Swiggy’s Q1 losses double to Rs 1,197 crore, revenue rises 54%

Food and grocery delivery company Swiggy on Thursday reported another quarter of steep net loss and the second consecutive three-month period of cash burn over Rs 1,000 crore amid heightened quick commerce competition even as the company itself slowed down on dark store expansion.

For the April-June period, Swiggy’s net loss doubled year-on-year to Rs 1,197 crore, while it spent Rs 1,053 crore of cash on a net basis, after accounting for operating, investing, and financing activities. The Bengaluru-based company’s operating revenue for the quarter…