Swiggy’s platform services revenue jumps 38 per cent in FY26

MUMBAI: For Swiggy, the biggest order this year wasn’t just food, it was advertising. The food and quick commerce platform reported a sharp rise in platform services revenue in FY26, as advertising, merchant services and quick commerce continued to emerge as key growth drivers.

According to the company’s annual report, platform services revenue which includes advertising income, onboarding fees, event revenue and service charges—rose 38 per cent year-on-year to Rs 11,927 crore in FY26, up from Rs 8,631 crore in FY25.

The segment comprises fees earned from facilitating food, grocery and dining orders, technology service charges from delivery partners, advertising revenue from merchants and brands, onboarding fees, event-related income and other platform service charges.

While Swiggy did not disclose the absolute revenue generated from advertising, it said the business continued to expand as more restaurants, merchants and consumer brands turned to its platforms to improve visibility, product discovery and customer acquisition.

The company highlighted quick commerce as one of its fastest-growing advertising verticals, underscoring the increasing strategic importance of Instamart. Swiggy said quick commerce platforms are evolving into high-intent discovery channels, allowing brands to reach consumers closer to the point of purchase across multiple shopping occasions and product categories.

Citing broader industry trends, the company noted that online retail platforms accounted for around 18 per cent of India’s digital advertising market in FY25. It added that advertising monetisation in quick commerce contributed roughly 4-5 per cent of gross merchandise value (GMV) for certain platforms during the year.

Swiggy also pointed to advances in location-based targeting, purchase behaviour analysis and category affinity modelling, saying these have improved campaign performance, with return on advertising spend (RoAS) reaching 5-8 times in some use cases.

Advertising revenue is primarily generated through sponsored listings, where merchants and brands pay based on consumer clicks. The company also earns income from fixed-term online advertising campaigns, recognising this revenue on a gross basis as it controls the advertising inventory.

At the company level, revenue from operations climbed 51 per cent year-on-year to Rs 23,060 crore in FY26, compared with Rs 15,236 crore in the previous fiscal.

Among individual businesses, food delivery revenue increased to Rs 7,839 crore from Rs 6,362 crore, while out-of-home consumption revenue rose to Rs 375 crore from Rs 238 crore.

Instamart continued its rapid expansion, with revenue surging to Rs 3,859 crore in FY26, up from Rs 2,130 crore a year earlier. Meanwhile, supply chain and distribution revenue grew to Rs 10,935 crore from Rs 6,418 crore, although the platform innovation segment declined to Rs 52 crore, compared with Rs 88 crore in FY25.

The figures underline how Swiggy’s business is steadily expanding beyond transaction fees, with advertising and quick commerce increasingly becoming core revenue engines as brands shift marketing budgets closer to the digital checkout.