<p>New Delhi: Food delivery and quick commerce major Swiggy, which owns Instamart, on Thursday reported a widening of its losses for the third quarter ended December at Rs 1,065 crore, on continuing losses from the quick commerce segment and rising advertising and sales promotion expenses.</p>.<p>The company had reported a loss of Rs 799 crore on a consolidated basis for the corresponding October-December period of the previous financial year.</p>.'Potential huge in India, no global plans for now': Swiggy.<p>Swiggy's losses from the quick commerce business Instamart increased to Rs 791 crore in the third quarter, from Rs 528 crore a year ago.</p>.<p>During the quarter under review, Swiggy's revenue from operations shot up to Rs 6,148 crore, from Rs 3,993 crore a year ago, a regulatory filing showed.</p>.<p>However, its total expenses also increased to Rs 7,298 crore, from Rs 4,898 crore in the comparable third quarter period of the last fiscal.</p>.<p>In a letter to shareholders, Swiggy stated that over the past 4 quarters of heightened competition, the company has moved some amount of consumer-facing investments around the Profit & Loss to fulfil key business objectives that lead to longer-term structural improvements.</p>.<p>"However, amidst irrational competition, our recent investments into lower consumer-side monetisation have not yielded the desired incremental order-growth, especially at the bottom of the Average Order Value (AOV)-pyramid; and are being reviewed," it stated. </p>
<p>New Delhi: Food delivery and quick commerce major Swiggy, which owns Instamart, on Thursday reported a widening of its losses for the third quarter ended December at Rs 1,065 crore, on continuing losses from the quick commerce segment and rising advertising and sales promotion expenses.</p>.<p>The company had reported a loss of Rs 799 crore on a consolidated basis for the corresponding October-December period of the previous financial year.</p>.'Potential huge in India, no global plans for now': Swiggy.<p>Swiggy's losses from the quick commerce business Instamart increased to Rs 791 crore in the third quarter, from Rs 528 crore a year ago.</p>.<p>During the quarter under review, Swiggy's revenue from operations shot up to Rs 6,148 crore, from Rs 3,993 crore a year ago, a regulatory filing showed.</p>.<p>However, its total expenses also increased to Rs 7,298 crore, from Rs 4,898 crore in the comparable third quarter period of the last fiscal.</p>.<p>In a letter to shareholders, Swiggy stated that over the past 4 quarters of heightened competition, the company has moved some amount of consumer-facing investments around the Profit & Loss to fulfil key business objectives that lead to longer-term structural improvements.</p>.<p>"However, amidst irrational competition, our recent investments into lower consumer-side monetisation have not yielded the desired incremental order-growth, especially at the bottom of the Average Order Value (AOV)-pyramid; and are being reviewed," it stated. </p>