4,531
8,183
6,695
5,354
Expected proceeds from Rapido stake-sale
2,400
Closing cash balance (Proforma for Rapido stake-sale proceeds)
4,531
8,183
6,695
5,354
7,005
HEALTHY CASH BALANCE
Source: Swiggy Limited Quarterly disclosures Note: 1 Includes Treasury income realized, Loan movement (including interest) and other items
22
LEADERSHIP & GOVERNANCE
8
Strong leadership team of dynamic entrepreneurs and professionals
Sriharsha Majety Managing Director & Group CEO
Lakshmi Nandan Reddy Obul Whole-time Director – Head of Innovation
Rohit Kapoor CEO–Food Marketplace
Phani Kishan Addepalli Chief Growth Officer
Prior experience
Swiggy Limited
Intellectual Capital Advisory Services Private Limited (Intellecap)
Oravel Stays Limited, Max Healthcare Institute Ltd., Mckinsey & Company Inc.
Boston Consulting Group (India) Private Limited
Amitesh Jha CEO-Instamart
Girish Menon Chief Human Resources Officer
Rahul Bothra Chief Financial Officer
Madhusudhan Rao Subbarao Chief Technology Officer
Prior experience
Flipkart Private Limited
Flipkart Internet Private Limited, HSBC, Fullerton India Credit Company Limited
Wipro Limited, Britannia Industries Limited, Olam International Limited
Boomerang Commerce India Private Limited, Amazon
Source: Swiggy Limited FY25 Annual Report and Quarterly disclosures
23
LEADERSHIP & GOVERNANCE
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…backed by a reputed Board with high governance and sustainability standards
Independent Directors
Non-Executive Directors
Anand Kripalu Chairperson
Shailesh Vishnubhai Haribhakti Chairperson, Audit Committee
Roger Clark Rabalais
EPL Limited, United Breweries Limited, PGP Glass Private Limited
Blue Star Limited, L&T Finance Holdings Limited, Raymond Limited, Ambuja Cements Limited
Prosus
Strong corporate governance framework
Independent directors with decades of operational and fiduciary experience across listed companies
Deep background in consumer and technology businesses
Suparna Mitra
Faraz Khalid
Titan Engineering and Automation Limited
Noon AD Holdings Limited
Ashutosh Sharma
Prosus Ventures India
Source: Swiggy Limited FY25 Annual Report and Quarterly disclosures Note: Sriharsha Majety and Lakshmi Nandan Reddy Obul also present on the board as Executive Directors. Sumer Juneja (Soft Bank) and Anand Daniel (Accel Partners) resigned from Directorship (effective 25-Jul-2025)
24
LEADERSHIP & GOVERNANCE
Significant progress toward Swiggy’s 2030 sustainability goals highlights our commitment to responsible growth
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COMMUNITY
Partnership with Sulabh International
⚫ Free hygiene & sanitation facilities
Swiggy Skills
⚫ To empower delivery partners with future ready
skills and meaningful job opportunities
⚫ MoU with Ministry of Skill Development &
Entrepreneurship
Swigstree Brigade
⚫ Recognized the achievements of high- performing women delivery partners
⚫ Working towards growing female representation
across our fleet
Nissha Co., Ltd. | Nissha Received “AA” Rating in MSCI ESG Ratings for the First Time
Achieved within the first year of listing
She the Change
⚫ Celebrated 50K+ women-led restaurants that
collectively created hundreds of thousands of jobs
CLIMATE
⚫ Progressing towards fleet electrification
Reducing Emissions
⚫ 7x growth in EV fleet over the last year via
partnerships with 50+ collaborators across OEMs, fleet operators, charging infra players, as well as Fleet-as-a-service providers and financiers
XL EV Fleet Launched
⚫ Deployed for bulk deliveries, including civic
partnerships - 3,500 meals delivered to polling booths during state elections
Eco Saver
⚫ 30M+ low-emission deliveries via batching and route optimization, avoiding over 500 tCO2e emissions
4,500 tCO2e emissions avoided
⚫ Through fleet electrification and route efficiency
Source: Swiggy Limited FY25 Annual Report and Quarterly disclosures
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Appendix
Supply Chain and Distribution - Comprehensive, end-to-end supply chain solutions
■ Offering comprehensive supply chain services to wholesalers and retailers ■ Services offered include procurement, warehouse management including in-warehouse processing and order fulfilment ■ Business focused on enhancing the share of value-added services resulting in an increase in operating margins of the business
icon
Comprehensive supply chain services
Revenue (INR Cr.)
Supply Chain & Distribution
icon
Reliable, fast, and cost-effective order fulfilment
1,453
1,693
2,004
2,259
2,560
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
icon
Enhanced product delivery
Adjusted EBITDA (INR Cr.)
Supply Chain & Distribution
icon
Optimised procurement of products
icon
Technology-led authorised distribution operating model
(74)
(78)
(71)
(62)
Q2FY25
Q3FY25
Q4FY25
Q1FY26
Q2FY26
(46)
Source: Swiggy Limited Annual Report and quarterly disclosures to investors
27
Platform Innovation - Continuous endeavour to solve for users’ convenience needs underpinned by an innovation-led culture, in a capital-efficient manner
■ Incubate new service offerings to create more frequent and meaningful touchpoints for users
■ Structured framework to assess the product and business market fit in a capital-efficient manner
Pyng
SNACC
Our Three Staged Scaleup Framework - Robust and objective framework to evaluate and decide on way forward for new businesses (scale up / trim / shutdown)
i
ii
iii
Product Market Fit Testing (PMF)
Business Market Fit Testing (BMF)
Profitable Scalability Testing
Test market attractiveness and our right to win
Assess business viability
● Establish the TAM - are we in a large and fast- growing market
● Establish the need - are
we solving a major customer need / pain point
● Establish strength of the proposition - are we getting customer love (NPS, retention, repeats, etc.)
● Establish unit economics - can we build this business in a profitable manner, with line of sight to key cost elements
● Establish scalability - achieve scale within a selected segment / geography
Test financial viability and returns
● Demonstrate unit
economics - achieve close to steady-state UE
● Demonstrate scalability - proven ability to scale to multiple segments / geographies while maintaining profitability
Standalone AI-driven platform which connects users to verified service professionals over 100 specializations
Standalone food delivery app focused on delivering select range of quick bites, beverages and meals
Adjusted EBITDA (INR Cr.)
Platform Innovation
(11)
(11)
(36)
Q2FY25
Q3FY25
Q4FY25
(52) Q1FY26
(46)
Q2FY26
Source: Swiggy Limited Annual Report and quarterly disclosures to investors
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Glossary (1/4)
Term
Definition
B2C Total Orders
Consolidated completed orders of consumer facing businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out of Home Consumption, excluding Platform Innovations
B2C Gross Order Value (GOV)
Consolidated Gross Order Value of completed order for consumer facing businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, excluding Platform Innovations
B2C Adjusted EBITDA
Consolidated Adjusted EBITDA of (i) Food delivery, plus (ii) (Quick Commerce, plus (iii) Out-of-home Consumption, excluding Platform Innovations
B2C Adjusted EBITDA Margin (% of B2C GOV)
B2C Adjusted EBITDA divided by B2C GOV
Consolidated Revenue
Consolidated Revenue from operations as per financials of all businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, plus (iv) Supply Chain and Distribution, plus (v) Platform Innovations
Consolidated Adjusted Revenue1
Consolidated Adjusted Revenue of all businesses i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, plus (iv) Supply Chain and Distribution, plus (v) Platform Innovations
Swiggy Platform
Consolidated EBITDA
Profit/loss as per financials excluding (i) tax expense (ii) depreciation and amortization expense (iii) finance cost
Consolidated Adjusted EBITDA
Consolidated EBITDA excluding (i) other income (ii) exceptional items (iii) share in net loss of an associate (iv) share based payment expense and (v) rental expenses pertaining to 'Ind AS 116 leases
Average Monthly Transacting Users
Number of unique transacting users that have completed at least one order on the Swiggy unified-app / website in a month, averaged for the months in the period/year
Average Monthly Transacting Delivery Partners
Number of unique delivery partners that have delivered at least one order in a month, averaged for the months in the period/year
Platform Frequency
Completed orders per user in a month, averaged for the months in the period/year
Source: Swiggy Limited Annual Report Note: 1 Also referred to as “Consolidated Gross Revenue”
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Glossary (2/4)
Term
Total Orders
Definition
Total completed Food Delivery orders on the platform
Gross Order Value (GOV)
Total monetary value of completed Food Delivery orders (gross of any discounts) plus (i) user delivery charges (net of any discounts, including free delivery discounts provided for Swiggy One membership program), plus (ii) packaging charges, plus (iii) fee from users. plus (iv) taxes, excluding tips.
Average Order Value (AOV)
Food Delivery GOV divided by Food Delivery Total Orders
Revenue
Adjusted Revenue1
Revenue from our Food Delivery business includes (i) pre-agreed commissions from restaurant partners; (ii) advertising revenue from restaurant partners; (iii) fees that we charge to users and delivery partners for the use of our technology platform and subscription revenue (net of discounts, credits and refunds other than free delivery); and (iv) fees for other business enablement services from restaurant partners
Revenue plus (i) user delivery charges collected and passed on to delivery partners (net of any discounts, including free delivery discounts provided through Swiggy One membership program), plus (ii) fee from users collected and netted off from platform funded discounts given for corresponding orders
Contribution Margin (as a % of GOV)
Food Delivery Adjusted Revenue, less (i) delivery and other charges, less (ii) platform funded discounts, less (iii) other variable costs, as a percentage of GOV
Food Delivery
Adjusted EBITDA
Food Delivery segment results as per financials less rental expenses pertaining to 'Ind AS 116 leases'.
Average Monthly Transacting Users
Number of unique transacting users that have completed at least one Food Delivery order in a month, averaged for the months in the period/year
Average Monthly Transacting Restaurant Partners
Number of unique restaurant partners with at least one delivered order in a month, averaged for the months in the period/year
Total Orders
Total completed Quick Commerce orders on the platform
Gross Order Value (GOV)
Total monetary value of orders at maximum retail price (“MRP”) of goods sold (except for instances where MRP is not applicable such as fruits and vegetables wherein final selling price is used instead of MRP) and gross of any discounts, plus (i) user delivery charges (net of any discounts, including free delivery discounts provided for Swiggy One membership program), plus (ii) packaging charges, plus (iii) fee from users, plus (iv) taxes, excluding tips
Net Order Value (NOV)
Gross Order Value, less Discounts (whether platform or partner funded)
Quick Commerce
Average Order Value (AOV)
Quick Commerce GOV divided by Quick Commerce Total Orders
Revenue
Revenue from our Quick Commerce business includes (i) pre-agreed commissions from merchant partners; (ii) advertising revenue from brand partners; (iii) fees that we charge to users and delivery partners for the use of our technology platform and subscription revenue (net of discounts, credits and refunds other than free delivery); and (iv) fees for other business enablement services from merchant partners
Source: Swiggy Limited Annual Report Note: 1 Also referred to as “Gross Revenue”
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Glossary (3/4)
Term
Definition
Adjusted Revenue1
Revenue plus (i) user delivery charges collected and passed on to delivery partners (net of any discounts, including free delivery discounts provided through Swiggy One membership program), plus (ii) fee from users collected and netted off from platform funded discounts given for corresponding orders
Contribution Margin (as a % of GOV)
Quick Commerce Adjusted Revenue, less (i) delivery and other charges, less (ii) platform funded discounts, less (iii) cost of fulfilment services, less (iv) other variable costs, as a percentage of GOV
Adjusted EBITDA
Quick Commerce segment results as per financials less rental expenses pertaining to 'Ind AS 116 leases'
Quick Commerce
Average Monthly Transacting Users
Number of unique transacting users that have completed at least one Quick Commerce order in a month, averaged for the months in the period/year.
Active Dark Stores
Number of Dark Stores with at least one completed order on the last day of the period/year
Total Transactions
Total Transactions on Swiggy Dineout and Swiggy Scenes
Gross Order Value (GOV)
Total monetary value of all transactions (gross of any discounts) on Dineout and Scenes, plus (i) fee from users, plus (ii) taxes
Average Order Value (AOV)
Out-of-home Consumption Gross Order Value divided by Out-of-home Consumption total transactions
Revenue
Adjusted Revenue1
Out-of-home Consumption
Revenue from our Out of home consumption includes (i) pre-agreed commissions that we charge to our restaurant partners; (ii) advertising revenue from restaurant partners and brand partners; (iii) fees that we charge to users for the use of our technology platform and subscription revenue (net of discounts) (iv) revenue from sale of tickets, and (v) fees for other business enablement services provided to restaurant partners and brand partners.
Revenue plus fee from users collected and netted off from platform funded discounts given for corresponding orders (as applicable)
Contribution Margin (as a % of GOV)
Out-of-home Consumption gross revenue, less (i) platform funded discounts, less (ii) other variable costs, as a percentage of GOV
Adjusted EBITDA
Out-of-home Consumption segment results as per financials less rental expenses pertaining to ‘Ind AS 116 leases’
Average Monthly Active Restaurants
Total number of unique Swiggy Dineout restaurants that are listed with payment option in a month, averaged for the months in the period/year
Source: Swiggy Limited Annual Report Note: 1 Also referred to as “Gross Revenue”
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Glossary (4/4)
Term
Revenue
Definition
(i) Total monetary value of goods sold to wholesalers and retailers, plus (ii) Revenue from supply chain management and enablement services that we provide to our wholesalers and retailers
Adjusted Revenue1
Same as revenue
Supply Chain and Distribution
Adjusted EBITDA
Supply Chain and Distribution segment results as per financials less rental expenses pertaining to 'Ind AS 116 leases'
Revenue
Revenue from Platform Innovations business typically includes (i) revenue from sale of food and products, (ii) fees that we charge to our users and delivery partners and subscription revenue (net of discounts, credits and refunds other than free delivery), (iii) advertising fees from restaurant partners, merchant partners and brand partners, and (iv) fees for other business enablement services from restaurant partners and merchant partners
Platform Innovations
Adjusted Revenue1
Revenue from operations for Platform Innovations, plus (i) user delivery charges collected and passed on to delivery partners (net of any discounts, including free delivery discounts provided through Swiggy One membership program), plus (ii) fee from users collected and netted off from platform funded discounts given for corresponding orders (as applicable)
Adjusted EBITDA
Platform Innovations Segment results as per financials less rental expenses pertaining to 'Ind AS 116 leases'
Source: Swiggy Limited Annual Report Note: 1 Also referred to as “Gross Revenue”
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Disclaimer
This document, except for historical information, may contain certain forward-looking statements including those describing the Company’s strategies, strategic direction, objectives, future prospects, estimates etc. Forward-looking statements can be identified generally as those containing words such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms. These forward-looking statements are based on certain expectations, assumptions, anticipated developments and are affected by factors including but not limited to, risk and uncertainties regarding any changes in the laws, rules and regulations relating to any aspects of the Company’s business operations, general economic, market and business conditions, new or changed priorities of trade, significant changes in political stability in India and globally, government regulations and taxation, litigation, competition among others over which the Company does not have any direct control. The Company cannot, therefore, guarantee that the forward-looking statements made herein shall be realized. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Measures
In addition to financial information presented in accordance with Ind AS, we believe certain Non-GAAP measures are useful in evaluating our operating performance. We use these Non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Non-GAAP financial information, when taken collectively with financial measures prepared in accordance with Ind AS, provides an additional tool for investors to use in assessment of our ongoing operating results and trends because it provides consistency and comparability with past financial performance.
Non GAAP measures used by us are defined below :
Adjusted Revenue (also referred to as Gross Revenue) = Consolidated Revenue from operations as per financials plus (i) user delivery charges collected and passed on to delivery partners (net of any discounts, including free delivery discounts provided through Swiggy One membership program), plus (ii) fee from user (that is not already included in revenue from operations) collected and netted off from platform funded discounts given for corresponding orders.
Adjusted EBITDA = Profit/loss as per financials excluding (i) tax expense (ii) other income (iii) depreciation and amortization expense (iv) finance cost (v) exceptional items (vi) share in net loss of an associate (vii) share based payment expense and (viii) rental expenses pertaining to 'Ind AS 116 leases'
These measures should be considered in addition to, not as substitutes for, or in isolation from, measures prepared in accordance with Ind AS..
Note: Financial numbers reproduced in the corporate presentation have been derived from the annual report and the financial results published by the Company, as the case may be. These financial numbers have been presented in INR crore and have been rounded off to the nearest zero decimal.
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