India’s Swiggy on Thursday said it is targeting core earnings of 100 billion rupees ($1.05 billion) by fiscal year 2031, driven by growth in its food delivery business and quick-commerce unit Instamart.
The company expects Instamart’s gross order value (GOV) to rise four-to-fivefold to 1.5 trillion rupees by fiscal 2031 from 280 billion rupees in fiscal 2026.
The outlook comes as Swiggy and rival Eternal’s ETEA.NS Blinkit aim to capture more market share in India’s quick-commerce market, where rising demand and stiff competition are driving aggressive investments in dark stores, or fulfillment centres, to cut delivery times.
Swiggy is also aiming for consolidated GOV of 2.5 trillion rupees by fiscal 2031, up from 677.34 billion rupees in fiscal 2026, it said.
The company’s shares were up 4.3% after it announced the outlook.
($1 = 95.1575 Indian rupees)
Reuters
