Swiggy underwent a UI-UX change last month, giving its app a new look. While the fresh design gave Swiggy a facelift, its Q1 FY26 financial numbers revealed an almost familiar picture – burn to grow.

The company’s revenue grew, but so did its losses. The Bengaluru-based food delivery giant saw its operating revenue jump 54% YoY to INR 4,961 Cr in the first quarter of FY26, while net loss soared 96% YoY to INR 1,197 Cr.

Food delivery continued to be the backbone of Swiggy. Its gross order value (GOV) jumped 19% to INR 8,086 Cr. However, the food delivery segment’s margins took a hit on a QoQ basis due to an increase in delivery executive incentives, higher marketing spends, and a rise in discounts.

Consequently, the profit of the vertical declined to INR 202 Cr in Q1 from INR 220 Cr in the preceding March quarter. This is a red flag, as food delivery helps Swiggy offset the losses of its quick commerce arm Instamart.

However, the company brushed this off saying that the reduction in margin was seasonal. “… there is no structural change in the economics of the business, and we expect to continue to reap the benefits of higher........

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