Axis Capital: Swiggy’s Cash Burn Easing as Instamart Break-Even Seen Next Fiscal Year

Swiggy’s cash burn is easing, with Axis Capital projecting that its Instamart grocery arm could break even in the next fiscal year. The note signals improving unit economics as the delivery platform scales and monetizes its growing user base.

Instamart break-even outlook

In a research note, Axis Capital states that Instamart’s losses are narrowing as the unit expands its reach and fine-tunes its cost structure. The firm projects that the grocery arm could reach break-even in the next fiscal year, reflecting a pathway toward profitability within Swiggy’s broader portfolio.

Swiggy’s cash burn trajectory

The Axis Capital assessment ties the headline to a broader trend: cost discipline and revenue growth are helping reduce the cash burn associated with scaling its delivery and grocery services. Stakeholders are watching for continued improvements in operating metrics, including hold periods for customer acquisition and fulfillment costs.

Business context and outlook

Swiggy operates as a food delivery platform with a growing grocery vertical through Instamart. While the company has invested heavily to expand its delivery network and product assortment, the focus remains on converting growth into sustainable cash flows. The Instamart profitability path is a key piece of Swiggy’s overall potential to reach steady profitability.

Investor takeaway

For investors and analysts, Axis Capital’s note provides a cautious but positive signal: if Instamart can sustain its break-even trajectory next fiscal year, Swiggy’s effort to balance scale with unit economics could accelerate. However, the outlook depends on continued demand, cost control, and execution across the platform.

Bottom line

Axis Capital’s framing suggests Swiggy’s cash burn is easing, with Instamart on track to break even in the next fiscal year. The emphasis remains on disciplined expansion, revenue growth, and a clear profitability path for Swiggy’s multi-segment business.

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