Swiggy used its Capital Markets Day 2026 to outline an ambitious long-term strategy to become India’s leading convenience platform. Rather than concentrating only on quarterly financial results, the company explained how it plans to build multiple large businesses on a single technology platform.

Management highlighted improvements in profitability, continued growth in food delivery, rapid expansion of Instamart, AI-driven innovation, stronger partner ecosystems, and its long-term strategy to create value for customers, merchants, delivery partners, and shareholders.

The presentation demonstrated how Swiggy is evolving from a food delivery company into a comprehensive urban convenience ecosystem.

Q1 FY27 Snapshot

Swiggy began the presentation by highlighting the strong momentum achieved during Q1 FY27.

Key Metrics

• B2C Gross Order Value (GOV): ₹18,926 crore
• 28% Year-on-Year growth in GOV
• Average Monthly Transacting Users (MTU): 27.5 million
• 27% Year-on-Year growth in MTUs
• Adjusted EBITDA Margin: -3.4% of GOV
• Improvement of 2.1 percentage points year-on-year

Since its IPO, Swiggy has delivered:

• 56% increase in Gross Order Value
• 55% growth in Monthly Transacting Users
• Continuous improvement in profitability through disciplined execution and operating leverage.

Swiggy’s Mission

Swiggy reiterated its mission:

“Elevate quality of life for urban consumers by offering unparalleled convenience.”

This vision now extends well beyond restaurant food delivery and includes groceries, daily essentials, shopping, dining experiences, logistics, merchant solutions, and AI-powered consumer experiences.

Leadership Driving the Next Phase of Growth

The Capital Markets Day featured presentations from Swiggy’s senior leadership, including:

• Sriharsha Majety – Managing Director & Group CEO
• Rohit Kapoor – CEO, Food Marketplace
• Nandita Sinha – CEO, Instamart
• Rahul Bothra – Chief Financial Officer
• Phani Kishan Addepalli – Chief Growth Officer
• Madhusudhan Rao Subbarao – Chief Technology Officer
• Girish Menon – Chief Human Resources Officer

Management emphasized execution, innovation, and disciplined capital allocation as the key pillars for long-term growth.

Food Marketplace Continues to Strengthen

Food delivery remains Swiggy’s largest business and continues to generate healthy growth despite increasing competition.

Management highlighted several priorities:

• Increasing order frequency
• Expanding customer base
• Better restaurant selection
• Faster deliveries
• Improved affordability
• AI-driven personalization
• Higher customer retention

The company believes India’s online food delivery market still has significant room for expansion as digital adoption increases across cities.

New Consumer Experiences Driving Incremental Growth

Swiggy showcased newer customer experiences designed to expand beyond traditional food ordering.

One such initiative, “Toing,” is aimed at attracting:

• New users
• Dormant users
• Incremental ordering occasions

Management explained that these new use cases are increasing overall demand rather than simply shifting orders within existing food delivery services. The company also noted stronger engagement from “belly and tail” restaurant categories, helping drive incremental Gross Order Value.

Instamart: Swiggy’s Fastest Growing Business

A major focus of the presentation was Instamart, which has emerged as one of India’s leading quick-commerce platforms.

Q1 FY27 Highlights

• Gross Order Value reached ₹7,907 crore
• 40% Year-on-Year growth
• Became only the second player in the industry to demonstrate Contribution Margin breakeven

Management highlighted that Instamart has successfully expanded beyond grocery essentials into discretionary categories, increasing average order values and customer engagement.

The company continues to broaden its assortment across:

• Grocery
• Fresh produce
• Household essentials
• Beauty products
• Electronics
• Gifts
• Lifestyle products
• Seasonal merchandise

This diversification supports stronger customer retention and higher wallet share.

Significant Improvement in Contribution Margins

One of the biggest achievements highlighted during Capital Markets Day was Instamart’s profitability journey.

Over the last six quarters:

• Contribution Margin improved from -5.6% to -0.2%
• Total improvement of 5.4 percentage points
• Gross Order Value increased by nearly 70%

Management described this as one of the fastest contribution margin improvements seen in India’s quick-commerce industry.

The improvement has been driven by:

• Better order density
• Improved supply chain efficiency
• Higher basket sizes
• Better delivery productivity
• Advertising revenue
• Improved category mix
• Technology-led optimization.

Roadmap to EBITDA Profitability

Swiggy presented a clear roadmap for achieving EBITDA breakeven in Instamart.

According to management, profitability will depend on three major levers:

1. Larger Scale

The business aims to grow to approximately 2.5 times its current scale.

2. Better Contribution Margin

The company expects another 4 percentage point improvement in contribution margin.

3. Higher Revenue Per Order

Growth drivers include:

• Advertising
• Better assortment
• Premium products
• Larger basket sizes
• Merchant monetization

Combined with lower fulfilment costs, these initiatives are expected to help Instamart achieve EBITDA breakeven over time.

Building the “Five Engines” Platform

Swiggy explained that its future growth will come from five interconnected engines operating on one common technology platform.

Engine 1 – Demand

Growing customer engagement through personalization, discovery, and AI.

Engine 2 – Fulfilment

Strengthening logistics infrastructure to improve delivery speed and efficiency.

Engine 3 – Partners

Helping restaurants and brands grow through data, technology, and operational tools.

Engine 4 – Monetisation

Increasing advertising, subscriptions, merchant services, and other high-margin revenue streams.

Engine 5 – Building

Creating an AI-native organization capable of faster product innovation and execution.

AI at the Core of Swiggy’s Future

Artificial Intelligence was one of the central themes of the Capital Markets Day.

Swiggy plans to embed AI across:

• Customer recommendations
• Search
• Demand forecasting
• Inventory planning
• Restaurant insights
• Merchant analytics
• Delivery partner optimization
• Internal productivity
• Software development

Management believes AI will improve both customer experience and operating efficiency while accelerating innovation.

Merchant Ecosystem and Partner Growth

Swiggy emphasized that long-term success depends on helping merchants grow.

The company continues investing in:

• Better merchant analytics
• Marketing solutions
• Advertising tools
• Operational intelligence
• Catalogue management
• Inventory support
• Consumer insights

These initiatives help restaurants and brands improve sales while increasing Swiggy’s monetization opportunities.

Innovation Beyond Food Delivery

The presentation showcased multiple examples of innovation beyond traditional delivery.

Examples included:

• Seasonal product launches
• Festival-specific merchandise
• Special regional offerings
• Exclusive product collaborations

Management believes expanding shopping occasions increases customer engagement throughout the year.

Transition Toward Inventory Ownership

Swiggy also outlined the roadmap for transitioning Instamart toward an Inventory Owned Customer Commerce (IOCC) model.

Important milestones include:

• Domestic ownership crossing 50%
• Board approval of a 49.5% foreign shareholding cap
• Shareholder approval process
• Expected transition over the next 2–4 quarters

Management believes this structure will improve operational flexibility and support long-term growth.

Key Investment Highlights

The Capital Markets Day reinforced several positives for long-term investors:

• Strong double-digit growth in Gross Order Value
• Rapid increase in Monthly Transacting Users
• Continued leadership in online food delivery
• Instamart emerging as a profitable quick-commerce business
• Significant improvement in contribution margins
• Multiple monetization opportunities
• AI-first operating model
• Expanding merchant ecosystem
• Integrated logistics network
• Long-term platform strategy spanning multiple consumer services

Risks Investors Should Monitor

Despite strong execution, investors should keep an eye on:

• Intense competition in quick commerce
• Customer acquisition costs
• Profitability timelines
• Regulatory developments
• Expansion-related investments
• Execution of AI initiatives
• Consumer spending trends
• Inventory transition execution