Swiggy's food delivery biz GMV grew 40% in first six months of 2022: report

The gross merchandise value (GMV) of Swiggy's food delivery arm grew 40% in the January-July period this year, according to a report by Prosus, one of the company's biggest investors.

GMV refers to the total value of all goods sold by a retail firm during a particular period of time. Swiggy's food delivery arm logged a GMV of $1.3 billion in the six-month period, according to the report.

Swiggy recorded a 38% growth in orders in the first six months of the year, compared to the previous year.

The platform's quick commerce vertical, which includes Instamart, grew to $257 million in GMV in the same period.

Prosus, one of Swiggy's biggest investors, said that its share of revenue from the company grew 72% to $150 million in the same period.

The report also stated that Prosus's share of Swiggy's trading loss increased to $105 million, driven by investments in both the core restaurant food delivery business, to increase growth, and in Instamart to expand its footprint.

The food delivery aggregator has been betting big on its grocery vertical Instamart. It raised $700 million earlier this year and said it would utilise the funds to expand Instamart's reach.

Prosus has participated in two funding rounds in Swiggy, pumping in close to $300 million in total.

"The food delivery segment’s growth was robust. Focus was on improved profitability in the core restaurant food delivery businesses as well as controlled investment in growth extensions such as quick commerce and grocery initiatives," Prosus stated, commenting on its overall food delivery portfolio, which includes Brazil-based iFood and Germany-based Delivery Hero.