Swiggy Targets ₹10,000 Cr Adjusted EBITDA by FY31 Using Instamart and Toing

Swiggy, the Indian food delivery giant, has outlined a strategy to reach a consolidated adjusted EBITDA of ₹10,000 crore by fiscal year 2031. The company is placing considerable emphasis on its quick commerce service, Instamart, and its recent affordability platform, Toing, to drive this ambitious financial target.

The company's long-term roadmap, presented at its Capital Markets Day, projects a gross order value (GOV) of ₹2.5 lakh crore by FY31. This growth is expected to be supported by sustained performance across its core food delivery business, Instamart's expansion, and its dining-out segment.

For its core food delivery operations, Swiggy anticipates its adjusted EBITDA to increase fivefold from approximately ₹1,000 crore in FY26 to ₹5,000 crore by FY31. This growth will be fueled by enhancing core operations, expanding affordability options like Toing, and achieving scale efficiencies.

Instamart is targeted to achieve a GOV of ₹1.5 lakh crore by FY31, representing a compound annual growth rate of 42% from an estimated ₹28,000 crore in FY26. The company also expects its dining reservation platform, Dineout, to contribute ₹1,000 crore in adjusted EBITDA by FY31.

Toing, launched in September last year to offer lower-priced meals, is now available in 50 cities. Swiggy sees affordability as crucial for increasing order frequency, noting that nearly 70% of users order less than once a month. Instamart recently achieved contribution margin breakeven in the first quarter of FY27.