Swiggy Limited, Annual Report 2024-25
Summary
Swiggy Limited's Annual Report 2024-25 covers its food delivery, Instamart quick commerce, out-of-home consumption and supply chain and distribution businesses in India. The report describes its USD 1.34 billion initial public offering, a USD 533 million fresh issue plus a USD 809 million offer for sale, as subscribed 3.59 times and the sixth-largest IPO in India's history. B2C gross order value increased 33% year on year to INR 46,549 Crores. The report also contains the management discussion and analysis, the directors' report, corporate governance and business responsibility reports, and consolidated and standalone financial statements.
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“Swiggy Limited, Annual Report 2024-25.”
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Annual Report 2024-25
Joy, delivered.
Spreading smiles across India.
What’s on the menu
Food Delivery
01 Corporate overview
Initial Public Offering
About Swiggy
Our Journey
02
06
08
P. 26
Customer Growth 10
Our Growth Pillars 12
Our Business Segments 14
FY 2024-25 Highlights 18
MD & Group CEO Message 19
Major Initiatives 22
Food Delivery 26
Quick Commerce 30
Out-of-Home Consumption 34
Supply Chain and Distribution 38
Platform Innovations 40
Environmental, Social, and Governance 42 Quick Commerce Out-of-Home Consumption
30
Board of Directors 48
P.
Management Team 50
Values behind the Vision 51
Glossary 52
Corporate Information 55
56 Statutory reports
Management Discussion and Analysis
Notice
56
64
P. 34
Directors’ Report to the Members 79
Corporate Governance Report 102
Business Responsibility and Sustainability Report 122 Platform Innovations
Supply Chain and Distribution
192 Financial statements
40
Consolidated financial 192 Standalone financial 272
statements statements
P.
Click here to access
P. 38
Swiggy’s corporate website
swiggy.com/corporate
Annual Report 2024-25 1
Corporate Overview Corporate Overview
Initial Public Offering Swiggy’s initial public offering (IPO) was among the issue was subscribed 3.59 times, underscoring investor
most significant in India’s capital markets: confidence in our brand, our offerings and our vision
Responsibility discharged.
for convenience-led commerce in India.
The sixth-largest IPO in India’s history
The second-largest technology IPO globally in 2024 The IPO provided liquidity to existing investors
Ambition, recharged.
and current as well as past employees who have
The USD 1.34 billion IPO was a combination of a
contributed significantly to Swiggy’s growth journey. It
USD 533 million fresh issue and an offer for sale
was also a landmark in the Indian startup space, as a
(OFS) of USD 809 million
10-year-old decacorn went public.
The first Indian issuer to complete an IPO via the
confidential filing mechanism introduced by SEBI in As we move forward, we do so with a deep sense of
On November 13, 2024, Swiggy marked a defining December 2022 purpose and renewed ambition. Our listing provides
a strong foundation to build a resilient, sustainable
milestone by listing on India’s capital markets. This was In a complex and volatile market environment, the business that delivers value to all stakeholders,
more than a public listing of shares, It was the fulfilment IPO attracted strong participation from marquee
domestic and international institutional investors. The
including shareholders, customers, partners,
employees and the communities we serve.
of a responsibility to our stakeholders, reflecting our
readiness to operate as a publicly listed enterprise built
on trust, governance and transparency.
2 Swiggy Limited Annual Report 2024-25 3
Joy
Corporate Overview Corporate Overview
From our first food order to
tens of millions each month,
Swiggy has become part of
India’s daily rhythm,
delivering convenience
and spreading joy. Every day.
To every door.
For everyone
As we expand faster and we serve.
further, we continue to
reimagine urban convenience
through customer-backward
innovation and operational
excellence; while supporting
our delivery partners,
restaurant, merchant and
brand partners, communities
and the planet with care and
responsibility.
4 Swiggy Limited Annual Report 2024-25 5
Corporate Overview Corporate Overview
About Swiggy
India’s only app fulfilling
all food-related missions , #
and much more... Membership
programme
providing
benefits across
offerings
From mealtime cravings to essential groceries, personal 10-min Food
care to electronics and more, Swiggy understands the pulse Delivery
of Indian consumers and simplifies their lives. Powered by
technology, scale, and reliability, we have become India’s
pioneering platform for on-demand convenience.
Food Quick delivery
Delivery from of groceries
restaurants and household
items
Swiggy is India’s leading consumer-first
technology platform, serving the evolving needs Mission
of urban consumers through a unified app. Our “Elevate the quality of life of
platform enables users to order food delivery,
urban consumers by offering
groceries and household essentials, make
restaurant reservations, book local events, and
unparalleled convenience”
much more all in one place. Restaurant
Events &
reservations
Our breadth of offerings is backed by a cross- Experiences
and
pollinated user base, a common and reusable payments
technology stack, a broad partner network and
a horizontal membership programme. Through Convenience-first Speedy deliveries
continuous innovation, we have become a
category-defining brand; trusted, intuitive and
deeply embedded in the daily routines of millions
of Indians. Co-branded
credit-card
As we scale, we remain equally focussed on Unmatched selection Class-leading value
responsible growth. From enabling skilling and
economic opportunities for delivery partners and
Quick Bites
restaurant associates to driving environmental
initiatives such as EV adoption and sustainable
packaging, we are embedding long-term impact
Curation and Trusted brand
into our platform, ensuring that progress is
Personalization
inclusive, efficient and sustainable.
Source: Redseer report on Indian Hyperlocal Commerce Opportunity dated October 18, 2024
#
6 Swiggy Limited Annual Report 2024-25 7
Corporate Overview Corporate Overview
Our Journey
Brick by Brick, Byte by Byte.
From a single food order in 2014 to a platform serving
millions – our journey is one of bold bets and rapid
scale, culminating in our public listing in 2024. 2024
Swiggy One membership base
crossed 5.7 million members
Public listing
Launch of Bolt
(10-minute food delivery)
2023 Launch of Swiggy Scenes
(events & experience)
Launch of Swiggy-HDFC Bank
co-branded credit-card
Acquisition of 100%
stake in Lynk
2014 2020 2021
Launch of Swiggy Mall,
now integrated
Launch of Food Launch of membership with Instamart
Launch of Swiggy
2025
Delivery business Instamart and program, Swiggy One
Swiggy Genie
Surpassed 120 million transacted
users on our platforms
Launch of SNACC and Pyng
2013
Incorporation of
our Company Extra
Bite
2022
2015 2019 Acquisition and
Game. Set. Swiggy.
Swiggy teamed up with ace
Expansion of the food integration of Dineout
First major fundraise Indian cricketer Rishabh Pant to
delivery business to cover
Expansion of Swiggy co-own Mumbai Pickle Power in
500+ cities
Instamart to cover 25 the World Pickleball League –
cities, 400+ dark stores bringing star power, energy,
and 8,400+ SKUs and serious swagger to one
of the world’s fastest-growing
Launch of Swiggy Minis
sports, while unlocking powerful
new brand engagement
opportunities for Swiggy.
8 Swiggy Limited Annual Report 2024-25 9
Corporate Overview Corporate Overview
Customer Growth
Expanding scale. Growing geographical presence and increasing overlap of services
Unmatched opportunity.
Number of
cities
Indian cities with a population of 50,000+ with e-commerce presence#
950
Presence
Food Delivery
718
Online Commerce
Users#
Transact online ~220-240 million
across various digital
platforms
Instamart
124
Total ETU ~128 million Dineout
56
on Swiggy (approx. half of online
(Ever transacted commerce users)
users)
~57 million
Extra
ATU on Swiggy
(Annual transacted
(less than half of ETU)
Bite
users)
Swiggy Goes XL with a
~18 million Guinness World Record!
Average MTU (only 1/3rd of ATU) We delivered 11,000 vada pavs in a single
on Swiggy order – earning a Guinness World Record! The
massive delivery, made to children from Robin
(Monthly transacted
Hood Army-supported schools in Mumbai,
users)
was powered by our new Swiggy XL EV fleet,
showcasing our ability to handle high-volume
orders with speed, scale, and purpose.
Significant opportunity from broadening of consumer funnel
Indian Hyperlocal Commerce Opportunity dated October 18, 2024 (the “Redseer Report”)
#
10 Swiggy Limited Annual Report 2024-25 11
Corporate Overview Corporate Overview
Our Growth Pillars
The flywheel of growth Growth Flywheel
in motion
What sets Swiggy apart? It’s our ability to transform
everyday convenience into meaningful impact – for
users, partners, and communities alike. Their seamless
interactions on our marketplace create powerful network Food
Advertising
effects, which spin the growth flywheel faster, continually. services Delivery
Strengths
Reservation Quick
& payments Commerce
Pioneer in Hyperlocal Innovation- More Demand
Commerce with Driven Culture
Strong Brand Equity Partner services Multiple use-cases
driving up engagement Restaurant, driving up users and
Merchant, Users
and retention time on the app
and Brand
Scalable, Modular Unified App for partners
Tech Stack Every Need
More Supply
Table reservation
Delivery and ticketing
Growing and Preferred Platform
Highly Engaged for Partners
Digital Event
User Base Storefronts bookings
Powerful Network Proven Leadership
Effects & Governance
12 Swiggy Limited Annual Report 2024-25 13
Corporate Overview Corporate Overview
Food delivery
Supply chain and
distribution
Our Business Segments
Quick commerce
Platform
innovations
Out-of-home
consumption
14 Swiggy Limited Annual Report 2024-25 15
Corporate Overview Corporate Overview
Food delivery Supply chain
Connects users to a vast network of restaurants
for on-demand food delivery, supported by a
and distribution
large fleet of delivery partners. Our platform Provides tech-led B2B supply chain services for wholesalers
also offers marketing and operational tools to and retailers, combining warehousing, logistics, and
restaurant partners. distribution to streamline procurement and fulfilment.
B2C - at home B2B
Largest and High frequency Volume play Enabler for
oldest business category with thin wholesalers, retailers,
margins and brands
Relatively Leveraged to
mature discretionary consumption
Quick commerce Platform
Delivers groceries and household essentials in innovations
minutes, leveraging merchant partnerships, dark store
Incubates and integrates innovative offerings to deepen
infrastructure, and a dynamic delivery network.
convenience and capture unmet demand.
B2C - at home
Various business models
Fastest growing Large addressable
offering market Innovations to Utilizing current
opportunity address supply- capabilities /
demand gaps chassis for newer
High frequency Both staple and in consumer use cases
category discretionary convenience
consumption
Out-of-home
consumption
Enables restaurant dining and access to curated
events — expanding our reach beyond delivery
to lifestyle and entertainment.
B2C - out of home
High average India is at an early
order value stage of category
development
16 Swiggy Limited Annual Report 2024-25 17
Corporate Overview Corporate Overview
FY 2024-25 Highlights MD & Group CEO Message
The Year, Unlocking consumption,
Quantified ushering democratization
B2C GOV Average Monthly
Transacting Users [MTU]
INR 46,549 17.7 million As we look ahead, our priorities
remain clear: driving growth
Crores through consumer-backed
innovation, enhancing value
and convenience for our users,
empowering our partners
B2C Orders Platform Frequency
and delivery associates, and
923.31 4.43 Sriharsha Majety
Co-founder, Swiggy
building a resilient, responsible
and sustainable business.
million
Dear Shareholders,
Average Monthly Transacting Average Monthly Transacting It gives me great pleasure to address you following a PERFORMANCE REVIEW
Restaurant Partners Delivery Partners landmark year for Swiggy, marked by our successful debut FY 2024-25 was a year of momentum, marked by
238k 515k
as a publicly listed company. This was India’s first IPO sustained innovation, disciplined execution and
via the confidential filing route and the second-largest expansion into new segments and geographies. We
technology IPO globally in CY 2024. This milestone reflects sharpened our value proposition across businesses,
the strength of our business and the confidence you, invested in category management depth, simplified
our shareholders, have placed in us. It has energised our our technology stack for faster innovation, and
organisation and deepened our sense of responsibility strengthened our marketing capabilities to drive
to deliver sustained stakeholder value as we remain engagement and brand resonance. These efforts have
Dark Stores Cities Covered committed to our vision of delivering unparalleled urban reinforced our ability to anticipate and respond to
convenience by solving for the evolving needs of India’s evolving consumer needs, unlock new pools of demand
1,021 718 consumers at scale.
Swiggy was founded with a simple idea: to simplify and
and deepen platform-wide engagement.
From a financial perspective, we delivered strong
enrich everyday living by anticipating and meeting growth. B2C gross order value (GOV) increased 33%
consumer needs with speed and reliability. Over the past year-on-year to INR 46,549 Crores, supported by rising
decade, we have pioneered and scaled two of India’s transacting users and greater cross-pollination across
largest consumer technology categories: food delivery and our services. Quick commerce contributed nearly one-
quick commerce. Our platform brings these core services third of total B2C GOV, and it is telling that within just
Consolidated Adjusted Revenue Consolidated Adjusted EBITDA together with adjacent offerings such as dining out, events 4 years, it has scaled to well over half our Food delivery
INR 16,333 INR (1,911)
and hyperlocal logistics. Powered by a reusable technology business which has been in existence for 11 years. B2C
stack, this integrated model enables us to innovate quickly adjusted EBITDA margins improved by 103 basis points
and efficiently, expand our reach, unlock new pools of compared to FY 2024, reflecting revenue growth and
Crores Crores
demand and drive operational leverage. operational efficiency.
18 Swiggy Limited Annual Report 2024-25 19
Corporate Overview Corporate Overview
SEGMENT REVIEW double-digit growth in average order values. While this 15 minutes. Older innovations like Genie and Minis were BUSINESS OPPORTUNITIES AND OUTLOOK
Food Delivery period of rapid expansion and heightened competitive recently shuttered due to lack of scalability. Despite India’s economy is being shaped by rising urbanisation,
intensity resulted in an adjusted EBITDA margin of negative continued new initiatives, adjusted EBITDA improved from digital adoption and favourable demographics. The
The Food Delivery business continued to strengthen in
14.3%. After a period of intensifying investments over the a loss of INR 119 crore to a loss of INR 75 crore. online food delivery and organised retail markets remain
FY 2024-25, with GOV growing 16.4% year-on-year, second half, we expect the business margins to improve, significantly underpenetrated, with food services accounting
supported by user growth, larger basket sizes and rising driven by operating leverage, growing wallet share and SUSTAINABILITY AT SWIGGY for just 9-12% of total food consumption in India compared
advertising revenues. Average monthly transacting users a broadening consumer base as we continue to balance FY 2024-25 marked a deliberate shift in how we view to much higher levels in other major economies. Quick
grew over 15%, driven in part by cross-pollination from investments with sustainable growth and profitability. growth – a foundation year where we chose to lead commerce, still nascent, is expected to grow at a 53-78%
Instamart, with approximately 29% of new Instamart
ahead of mandate by voluntarily publishing our first CAGR between 2024 and 2028, driven by increasingly busy
users being new to Swiggy overall. The business posted Out-of-Home Consumption Business Responsibility and Sustainability Report. This was lifestyles and evolving consumer expectations for immediacy
its first full-year of profits, with Adjusted EBITDA margins Our Out-of-Home Consumption segment, comprising not compliance for its own sake; it was a reiterating of and convenience. These trends present a significant
improved by 220 basis points YoY to 2%, reflecting greater Dineout (in-restaurant dining solutions) and Scenes intent – to embed stronger governance, build credible opportunity to expand into new categories, improve average
operational efficiency and enhanced customer experience. (bookings for in-restaurant curated live events), systems, and hold ourselves accountable as we scale. order values and drive greater frequency of use.
We reinforced our leadership in this category by enhancing addresses a significant market opportunity that remains
the value proposition for both consumers and partners. underpenetrated even in India’s top cities. The segment This was also the year we set out our 2030 Sustainability Swiggy is uniquely positioned to benefit from these
Innovations such as Bolt, offering hot, fresh meals in under delivered strong performance in FY 2024-25, with GOV Goals, anchored in Climate, Community, and Conscience. structural tailwinds through our unified app, reusable
10 minutes and self-serve advertising tools for restaurant growing 41.3% year-on-year. Significantly, it achieved The strategy is clear: responsible growth must be technology stack and broad partner ecosystem. We
partners helped deepen engagement and expand profitability in the fourth quarter with an adjusted EBITDA intentional, built into the platform’s design, and scalable see considerable headroom to expand geographically,
We have been busy
addressable demand. One BLCK, our premium tier loyalty margin of 0.3%, marking a significant turnaround within with its success. Every decision we take should move increase cross-utilisation between services and deepen
programme, further enhanced our focus on delivering just three years of acquisition and integration. For the beyond operational efficiency to create lasting value for consumer engagement. As we look ahead, our priorities
differentiated value to our most engaged users through full year, adjusted EBITDA margin improved to negative people, partners, and the planet. remain clear: driving growth through consumer-backed
faster delivery and on-time guarantee. As a relatively 0.9%, reflecting continued progress. Growth was driven innovation, enhancing value and convenience for our
mature category, we believe future growth will continue by sustained order momentum and a steady increase in Early actions reflect this approach. Under Community, users, empowering our partners and delivery associates,
to be led by innovation aimed at unlocking new meal restaurant partnerships, with total transactions rising to 9.5 programmes like “She The Change”, Swiggy Skills, and the and building a resilient, responsible and sustainable
occasions and attracting new consumers. million from 7 million in the previous year. Swigstree Brigade are broadening economic participation business.
and inclusion, while Delivering Safely is improving partner
Quick Commerce Supply Chain and Distribution welfare and upward mobility through insurance, health In closing, I would like to express my heartfelt thanks
Instamart continued its rapid expansion in FY 2024-25, The Supply Chain and Distribution business continued and safety interventions. Under Conscience, the Swiggy to our customers, partners, employees and delivery
reflecting strong consumer adoption and growing to support our partners with integrated logistics and Seal is raising food integrity standards and trust across associates whose passion and commitment fuel our
fulfilment solutions, while expanding its range of value- our ecosystem. Under Climate, initiatives such as fleet progress every day, and to you, our shareholders, for your
relevance across categories, geographies and shopping
added services. Revenue increased to INR 6,418 crore electrification, order batching via Eco Saver, and Swiggy trust and support. We look forward to continuing this
missions. We expanded our footprint to 124 cities,
from INR 4,780 crore in the previous year, while adjusted Serves are making cleaner deliveries, circular practices, journey with you.
increasing coverage nearly five-fold year-on-year. The
EBITDA margin declined to a loss of INR 280 crore and food redistribution part of how the platform operates
network grew to 1,021 stores by year-end, including 498
every day. These efforts are being accelerated through Yours sincerely,
new dark stores added during the year, of which 44 were compared to a loss of INR 187 crore, reflecting investments
made to drive growth. partnerships with government agencies, social enterprises,
larger-format megapods designed to support broader
and industry, ensuring scale with credibility. Sriharsha Majety
assortment and higher average order values. We also
Managing Director and Group Chief Executive Officer
reduced national average delivery times and improved Platform Innovations
The journey is at an early stage, but our ambition is clear:
predictability metrics to industry-best levels. GOV Our platform innovation efforts reflect a continuous
to redefine convenience for India by proving that scale
growth accelerated across the year led by heightened commitment to solving for user convenience in a capital-
and responsibility can grow together – and must.
investments amidst intense competition in this new Retail efficient manner. In FY 2024-25, we launched Pyng, an
channel, in which India is proving to be the beacon for AI-driven platform connecting users to verified service
the world. GOV rose 82% year-on-year, and MTUs grew professionals, and SNACC, a standalone offering delivering
by 67% to 7.1 million for the full-year, accompanied by quick bites, beverages and functional meals in under
20 Swiggy Limited Annual Report 2024-25 21
Corporate Overview Corporate Overview
Major Initiatives
The FY 2024-25 Wrap
Whether it was midnight munchies, festive needs, career
leaps for delivery partners, or zero-waste wins for the I live abroad but I want to share my
planet — India didn’t just order food or grocery in FY want to send food experience
2024-25, it ordered progress, convenience, and change. something home.
Eatlists
And we delivered. Fast. Smart. Seamless. International A global first, Eatlists allow users
Logins to create and share curated lists
of their favorite dishes within the
NRIs from 27 countries can now log Swiggy app enhancing the social
Solving For Consumers in with their international numbers discovery experience
and send food, gifts, or groceries to
Convenience Selection Value loved ones in India.
Ordering takes I want everything,
too long quick.
I want VIP-level I want to do
Bolt’s Instamart in convenience. more than just
10-minute 124 Cities order food.
delivery One BLCK
Bolt redefined speed in food
Swiggy Instamart expanded to 124 cities,
bringing 10-minute access to groceries,
One BLCK, Swiggy’s invite-only Scenes
membership programme tier, offers
delivery — hot, fresh meals at the electronics, fashion, and more — including With Scenes, users can now discover
faster deliveries, dining perks, and
doorstep in just 10 minutes, with zero hyperlocal favourites — with support from and book live events hosted by
premium support for high-value
compromise on taste or quality. larger ‘megapod’ dark stores offering 3x restaurants — from DJ nights to food
users who want more.
the product range. festivals — all within the Swiggy app.
I want better I want the I need to feed I need a trustworthy
value when I order, not the 50 people, expert — without
order more. order history not just one. endless scrolling.
Maxxsaver Incognito Swiggy XL Pyng
Maxxsaver on Instamart Mode Swiggy XL launched a fleet of EVs
designed for bulk orders — perfect for
With the launch of Pyng, we entered the
professional services space, helping users
seamlessly unlocks extra savings
Incognito Mode lets users place festive gatherings or civic missions connect with verified experts across 100+
on larger baskets, enabling
private, no-history orders on Food and like delivering meals to 3,500+ polling specialisations — from tax planners to yoga
stock-up purchase-missions for
Instamart — perfect for surprises, gifts, officials on election day. instructors — powered by personalised AI
consumers
or discreet purchases. Assistants and designed for real-world value.
22 Swiggy Limited Annual Report 2024-25 23
Corporate Overview Corporate Overview
Solving for Restaurant & Brand Partners Solving for Delivery Partners
Reach Visibility Assurance Livelihood Flexibility Dignity
I want more I’m always on the Even a short
How do I show People see my brand, than just a gig. move — where do break should
customers we take but don’t always order. I find time for a come with dignity.
hygiene seriously? Project Next checkup?
Smart Links Through Project Next, delivery
Sulabh
Swiggy Seal partners are trained and Mobile Medical Partnership
Smart Links let restaurants turn
Backed by 7M+ verified reviews and
social media buzz into real business
promoted into full-time sales
roles — providing them a
Units & As part of its commitment to
expert audits, the Swiggy Seal helps
— linking users directly to their
growth path. Teleconsultations delivery partner well-being,
Swiggy menu and tracking what Swiggy has partnered with
restaurants raise hygiene standards Swiggy partnered with Dial
converts. Sulabh International to provide
and build trust – through consistency, 4242 and the Visit app to free access to clean, safe, and
care, and greater transparency. offer on-the-go medical hygienic restrooms across major
checkups and free virtual cities. The initiative promotes
doctor consults to delivery dignified and humane working
partners and their families. conditions for partners who
spend long hours on the move.
I need to stand How do I keep abreast of
out in a crowded consumer preferences.
market. Solving for our Communities and Planet
Menu Score Tool Climate Community Conscience
Market Intelligence
Dashboard Unique scoring system that
With 30+ metrics and localised
measures menu quality to
help partners take informed Convenience Food should We all want to
benchmarking, Swiggy’s Market
Intelligence Dashboard helps restaurant
decisions and drive menu related shouldn’t come never go to grow — give us
at a cost to the
enhancements.
partners track performance, spot gaps,
and outsmart the competition.
waste. the tools.
planet.
Swiggy Serves Swiggy Skills
Swiggy’s Through its flagship initiative Under its flagship programme
Hiring reliable I’m a smaller Sustainability Swiggy Serves, Swiggy
has set an ambitious goal
Swiggy Skills, Swiggy has
partnered with the Ministry of Skill
staff is a constant brand competing Commitments of donating 100 million Development & Entrepreneurship
struggle. with big names. We are reimagining convenience
meals by 2030, with 50
million contributed via its
(MSDE) to offer online skilling and
certifications via the Skill India
through sustainable choices – partnership with the Robin Digital Hub. Supporting over
Recruitment Level Playing scaling electric mobility,
transitioning to renewable energy,
Hood Army. Active in 171
cities, this tech-enabled food
5 lakh delivery and restaurant
partners, along with individuals
Support Field advancing responsible packaging
adoption, and reducing food
redistribution network bridges
the gap between surplus
trained through Sector Skill
Councils, the initiative provides
We partnered with WorkIndia, Apna, Our hyperlocal platform helps new and and packaging waste. Our efforts food and communities facing skill development, employment
Kaam, and Shiftz to offer restaurant small brands compete on equal terms, also focus on partner well-being, hunger. opportunities, and internships
inclusive livelihoods, stronger local across Swiggy’s value chain –
partners exclusive access to vetted driving traffic irrespective of scale while
sourcing, and building resilient, fostering stronger and more
hiring platforms – making recruitment we handle fulfilment, letting brands
low-carbon value chains that sustainable livelihoods.
faster and more dependable. focus on what they do best. benefit both communities and
the planet.
24 Swiggy Limited Annual Report 2024-25 25
Corporate Overview Corporate Overview
Food Delivery Food delivery continues
to deliver on scale,
profitability, and
innovation. In FY 2024-25,
we doubled down on
smarter growth, sharper
execution, and deeper
Satiating Urban
engagement, proving
that the fundamentals
of food delivery are
Hunger, one
stronger than ever.
meal at
a time
Extra
Bite
The Year that Was
This was a year of purposeful growth and focussed
innovation – one that delivered our best-ever
performance across both execution and impact.
“Happy to see Swiggy’s We added nearly 2 million average monthly
transacting users, grew our Gross Order Value
Seal program offering (GOV) by 16.4% YoY, and improved profitability with
valuable insights related to Contribution margins at 7.1% and Adjusted EBITDA
margins expanding to 2.0%, turning definitively
hygiene, along with services profitable vs -0.2% last year.
that help us improve our
Swiggy’s Food Delivery engine led the category
standards further. with a combination of consumer-first innovation
and disciplined cost optimisation. GOV and
This initiative not only benefits us but also assures revenue grew ahead of industry averages, while
customers about the hygiene track record. I profitability improved even faster – fuelled by
appreciate the Swiggy team for providing detailed tighter operational levers and a scaling advertising
feedback and suggestions based on customer business. Key differentiators like our 10-minute Bolt
reviews.” deliveries and top-tier subscription programme,
One BLCK, deepened consumer salience and
Yash Chavan loyalty – driving meaningful engagement and
Owner of Fried Chicken Destination in Pune lifting overall platform traction.
26 Swiggy Limited Annual Report 2024-25 27
Corporate Overview Corporate Overview
KPIs
INR Crores, unless specified otherwise
Delivers freshly prepared meals from QSRs and
Total Orders (million) GOV AOV (INR per order) Gross Revenue# restaurants in just 10 minutes (within a 2-km radius).
628.9 28,783 458 7,265 Now live in 500+ cities, partnering with over
577.74
516.9 24,717 6,082 45,000 restaurant brands.
454.1 21,517 5,179
18,479 428 4,430 In just 6 months of launch, Bolt accounts for 12%
416 of food delivery volumes – that’s more than 1 in
407 every 10 orders.
Doing More with Every Order
FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Innovations like Group Ordering, Eatlists, Incognito Mode,
Express delivery, and the Swiggy Seal hygiene badge
are simplifying and elevating the order experience.
Affordability features like Pocket Hero and Eco Saver are
helping us reach value-conscious users in smaller towns.
Contribution Margin Adjusted EBITDA Average Monthly Average Monthly Transacting On a Roll
(as a % of GOV) (as a % of GOV) Transacting Users (million) Restaurant Partners (‘000) We’re seeing strong momentum across the board. Our
advertising revenues are scaling fast, powered by a self-
7.1% 2.0% 14.7 238.1 serve tool now used by over 65% of transacting restaurant
12.7 partners – unlocking a powerful monetisation flywheel.
5.7% FY22 FY23 FY24 FY25 11.6 196.5
174.6 Operationally, sharper logistics planning and a leaner
-0.2% 9.9 delivery network are driving meaningful gains in efficiency
129.0 and margin expansion. Product innovations continue
2.9% to elevate user experience, boosting engagement and
1.6%
retention across cohorts.
-4.8%
Food delivery may be a relatively mature category, but we
believe its next phase of growth will come from non-linear
FY22 FY23 FY24 FY25 -7.6% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25
innovation – bringing new consumers into the ecosystem
and new meals into delivery carts. With a profitable
#
Also referred to as ‘Adjusted Revenue’ foundation and a growing portfolio of formats, we’re not
just building scale – we’re compounding depth, relevance,
and long-term resilience.
Deepening the Core
Analytics backed personalised Extra
Bite
With a presence across all key cities, our focus has intent cravings. Its 2-km delivery model, speed- recommendations enhancing
shifted from growing wider to growing deeper. The optimised menus and backend intelligence help us user experience
outskirts of metros and fast-developing Tier 2 and 3 fulfil more orders, more often, while participating
towns are emerging as strongholds of growth – driven restaurants report leaner workflows and higher
Large transacting restaurant partner
by urban migration and evolving housing patterns.
These new urban zones are bringing in a surge of
volumes.
base supported through numerous value We are SNACC-ing!
mobile-first users who prioritise value, speed, and Bolt has quickly become a key driver of growth and propositions
everyday convenience. Not only are these cohorts engagement, with users showing 4 to 6 percent higher Beyond Bolt, we continue to widen our lens with
expanding the market, they’re also redefining its monthly retention than the platform average. By formats like SNACC, designed for functional, low-
expectations. involvement eating moments – think office canteen
unlocking new use-cases, it serves as both a market- Multi-tenanted technology stack built
substitutes like noodles, popcorn, or protein shakes.
growth and market-share driver in the medium term. on in-house algorithms
Fast Forward: Bolt Together, Bolt and SNACC expand our total
Importantly, delivery partners are not informed whether
addressable market and build deeper habits with
A major breakthrough came with Bolt, India’s fastest an order is a Bolt one and no speed-based incentives
our users.
restaurant food delivery service. Launched in October are applied, ensuring that every delivery is completed Large delivery fleet enabled with
2024, Bolt is built for instant gratification and high- with safety and care. advanced technology solutions
28 Swiggy Limited Annual Report 2024-25 29
Corporate Overview Corporate Overview
Quick Commerce What started as a service for urgent top-ups is now
reshaping how India shops. Swiggy Instamart has
expanded well beyond groceries – into smartphones,
skincare, toys, fashion, and more. It’s no longer just
about speed – it’s about delivering relevance, variety,
and convenience in minutes.
(Almost)
Everything in
The Year that Was
Launc
standahed a
Swiggy Instamart posted strong year-on-year growth,
app a lone
driven by greater selection, faster delivery, and
aggressive network expansion. We added 2.8 million lso
10 minutes
average monthly transacting users, with Gross Order
Value (GOV) growing 82% YoY. Average order value Presen
ce
rose by 11.7% to INR 514, reflecting stronger consumer 124 cit
salience and a broadened basket. ies
We expanded our presence to 124 cities, up from
Avera
ge
27 in the previous year, and doubled our dark store transa monthly
cting u
footprint to 4 million sq. ft., with 1,021 active stores as
4.2 mn sers
of March 31, 2025. While contribution margins stood 7.1 mn
at -4.0% due to upfront investments in new stores and
user activation, we believe this period marked the
peak of geographical expansion. The path forward is
one of improving margins, larger baskets, and nimble
as of March 31, 2025
expansion of darkstores.
Evolution of Quick-commerce (Instamart)
30-45 mins Delivery Time ~10 mins
2020 2024
Impulse
Indulgence Distress
Ad-hoc Immediate Top-up
Snacking & Need Utility Stock-up
F&B Ad-hoc Daily, Weekly, Planned Everything store
Unplanned Feminine Fortnightly Need Time-specific
Foods Hygiene Grocery Bulk purchases need / want
Quick-Eats Basic Pharma FMCG Monthly, Festivals
Stationery Fortnightly
Sports
Grocery
Electricals /
FMCG Electronics
Toys/Books
30 Swiggy Limited Annual Report 2024-25 31
Corporate Overview Corporate Overview
KPIs
INR Crores, unless specified otherwise
Darkstore footprint reached 4 million sq. ft. as
Total Orders (million) GOV AOV (INR per order) Gross Revenue# guided (up 161% YoY)
285.5 14,683 514 2,252 Darkstore count Area (Million sq. ft.)
460
394 398 4.0
175.5
8,069
128.5 1,088
2.5
5,118 1.9
1.7
547 1.5
41.7 1,021
1,643
124
705
557 609
FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 523
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
Contribution Margin Adjusted EBITDA Average Monthly
(as a % of GOV) (as a % of GOV) Transacting Users (million) Active Dark Stores
Double the Access, Double the Convenience
FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 7.1 1,021 This year, we launched a standalone Instamart app –
designed to offer users a faster, more direct way to
-4.0% access Swiggy’s quick-commerce experience. As
-6.0%
-14.3% 4.2 Instamart expands its footprint across cities and
-16.2% 523
3.2 categories, this dedicated app allows us to better
421
understand evolving consumer needs and serve them
301
more intuitively.
-23.5% -39.6% 1.1
At the same time, Instamart remains fully accessible
-32.3% -53.7% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 within the unified Swiggy app, where it continues to
benefit from strong cross-pollination. Today, over 30%
of our users engage with more than one service on the
Also referred to as ‘Adjusted Revenue’
#
platform – driving up both stickiness and satisfaction.
The dual-app strategy ensures we meet our users where
they are – while keeping convenience front and centre.
Scaling Up, City by City
Over the past year, we expanded Instamart to 124 cities Infrastructure That Thinks Big
– including fast-growing Tier 2 and 3 markets – To keep pace with scale, we’ve reimagined the backend.
bringing the convenience of 10-minute delivery to Smaller stores are being phased out in favour of larger
formats (3,500–4,500 sq. ft.) that can house up to keeping infrastructure lean while enhancing value. This
millions of new users. Notably, one in four new users
20,000 SKUs – boosting both operational efficiency and approach contributed to an 11.8% YoY increase in AOV
came from non-metro cities, reflecting the rising
assortment depth. Across metros, we’ve launched 44 in FY 2024-25, and we plan to grow the Megapod mix
aspiration and digital readiness of these regions.
Megapods, next-gen hubs spanning 10,000–12,000 sq. further based on demand and real estate availability.
While Metros continue to be the bulwark of our business, ft. with capacity for over 50,000 SKUs across grocery,
roughly a third of our dark store additions in FY 2024-25 FMCG, and newer categories like home and kitchen, toys Poised for the Next Phase
were in new cities, and these stores have in many and stationery, and even medicines in certain areas. With nearly half our dark stores less than a year old,
cases demonstrated the same potential as those in These now account for ~10% of our total dark store area we’re now shifting gears — from rapid expansion to
metros. With our continually expanding assortment and and serve one-fifth of our customer base. consolidation and leverage. The groundwork is in place,
seamless user experience, we’re seeing strong early and the road ahead is focussed on optimising utilisation,
traction across these new markets. Enlarged dark stores, including Megapods, allow us to boosting efficiency, and unlocking deeper value
tap into the higher spending power and digital retail through smarter infrastructure and sharper assortment.
This expansion not only deepens our hyperlocal network maturity of top-tier cities. With significantly higher AOVs Instamart is gaining strong momentum across consumer
but also unlocks new economic opportunities – than the platform average, they’re also expanding the segments, categories, and cities — with early profitability
empowering delivery partners and dark store teams share of non-grocery categories in our GMV. Their design already visible in several key markets. Positioned at the
across India. As we grow, our focus remains the same: to lets us scale both selection and daily orders without intersection of readiness and scale, Instamart is primed
deliver speed, choice, and reliability to every household. proportionately increasing our physical footprint — to lead the next wave of growth in how India shops.
32 Swiggy Limited Annual Report 2024-25 33
Corporate Overview Corporate Overview
Out-of-Home Consumption What began as an The Year that Was
FY 2024-25 was a breakout year for our Out-of-Home
adjacency is now Consumption vertical, which turned profitable in the
redefining how India final quarter. Gross Order Value (GOV) for the full year
grew 41% YoY to INR 3,084 crore, while Adjusted EBITDA
eats out. Swiggy’s Out- margin improved to 0.3% in Q4 — signalling a clear
path to sustainable, scalable growth.
of-Home Consumption
vertical is turning tables This momentum was driven by the successful
integration of Dineout into our unified app —
Elevating
– blending bookings, completed in under two years — which now powers
value across 35,000 active restaurants. As GOV scaled
offers, and experiences rapidly and contribution margin rose to 3.9% in
into a seamless digital FY 2024-25, our advertising-led monetisation strategy
delivered strong leverage, converting volume into
Dining
journey that’s built for tangible value.
today’s diners.
experiences
34 Swiggy Limited Annual Report 2024-25 35
Corporate Overview Corporate Overview
KPIs
INR Crores, unless specified otherwise
Total Transactions (million) GOV Gross Revenue# Dining out Exclusive offers and Curated Cashbacks
platform personalised selections and
9.5 3,084 246 enabling restaurant recommendations across all promotions
discovery, bookings, categories with co-branded
7.0 2,183 discounts and of dining out credit card and
157 payments experiences to others
aid in search and
3.3 1,105 78
discovery
FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25
Our platform wraps seamlessly around dining and in-restaurant entertainment, helping users go beyond delivery. Dineout
makes dining out easier and more rewarding by enabling discovery, reservations, offers and digital payments. Scenes
extends the experience outdoors, curating, producing and facilitating live events in collaboration with partners, so users
can discover and book memorable experiences directly through the app.
Contribution Margin Adjusted EBITDA Average Monthly Active
(as a % of GOV) (as a % of GOV) Restaurants (‘000)
3.9% FY23 FY24 FY25 35.8
-0.9%
26.6
2.4%
1.2% 10.4
-8.0%
FY23 FY24 FY25 -12.4% FY23 FY24 FY25
Also referred to as ‘Adjusted Revenue’
#
Scenes: Turning Nights Out Into Tap-and-Go daily Crazzzy Deals, GIRF turned everyday meals into
Moments celebratory moments. With foodies saving big and
With Scenes, we’ve brought live entertainment straight dining out more often, this festival not only boosted
into the Swiggy experience. From DJ nights to live footfalls but also deepened Swiggy’s connect with
music shows, users can now browse and book curated India’s vibrant dining scene.
events hosted by our restaurant partners — seamlessly
within the app. Fully integrated into the Swiggy Next Course: Deeper, Sharper, Smarter
ecosystem, Scenes adds a vibrant new layer to dining Dining out remains an underpenetrated segment –
out. It’s a bold step forward — deepening engagement, even in India’s top-tier cities. With a growing network,
diversifying revenue, and turning every meal into an and a playbook rooted in integration and experience,
experience worth remembering. we’re poised to shape how India eats out. As we layer
in new offerings like in-restaurant events through
GIRF: India’s Favourite Food Festival Returns Scenes and class-leading benefits from memberships
We brought back the Great Indian Restaurant Festival like One BLCK, we’re not just expanding dining — we’re
(GIRF) in 2025 with bigger deals and bolder flavours elevating it. The focus ahead is on sustained growth,
— offering flat 50% off at over 15,000 restaurants underpinned by unparalleled convenience and
across 40+ cities. From limited-edition menus and category-defining innovation.
complimentary cocktails to extended happy hours and
36 Swiggy Limited Annual Report 2024-25 37
Corporate Overview Corporate Overview
Supply Chain and Distribution From warehouse to kirana shelf, we are building a tech-
first B2B engine that connects brands to sellers at scale –
faster, smarter, and more seamlessly than ever before.
Comprehensive supply KPIs
chain services INR Crores, unless
A helping
specified otherwise
Revenue
6,418
Reliable, fast, and cost-
effective order fulfilment
4,780
hand for the
3,286
1,465
ecosystem
Enhanced
product delivery
FY22 FY23 FY24 FY25
Adjusted EBITDA
FY22 FY23 FY24 FY25
Optimised procurement
of products
Technology-led authorised
distribution operating model -187
-280
-302 -295
From Stack to Scale
We now offer end-to-end solutions for
wholesalers, retailers, and kiranas –
including warehouse management,
in-warehouse processing, order
fulfilment, and last-mile logistics. With
the integration of Lynks Logistics in
2023, we have added tech-enabled,
authorised distribution for brand
partners, empowering them to sell
directly to general trade with speed
and transparency.
38 Swiggy Limited Annual Report 2024-25 39
Corporate Overview Corporate Overview
Platform Innovations We don’t just follow consumer needs – we anticipate
them. From hyperlocal logistics to AI-led services,
Swiggy’s innovation engine is always on – testing
bold ideas, solving real problems, and shaping what
convenience looks like next.
The ideas
Our Three-Stage Scaleup Framework
Robust and objective framework to evaluate and decide on way forward for new businesses (scale up / trim / shutdown)
Product Market Fit Testing Business Market Fit Testing Profitable Scalability Testing
factory
(PMF) (BMF) Test financial viability and returns
Test market attractiveness and Assess business viability
Demonstrate unit economics
our right to win
Establish unit economics - can - achieve close to steady-state
Establish the TAM - are we in a we build this business in a unit economics
large and fast-growing market profitable manner, with line of Demonstrate scalability -
Establish the need - are we sight to key cost elements proven ability to scale to
solving a major customer need Establish scalability - achieve multiple segments/geographies
/ pain point scale within a selected while maintaining profitability
Establish strength of the segment / geography
proposition - are we getting
customer love (NPS, retention,
repeats, etc.)
KPIs
INR Crores, unless specified otherwise
Gross Revenue#
841
Standalone food delivery app focussed
on delivering select range of quick bites,
beverages and meals in 15 minutes
SNACC caters to spontaneous, time-sensitive 389
cravings with a curated menu, simplifying small-order
convenience and unlocking new mealtime occasions 214
152
for modern, on-the-go consumers.
FY22 FY23 FY24 FY25
Adjusted EBITDA
FY22 FY23 FY24 FY25
-75
Standalone AI-driven platform which -119
connects users to verified service
professionals over 100 specializations
Pyng offers consumers a trusted, spam-free
-416
environment to discover, interact with and book
experts, simplifying how they meet diverse personal
and professional needs. -633
#
Also referred to as ‘Adjusted Revenue’
40 Swiggy Limited Annual Report 2024-25 41
Corporate Overview Corporate Overview
Environmental, Social, and Governance
Delivering Convenience, Sustainability Governance: Building a Framework for Scale
Swiggy’s sustainability journey is grounded in a clear principle: lasting impact comes from strong systems,
not standalone initiatives. FY 2024-25 marked a critical shift as we formalised this approach, establishing
Responsibly a structured governance model that embeds sustainability into business strategy, ensures data credibility,
and strengthens readiness for evolving regulatory and stakeholder expectations. Our governance
framework is multi-layered to ensure both strategic oversight and operational execution.
Multi-tier Sustainability Governance Structure
Board of Directors
Reviews ESG goals and
progress bi-annually,
aligning them with
APEX
enterprise risk management
Sustainability and and investor priorities.
CSR Committee
STRATEGIC
Senior leadership team
meets quarterly to track goal
Sustainability and progress, mitigate emerging
CSR Steering Team risks, and ensure cross-
As one of India’s leading convenience platforms, Safely is improving partner welfare through functional accountability.
Swiggy is closely connected to how millions of people healthcare, insurance, and well-being initiatives,
consume, work, and earn every day. With that scale and Swiggy Seal is strengthening food integrity
OPERATIONAL
comes a responsibility – to build systems that are standards. On the environmental front, fleet
not only efficient and innovative but also fair, future- electrification, Eco Saver, and Swiggy Serves are
ready, and sustainable. For us, sustainability is not gradually embedding low-emission mobility, circular Sustainability Sustainability
an obligation; it is a way to build trust, strengthen practices, and surplus food redistribution into day- Function Squad
resilience, and create long-term value for everyone to-day operations. These efforts are being advanced
who is part of our ecosystem. through collaborations with government bodies,
social organisations, and industry partners to ensure
FY 2024-25 was a foundation year where we moved credibility and scale. A focussed team anchoring A network of functional
from intent to structured action. By voluntarily Swiggy’s sustainability champions embedded across
publishing our first Business Responsibility and The journey has only begun, but the intent is clear: agenda – translating goals the organization to drive
Sustainability Report, we reinforced our commitment to steadily build a platform where convenience, into measurable action, program adoption, enable
to stronger governance and transparent disclosures, opportunity, and responsibility grow together, ensuring credible disclosures, seamless execution, and ensure
ahead of regulatory requirements. This was also the creating value for our stakeholders and the and forging partnerships that accurate and timely
year we announced our 2030 Sustainability Goals, communities we serve. accelerate impact. data collection.
integrating climate action, community inclusion, and
principled governance into how Swiggy operates – so
that growth increasingly reflects economic, social, and
environmental responsibility.
The journey ahead will evolve,
Our early actions are setting this direction. She The but our purpose remains
Change, Swiggy Skills, and the Swigstree Brigade
are widening access to opportunities for women, clear: to deliver unparalleled This framework allows us to move quickly, scale responsibly, and maintain transparency as we integrate
entrepreneurs, and delivery partners, while Delivering convenience, responsibly. ESG into every aspect of our operations.
42 Swiggy Limited Annual Report 2024-25 43
Corporate Overview Corporate Overview
Swiggy’s Sustainability Strategy: Climate. Community. Conscience. Swiggy’s 2030 Sustainability Goals
Swiggy’s sustainability strategy is anchored in a clear belief – responsible growth must be intentional, embedded, Delivering Convenience, Responsibly
and scalable. Organised under three strategic pillars – Climate, Community, and Conscience – the strategy aligns In March 2025, we unveiled our 2030 Sustainability Goals, translating our “little lifts” philosophy into clear, measurable,
operational priorities with the expectations of customers, partners, investors, and regulators. and time-bound commitments. Based on our materiality assessment, these goals focus on eight priority areas that
address the most significant environmental, social, and governance issues for Swiggy and its stakeholders.
Our strategy is designed to move beyond statutory mandates, shaping decisions that strengthen our ecosystem,
improve resilience, and build long-term stakeholder trust. Equally important, we are embedding sustainability into They are designed to be ambitious yet actionable, with defined milestones and partnerships to accelerate delivery –
Swiggy’s cultural fabric – making it part of how teams think, decide, and innovate every day. By nurturing this mindset whether in scaling electric mobility, enabling circular packaging, or nurturing local food ecosystems. Each goal is
across the organisation, we aim to ensure that responsible growth becomes second nature, creating value not just for integrated into business planning, making sustainability progress inseparable from operational success and allowing
Swiggy but for the people, partners, and communities connected to our platform. us to respond quickly to emerging risks and opportunities.
1. Reducing Emissions
1.1 Achieve a 100% EV delivery fleet by 2030 for zero-emission deliveries.
Climate 1.2 Transition to 100% renewable energy in direct operations by 2030.
We see climate
CLIMATE responsibility as integral
2. Delivering Circular Change
to building a future-ready 2.1 Offset or reduce all plastic from direct operations by 2025.
business, where growth and
2.2 Enable 100% restaurant partners to adopt responsible packaging by 2030.
lar
g Circu Red
u
environmental stewardship
2.3 Cut perishable waste in direct operations by 25% annually.
rin Emis cing reinforce each other.
live ange sio 2.4 Distribute 100 million meals by 2030 through strategic partnerships.
De Ch ns Our ambition is to shape
systems and practices
that make sustainability a 3. Nurturing Networks & Communities
Accele
rat
natural outcome of scale,
Susta ing D
3.1 Source 100% of locally available harvests indigenously by 2025, supporting farmers and regional economies.
ing not a trade-off.
rtur
Nu orks & 3.2 Ensure 100% value chain partners comply with a Responsible Sourcing Code by 2030.
ina i
CO N S bil gita
tw s Community 3.3 Enhance urban experiences, infrastructure in five major cities by 2030.
Ne munitie
ity l m
Co Our success is meaningful
4. Promoting Culinary Diversity & Food Integrity
only when it creates
CI E N C E
opportunities for those 4.1 Help local brands scale and celebrate traditional cuisines, homegrown products.
A around us. We aim to
De dva
4.2 Certify 1 million partners for quality and safety.
ce nurture ecosystems that
llen te live ncing
Exce a fe ry P
are more inclusive, resilient,
5. Enriching Livelihoods & Inclusion
p or e ty
in C or & W artner
and capable of growing
nc
rn a e ll - b
alongside us. 5.1 Upskill and engage 1 million individuals in our value chain by 2030.
Gove e in g
g 5.2 Support 100 startups by 2030 to drive innovation in climate action, circularity, and logistics.
Cu Prom hi n Conscience
E nri c d s &
Sa 5.3 Empower 1,00,000 women across Swiggy’s ecosystem by 2030.
lin ot in oo n Trust is the strongest
& a g L i ve l i h TY 5.4 Foster a diverse, inclusive workplace where Individuals thrive authentically.
Fo ry Dive ing
a ce
r currency for a platform
Build orkfo
od rsity NI
Inte U economy, and we are 6. Advancing Delivery Partner Safety & Well-being
g ri t y eW M
I n c l u si v OM committed to earning
C it every day. Strong 6.1 Improve delivery partner welfare and cut adverse incidents by 10% annually.
governance, transparency,
and principled choices 7. Excellence in Corporate Governance
guide how we innovate and
scale responsibly. 7.1 Uphold ethical leadership and sustainable business practices to drive long-term stakeholder value.
This three-pronged strategy – Climate, Community, and 8. Accelerating Digital Sustainability
Conscience – shapes Swiggy’s 2030 Sustainability Goals 8.1 Strengthen encryption and privacy controls across customer and partner data.
and anchors our ambition to scale responsibly. It reflects
8.2 Reduce IT-related emissions by 50% by 2030.
our commitment to redefining convenience by embedding
8.3 Leverage technology for scalable solutions tackling environmental and social challenges.
sustainability into the way we grow, innovate, and create
value across our ecosystem.
44 Swiggy Limited Annual Report 2024-25 45
Corporate Overview Corporate Overview
Turning Ambition into Early Action
FY 2024-25 marked the year Swiggy laid the foundation for its 2030 Sustainability Goals. Across eight focus areas, early
initiatives have begun translating intent into measurable impact.
Climate
Reducing Emissions
Community 7x Growth in EV Fleet
enabled through partnerships with
XL EV Fleet Launched
deployed for bulk deliveries, including
Eco Saver
30M+ low-emission deliveries via
50+ OEMs, fleet operators, and civic partnerships - 3,500 meals batching and route optimization,
Nurturing Networks & Promoting Culinary
financing partners delivered to polling booths during avoiding over 500 tCO2e emissions
Communities Diversity & Food Integrity state elections
Partnership with Sulabh 295,000 Restaurants
International accredited with the Swiggy Seal,
4,483 tCO2e Emissions Renewable Energy Transition
free hygiene & sanitation facilities raising hygiene and quality standards Avoided 65% of energy at HQ is solar; accelerated
for delivery partners across key cities across India’s HORECA industry through fleet electrification and renewable energy transition roadmap
route efficiency developed for other facilities
Responsible Sourcing Milky Ways
Code celebrating India’s dairy cooperatives
Delivering Circular Change
groundwork for 100% partner and championing authentic,
compliance 2030 high-integrity dairy products 100% Plastic Offset Achieved From Compostable to Cutlery Opt-Out Feature
across Swiggy’s direct operations Paper Bags 96% customer adoption in the first
Swiggy Pawlice week of launch - driving significant
transitioned from compostable plastic
community welfare initiative packaging reduction
leveraging delivery networks to
Enriching Livelihoods to paper bags in Instamart; introduced
& Building an Inclusive reusable crates in warehouses
assist pet owners in distress
Workforce
Swiggy Serves Guinness World Record
MoU with Ministry of surplus food redistribution scaled fulfilled a single order of 11,000 vada pavs, distributed across
Advancing Delivery Partner Skill Deevlopment & to 171 cities, with 424 restaurants schools in Mumbai, turning a record-breaking moment into a
Safety & Well-being Entrepreneurship onboarded and 200+ employee citywide food-sharing initiative
volunteers engaged
Delivering Safely to empower individuals with future-
ready skills and meaningful job
INR 18 Cr+ disbursed in insurance
opportunities via Swiggy Skills
claims; INR 2 Lakh medical &
INR 10 Lakh death cover for
delivery partners
She the Change Conscience
launched the initiative by celebrating
50,000+ women-led restaurants that
Excellence in Corporate Accelerating Digital
Help, On Time Governance Sustainability
collectively created ~3,00,000 jobs in
Integrated SOS button and
the inaugural edition
ambulance services through Dial Multi-tier Governance Smarter Routing
4242, ensuring swift emergency
Swigstree Brigade Activated proprietary route optimisation algorithms scaled to reduce idle time and cut
response within ~11 minutes last-mile emissions
recognised the achievements of high- through a Board-level Committee,
performing women delivery partners cross-functional leadership Steering
On the Safe Side Team, Sustainability Squad and Secure by Design
and set a bold goal to grow female
conducted road safety sessions Sustainability Function maintained ISO 27001 certification and aligned data privacy governance with
representation across our fleet to
with State Traffic Police and India’s Digital Personal Data Protection (DPDP) Act, 2023
1,00,000 by 2030
equipped partners with
weather-ready protective gear Looking Ahead
Swiggy x National Stock
Exchange FY 2024-25 was about building the groundwork - tightening systems, setting bold 2030 ambitions, and proving that intent
Urban Comfort Zones backed by scale can drive real change. What comes next is about acceleration and amplification. We will push harder on
launched a financial literacy electrifying our fleet, transition more facilities to renewable energy, expand food redistribution networks to every city we
Laid the foundation to grow clean,
initiative aimed at equipping delivery operate in, and mainstream responsible packaging and local sourcing across our value chain. For delivery partners, we will
accessible rest areas for delivery
partners, especially women, with invest deeper in safety, dignity, and livelihoods - through better infrastructure, financial security, and future-ready skilling.
partners in high-density cities
the knowledge to make informed
financial decisions But the real unlock will come from partnerships – joining forces with governments, innovators, and ecosystem players to
scale solutions faster than we could alone. Because the future we’re shaping is not just about delivering convenience
responsibly; it’s about redefining what responsible growth at scale looks like for India.
46 Swiggy Limited Annual Report 2024-25 47
Corporate Overview Corporate Overview
Board of Directors
Stewardship, Institutionalised Mr. Roger Clark Rabalais
Nominee Director (Non-Executive)
Mr. Ashutosh Sharma
Nominee Director (Non-Executive)
Mr. Anand Kripalu Mr. Shailesh Vishnubhai
Chairman, Independent Director Haribhakti
Independent Director & Audit Chair Mr. Rabalais holds a BA in Economics from the Mr. Sharma holds a Bachelor’s degree in Electronic
University of Texas and an MA in Economics from Engineering from Banaras Hindu University and an MBA
Harvard University. He has been associated with Prosus from the Booth School of Business at the University of
Services B.V. for over 10 years. Chicago. He is currently Investment Partner, Growth+
at MIH Internet India Private Limited, a role he has held
for over seven years. He was previously associated with
Mr. Kripalu holds a BTech in Electrical Engineering Mr. Haribhakti is a member of the Institute of Norwest Venture Partners as Vice President and with
from IIT Madras and a Post Graduate Diploma in Chartered Accountants of India, an associate Qualcomm India Private Limited.
Management from IIM Calcutta, and completed member of the Association of Certified Fraud
the Advanced Management Programme at The Examiners, a certified financial planner, and a
Wharton School, University of Pennsylvania. He is the certified internal auditor. He has also cleared the final
Managing Director and Global CEO at EPL Limited exam of the Institute of Cost and Works Accountants
and has previously held leadership roles at Diageo of India and holds the Global Competent Boards
India (United Spirits), Cadbury Schweppes Asia Pacific, Designation. He has over 15 years of experience
Mr. Sumer Juneja Mr. Anand Daniel
Hindustan Lever, and DCM Data Products. He has been through associations with Blue Star, L&T Finance Nominee Director (Non-Executive) Nominee Director (Non-Executive)
recognised with the Lifetime Achievement Award at the Holdings, Raymond, Ambuja Cements, and Torrent
Indian Marketing Awards by exchange4media. Pharmaceuticals.
Mr. Juneja holds a BSc from the London School of Mr. Daniel holds a Bachelor’s degree in Computer
Economics and Political Science, University of London. He Science Engineering from the University of Madras, a
Ms. Suparna Mitra Mr. Sahil Barua# is currently the Managing Partner and Head of Europe, Master’s degree in Engineering from Purdue University,
Independent Director Middle East and Africa (EMEA) and India at SB Investment and an MBA from the Massachusetts Institute of
Independent Director
Advisers (UK) Limited. He was previously associated with Technology. He was previously associated with Accel
(Non-Executive)
entities affiliated with SB Investment Advisers (UK) Limited India Management LLP for four years and is currently a
for four years and with NVP Venture Capital India Private Partner at Accel Partners India LLP, a role he has held
Limited as Director for over nine years. for ten years.
Ms. Mitra holds a Bachelor’s degree in Electrical Sahil Barua holds a Bachelor’s degree in Technology
Engineering from Jadavpur University and a Post from the National Institute of Technology Karnataka,
Graduate Diploma in Management from IIM Calcutta. Surathkal and a postgraduate diploma in
She is the Chief Executive Officer of the Watches and management from IIM Bangalore. He is the co-founder Mr. Sriharsha Majety Mr. Lakshmi Nandan
Wearables Division of Titan Company Limited, a role and chief executive officer of Delhivery Limited for over Managing Director and Group Reddy Obul
she has held for 18 years. She also serves on the Board 11 years and was previously a consultant at Bain & Chief Executive Officer Whole-time Director and
of Governors of IIM Kozhikode and previously served on Company India Private Limited for over 2 years. Head of Innovation
the board of Tata Power Solar Systems. She has been
recognised by Fortune and Business Today as one of
India’s most powerful women in business.
Mr. Majety holds a Bachelor’s degree in Electrical Mr. Obul holds a Master’s degree in Science from the
and Electronics Engineering from the Birla Institute of Birla Institute of Technology and Science, Pilani. He
Technology and Science, Pilani, and a Post Graduate serves as Whole-time Director and Head of Innovation
Diploma in Management from IIM Calcutta. He has at the Company and was previously associated
over ten years of experience within Swiggy and with Intellectual Capital Advisory Services Pvt. Ltd.
was awarded Entrepreneur of the Year 2019 at The (Intellecap) as Associate in business consulting.
Mr. Sahil Barua, Non-Executive Independent Director of the Company resigned with effect from closing business hours of April 11, 2025
#
Economic Times Awards for Corporate Excellence.
48 Swiggy Limited Annual Report 2024-25 49
Corporate Overview Corporate Overview
Management Team
Driving the Vision Forward Values behind the Vision
Our actions are strongly defined by the Swiggy values. Through
ups, downs, and everything in between; Swiggsters put these
values into practice in their everyday ways of working.
Sriharsha Majety Lakshmi Nandan Reddy
Managing Director and Obul
Group CEO Whole-time Director and
Head of Innovation
Be Humble
Rohit Kapoor Amitesh Jha Always be Curious, Who
CEO – Food Marketplace CEO - Instamart Always be Learning we
Be Honest, Display
Highest Level of Integrity are
Consumer Comes First
Display a Founder How
Rahul Bothra Girish Menon Mentality
we
Think Win-Win
think
Chief Financial Officer Chief Human Resources
Officer
Think Big
Stand-up & Disagree but
Commit Fully
Do More with Less
How
Madhusudhan Rao Phani Kishan Move Fast, Break Barriers we
Chief Technology Officer Chief Growth Officer
and Deliver Results
act
Never Settle
50 Swiggy Limited Annual Report 2024-25 51
Corporate Overview Corporate Overview
Glossary
Decoded: The Swiggy Playbook
1. Swiggy Platform
Term Description Term Description
B2C Total Orders Consolidated completed orders of consumer facing businesses i.e. (i) Food delivery, plus Contribution Margin Food Delivery Adjusted Revenue, less (i) delivery and other charges, less (ii) platform
(ii) Quick Commerce, plus (iii) Out of Home Consumption, excluding Platform Innovations (as a % of GOV) funded discounts, less (iii) other variable costs, as a percentage of GOV
Adjusted EBITDA Food Delivery segment results as per financials less rental expenses pertaining to ‘Ind
B2C Gross Order Value Consolidated Gross Order Value of completed order for consumer facing businesses AS 116 leases’.
(GOV) i.e. (i) Food delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, Average Monthly Number of unique transacting users that have completed at least one Food Delivery
excluding Platform Innovations Transacting Users order in a month, averaged for the months in the period/year
B2C Adjusted EBITDA Consolidated Adjusted EBITDA of (i) Food delivery, plus (ii) (Quick Commerce, plus Average Monthly Transacting Number of unique restaurant partners with at least one delivered order in a month,
(iii) Out-of-home Consumption, excluding Platform Innovations Restaurant Partners averaged for the months in the period/year
B2C Adjusted EBITDA B2C Adjusted EBITDA divided by B2C GOV
Margin (% of B2C GOV) 3. Quick Commerce
Consolidated Revenue Consolidated Revenue from operations as per financials of all businesses i.e. (i) Food Term Description
delivery, plus (ii) Quick Commerce, plus (iii) Out-of-home Consumption, plus (iv) Supply Total Orders Total completed Quick Commerce orders on the platform
Chain and Distribution, plus (v) Platform Innovations
Gross Order Value (GOV) Total monetary value of orders at maximum retail price (“MRP”) of goods sold (except
Consolidated Gross Revenue Consolidated Gross Revenue of all businesses i.e. (i) Food delivery, plus (ii) Quick for instances where MRP is not applicable such as fruits and vegetables wherein final
Commerce, plus (iii) Out-of-home Consumption, plus (iv) Supply Chain and Distribution, selling price is used instead of MRP) and gross of any discounts, plus (i) user delivery
plus (v) Platform Innovations charges (net of any discounts, including free delivery discounts provided for Swiggy
Consolidated EBITDA Profit/loss as per financials excluding (i) tax expense (ii) depreciation and amortization One membership program), plus (ii) packaging charges, plus (iii) fee from users, plus
expense (iii) finance cost (iv) taxes, excluding tips
Consolidated Adjusted Consolidated EBITDA excluding (i) other income (ii) exceptional items (iii) share in net loss Net Order Value (NOV) Gross Order Value, less Discounts (whether platform or partner funded)
EBITDA of an associate (iv) share based payment expense and (v) rental expenses pertaining to Average Order Value (AOV) Quick Commerce GOV divided by Quick Commerce Total Orders
‘Ind AS 116’ leases
Revenue Revenue from our Quick Commerce business includes (i) pre-agreed commissions from
Average Monthly Number of unique transacting users that have completed at least one order on the merchant partners; (ii) advertising revenue from brand partners; (iii) fees that we charge
Transacting Users Swiggy unified-app / website in a month, averaged for the months in the period/year to users and delivery partners for the use of our technology platform and subscription
Average Monthly Transacting Number of unique delivery partners that have delivered at least one order in a month, revenue (net of discounts, credits and refunds other than free delivery); and (iv) fees for
Delivery Partners averaged for the months in the period/year other business enablement services from merchant partners
Platform Frequency Completed orders per user in a month, averaged for the months in the period/year Gross Revenue Revenue plus (i) user delivery charges collected and passed on to delivery partners
(net of any discounts, including free delivery discounts provided through Swiggy One
2. Food Delivery membership program), plus (ii) fee from users collected and netted off from platform
funded discounts given for corresponding orders
Term Description
Contribution Margin Quick Commerce Adjusted Revenue, less (i) delivery and other charges, less (ii) platform
Total Orders Total completed Food Delivery orders on the platform
(as a % of GOV) funded discounts, less (iii) cost of fulfilment services, less (iv) other variable costs, as a
Gross Order Value (GOV) Total monetary value of completed Food Delivery orders (gross of any discounts) plus percentage of GOV
(i) user delivery charges (net of any discounts, including free delivery discounts provided
Adjusted EBITDA Quick Commerce segment results as per financials less rental expenses pertaining to
for Swiggy One membership program), plus (ii) packaging charges, plus (iii) fee from
‘Ind AS 116 leases’
users. plus (iv) taxes, excluding tips.
Average Monthly Number of unique transacting users that have completed at least one Quick Commerce
Average Order Value (AOV) Food Delivery GOV divided by Food Delivery Total Orders
Transacting Users order in a month, averaged for the months in the period/year.
Revenue Revenue from our Food Delivery business includes (i) pre-agreed commissions from
Active Dark Stores Number of Dark Stores with at least one completed order on the last day of the
restaurant partners; (ii) advertising revenue from restaurant partners; (iii) fees that
period/year
we charge to users and delivery partners for the use of our technology platform and
subscription revenue (net of discounts, credits and refunds other than free delivery); and
(iv) fees for other business enablement services from restaurant partners
Gross Revenue Revenue plus (i) user delivery charges collected and passed on to delivery partners
(net of any discounts, including free delivery discounts provided through Swiggy One
membership program), plus (ii) fee from users collected and netted off from platform
funded discounts given for corresponding orders
52 Swiggy Limited Annual Report 2024-25 53
Corporate Overview Corporate Overview
Corporate Information
4. Out-of-home Consumption
Term Description
Total Transactions Total Transactions on Swiggy Dineout and Swiggy Scenes
Gross Order Value (GOV) Total monetary value of all transactions (gross of any discounts) on Dineout and
SteppinOut, plus (i) fee from users, plus (ii) taxes
Average Order Value (AOV) Out-of-home Consumption Gross Order Value divided by Out-of-home Consumption
total transactions
Revenue Revenue from our Out of home consumption includes (i) pre-agreed commissions Board of Directors
that we charge to our restaurant partners; (ii) advertising revenue from restaurant
partners and brand partners; (iii) fees that we charge to users for the use of our Mr. Anand Kripalu Mr. Shailesh Vishnubhai Haribhakti
technology platform and subscription revenue (net of discounts) (iv) revenue from sale Chairman, Independent Director Independent Director
of tickets, and (v) fees for other business enablement services provided to restaurant
partners and brand partners.
Ms. Suparna Mitra Mr. Sahil Barua#
Gross Revenue Revenue plus fee from users collected and netted off from platform funded discounts Independent Director Independent Director (Non-Executive)
given for corresponding orders (as applicable)
Contribution Margin Out-of-home Consumption gross revenue, less (i) platform funded discounts, less
Mr. Roger Clark Rabalais Mr. Ashutosh Sharma
(as a % of GOV) (ii) other variable costs, as a percentage of GOV
Nominee Director (Non-Executive) Nominee Director (Non-Executive)
Adjusted EBITDA Out-of-home Consumption segment results as per financias less rental expenses
pertaining to ‘Ind AS 116 leases’
Mr. Sumer Juneja Mr. Anand Daniel
Average Monthly Active Total number of unique Swiggy Dineout restaurants that are listed with payment option Nominee Director (Non-Executive) Nominee Director (Non-Executive)
Restaurants in a month, averaged for the months in the period/year
Mr. Sriharsha Majety Mr. Lakshmi Nandan Reddy Obul
5. Supply Chain and Distribution Managing Director and Group Chief Executive Officer Whole-time Director and Head of Innovation
Term Description
Revenue (i) Total monetary value of goods sold to wholesalers and retailers, plus (ii) Revenue
from supply chain management and enablement services that we provide to our
wholesalers and retailers
Gross Revenue Same as revenue Registered and Corporate Office Registrar and Transfer Agent
No. 55, Sy No. 8-14 MUFG Intime India Private Limited
Adjusted EBITDA Supply Chain and Distribution segment results as per financials less rental expenses
Ground Floor, I&J Block, Embassy Tech Village
pertaining to ‘Ind AS 116 leases’
Outer Ring Road, Devarbisanahalli
Bengaluru 560 103 Statutory Auditors to our Company
6. Platform Innovations Karnataka, India B S R & Co. LLP, Chartered Accountants
Term Description
Revenue Revenue from Platform Innovations business typically includes (i) revenue from sale
of food and products, (ii) fees that we charge to our users and delivery partners and Chief Financial Officer Bankers to our Company
subscription revenue (net of discounts, credits and refunds other than free delivery), Rahul Bothra ICICI Bank Limited
(iii) advertising fees from restaurant partners, merchant partners and brand partners, HDFC Bank Limited
and (iv) fees for other business enablement services from restaurant partners and
merchant partners Company Secretary & Compliance Officer
Gross Revenue Revenue from operations for Platform Innovations, plus (i) user delivery charges Cauveri Sriram
collected and passed on to delivery partners (net of any discounts, including free
delivery discounts provided through Swiggy One membership program), plus (ii) fee from
users collected and netted off from platform funded discounts given for corresponding
orders (as applicable)
Adjusted EBITDA Platform Innovations Segment results as per financials less rental expenses pertaining to
‘Ind AS 116 leases’ Mr. Sahil Barua, Non-Executive Independent Director of the Company resigned with effect from closing business hours of April 11, 2025
#
54 Swiggy Limited Annual Report 2024-25 55
Statutory Reports Statutory Reports
Annexure-4
Management Discussion and Analysis
Overview Inflation persisted as a key challenge due to global supply Several factors are driving this rapid expansion, including Indian Food Services Market Size (In USD billion)
Indian Economy chain disruptions and fluctuating commodity prices. The RBI the demand for speed and convenience, widespread
reduced the repo rate thrice by 100 basis points, bringing smartphone adoption, affordable internet access and $ 107-112 Bn
India’s economy has emerged as a dynamic force in
it down to 5.5% by June 2025; aimed at enhancing liquidity the use of GPS technology for operational efficiency. The CAG
R
the global arena, which is marked by sustained growth, 9-10%
and stimulating economic activity. pandemic significantly accelerated this shift, while the
demographic strength and expanding international R
influence of social media and the rise of impulsive buying CAG 55-60%
influence. India has recently surpassed Japan to become ~9%
The RBI forecasts GDP growth at 6.5% for FY 2025-26, driven $ 77.5 Bn
the fourth-largest economy in the world at current price has further boosted demand for quick deliveries. 14-15%
by initiatives such as ‘Make in India,’ continued infrastructure $ 45 Bn
levels, underscoring its rising prominence in the global 45-50%
expansion, digitalisation and structural reforms designed to The hyperlocal market also presents significant ~5x
economic landscape. 35-40%
enhance competitiveness and long-term growth. opportunities for businesses and entrepreneurs. Small 40-45%
3-4%
60-65% 50-55%
In FY 2024-25, despite headwinds, the Indian economy and medium-sized enterprises (SMEs) can broaden their
showed resilience, on the back of strong macroeconomic Industry Overview customer base by partnering with delivery platforms CY18 CY24 CY28(P)
fundamentals, supportive policy reforms and continued India now ranks as the world’s third most digitalised or building their own systems. Moreover, this sector has
Unorganized Organized
emphasis on sustainability and innovation. According to the economy overall and holds the 12th spot among G20 generated employment opportunities ranging from
second advance estimate from the Ministry of Statistics and nations in terms of individual user digital adoption, delivery personnel to logistics management, helping Source: Swiggy IPO Prospectus - Redseer Report on Indian Hyperlocal Commerce
Programme Implementation (MoSPI), real GDP is expected address urban unemployment. Businesses are adopting Opportunity dated October 18, 2024, Redseer Research and Analysis.
reflecting a sweeping digital transformation that is fuelling
to grow by 6.5% in FY 2024-25, following a strong 9.2%
economic growth, expanding employment and promoting innovations like subscription models and flexible delivery
expansion in FY 2023-24. The online food delivery market grew from USD 1.3 billion
inclusive development. options to enhance customer experience. There’s also
potential for improved sustainability, as optimised delivery in 2018 to USD 8.9 billion in 2024 and is projected to reach
While both private consumption and government
The country’s digital sector continues to outpace traditional USD 16–20 billion by 2028; a CAGR of 15-22%. Growth is
expenditure saw notable increases, overall economic routes and the integration of electric vehicles (EVs) help
areas, with projections estimating it will account for supported by advancements in delivery logistics, rising
momentum remained moderate. Consumer Price Index (CPI) reduce environmental impact.
nearly one-fifth of India’s GDP by FY 2030, overtaking popularity of delivery-only brands and broader menu
inflation eased to 4.6% in FY 2024-25, down from 5.4% the
the traditional industries. Over the past decade, digital- However, the hyperlocal delivery market still grapples with choices. Simultaneously, the offline organised segment
previous year and is projected to decline further to 3.7% in
enabling industries have expanded at an impressive 17.3% several operational and logistical hurdles. The presence of is projected to rise from USD 17 billion in 2019 and USD 29
FY 2025-26.
annual rate, well above the 11.8% pace of the broader numerous small players has led to a fragmented landscape, billion in 2024 to USD 60–74 billion by 2030, growing at a
Indian GDP Growth economy – while digital platforms themselves are set to while intense competition makes it harder for companies CAGR of 13–17%.
9.2 surge by approximately 30% YoY in the coming period. to stand out. Navigating last-mile delivery remains
Online Food Delivery Market Size (in USD billion)
particularly challenging. In this environment, the ability to
7.6
Indian Hyperlocal Commerce Market execute efficiently and maintain consistent service quality $ 16-20 Bn
6.5 6.5
India’s hyperlocal delivery market is undergoing rapid will be crucial for long-term growth and success. Despite GR
CA
transformation, reshaping both consumer shopping habits these hurdles, with strategic use of technology, a focus on 22%
15-
2,878 and business operations. This model, which focuses on customer experience and sustainable practices, businesses
2,546 2,711
2,361 delivering goods within a limited geographic area quickly, can position themselves to thrive in this dynamic and fast-
GR
has seen significant growth, particularly post-pandemic, evolving market. CA
38% $ 8.9 Bn
~
as more consumers turned to online platforms for essential
products. The convenience of receiving groceries, Indian Food Service Market
FY22 FY23 FY24* FY25# $ 1.3 Bn
medicines and meals almost instantly has made The Indian food services market, currently valued at USD 77.5
GDP per Capita (%)
$
GDP growth rate (%)
hyperlocal delivery a necessity, especially in urban areas. billion, is expanding at a CAGR of 9-10%, with the organised
*MOSPI Report dated May 30, 2025 In India, hyper-local commerce platforms accounted segment expected to outpace the unorganised. This shift is
CY18 CY24 CY28(P)
#
Reserve Bank of India Monetary Policy Committee (MPC) report dated for approximately 12%–15% of e-retail GMV (Gross Source: Swiggy IPO Prospectus - Redseer Report on Indian Hyperlocal Commerce
being driven by rising consumer spending on convenience,
June 6, 2025 Merchandise Value) in 2024, up from around 5% in 2021. Opportunity dated October 18, 2024, Redseer Research and Analysis.
increased dining-out habits and demand for ready-to-eat
$
International Monetary Fund (IMF) These platforms have built strong traction among lower-
options – particularly among younger consumers in metro Consumer behaviour is evolving, with monthly spending on
middle-income consumers in Tier-2 and smaller cities,
Household consumption is expected to remain steady, and Tier-1 cities who view eating out as a lifestyle choice. food delivery and dine-outs now surpassing INR 2,000 in
attracted by the platforms’ focus on affordability. At the
supported by tax relief measures introduced in the Union The emergence of modern, innovative brands is further urban areas. Increased frequency of dining out, growing
same time, seller participation has increased significantly,
Budget for FY 2025-26. On the downside, revised import tariffs accelerating this trend. Both online and dine-in channels interest in desserts and beverages during off-peak hours
may lead to higher input costs, increased consumer prices and supported by initiatives such as zero-commission
are contributing to the sector’s momentum. Notably, the and the social nature of meals are reshaping the market.
additional pressure on supply chains and businesses. structures and access to seller financing.
share of the organised segment is projected to grow from Consumers are also becoming more experimental with
45–50% to nearly 60%, reflecting increasing formalisation cuisines, fuelling the growth of new food brands. Multi-
Sources:
within the industry. brand operators are expanding faster than single-brand
Press Information Bureau, Government of India, June 2025 Press Note on Retail Inflation Trends
Ministry of Statistics and Programme Implementation (MoSPI), April 2025 Consumer Price Index Press Release
Source:
Ministry of Statistics and Programme Implementation (MoSPI), February 2025 Press Note on Second Advance Estimates of National Income for FY 2024-25
Bain & Company, How India Shops Online 2025 report dated March 26, 2025. Note: 1USD=INR 85.5814 (as on 28-Mar-2025)
Press Information Bureau, Government of India, January 2025 Press Release
56 Swiggy Limited Annual Report 2024-25 57
Statutory Reports Statutory Reports
peers by launching new formats, acquiring brands and The quick commerce sector in India is projected to grow Opportunities Challenges
leveraging cloud kitchens for efficiency and reach. Full- from USD 5 billion in 2024 to reach USD 27–50 billion at
service restaurants (FSRs), comprising nearly half of the a compound annual rate of over 53-78% through 2028,
market, continue to dominate due to their comprehensive fuelled by its expansion across product categories, regions Urban Demand: Rising need for fast delivery of High Logistics Costs: Fast delivery demands
dining experiences, which cater to a wide demographic. and customer demographics. While grocery remains its essentials due to busy lifestyles and increasing costly infrastructure and reduces margins.
Their ability to offer diverse cuisines aligns well with India’s foundation, 15%–20% of the gross merchandise value disposable incomes.
Intense Competition: Price wars and discounts
culinary variety, further strengthening their appeal amid (GMV) now stems from non-grocery categories like general Digital Penetration: Growth in smartphone and might threaten profitability and customer
growing urbanisation and rising disposable incomes. merchandise, electronics, mobile phones and apparel. internet usage is expanding the market for quick loyalty.
Growth has also extended beyond major urban centres, commerce.
Indian Quick Commerce Market though the top six metropolitan cities continue to dominate Rising Customer Expectations: Delays or errors
Quick commerce is rapidly emerging as a dynamic segment GMV contributions. Changing Consumer Behaviour: Demand for
might impact trust and retention.
within India’s e-commerce ecosystem, offering delivery of instant, personalised, 24/7 service supports the
Regulatory Risks: Legal complexities around
products in as little as 10 to 30 minutes. This model has Quick Commerce Market Size (in USD billion) growth of quick commerce.
data, labour and zoning may disrupt operations.
gained strong traction, particularly in the online grocery Technology Advancements: AI, analytics and
27-50
space, where it significantly contributes to order volumes Inventory & Supply Chain Issues: Stock
R automation improve delivery efficiency and
and overall e-retail spending. Indian players have scaled AG inaccuracies or disruptions could hurt reliability.
78%C customer satisfaction.
operations more efficiently than many global counterparts, 53- Profitability Pressure: High costs and thin
benefitting from structural advantages such as dense New Product Categories: Expanding into categories
R
margins may delay break-even and increase
urban populations, compact delivery zones and access to AG 5 beyond groceries (e.g., pet supplies, medicines,
5%C financial risk.
cost-effective dark stores. ~14 electronics).
Cybersecurity Threats: Data breaches and
Partnership Models: Collaborations with local stores
Quick commerce is transforming consumer buying 0.02-0.03
digital threats might undermine trust and
and logistics providers enable faster delivery with
behaviour in India, now accounting for over two-thirds of all compliance.
lower costs.
e-grocery orders and nearly 10% of total e-retail spending. CY18 CY24 CY28(P) Environmental Concerns: Frequent deliveries
Unlike global trends, Indian quick commerce players have Tier 2 & 3 City Expansion: Growing digital users and
Penetration in Total Retail and excess packaging could raise sustainability
managed to scale operations profitably, aided by the low competition make smaller cities attractive for
issues.
country’s unique advantages such as high population 0.003% 0.5% 2.5% expansion.
density and a widespread network of low-rent dark stores.
Loyalty & Subscription Models: Boost retention and
This has created a competitive landscape, enriching the Source: Indian Hyperlocal Commerce Opportunity dated October 18, 2024 revenue through free delivery, priority access and
overall consumer experience. (the “Redseer Report”), Redseer Research and Analysis.
personalised rewards.
Recent Trends in the Indian Quick Commerce Market
Diversification Beyond Groceries
Geographical Expansion Company Overview
15%–20% of Gross
Currently led by major Swiggy Limited (hereafter referred to as ‘Swiggy’ or ‘the Swiggy is backed by prominent investors and continues to
Merchandise Value (GMV)
now comes from non- 01 02 metropolitan areas. Company’) is India’s pioneering on-demand convenience focus on innovation, operational excellence and customer
platform, revolutionising the way consumers access food satisfaction. Swiggy is shaping the future of digital
grocery categories. Gradual expansion into
and essential services. Swiggy offers a gamut of user- consumption and last-mile delivery in India.
Includes electronics, Tier 2 and Tier 3 cities.
friendly offerings that allow customers to browse, select,
fashion, mobile phones and order and pay for food, groceries and household essentials, In FY 2024-25, Swiggy achieved significant milestones with
household essentials. with deliveries made directly to their doorstep through its the launch of innovative solutions such as Bolt (10-minute
Efforts underway to on-demand delivery partner network. The Company was food delivery within a 2-km radius), expanding Quick-
strengthen unit economics. established in 2013 with a mission to enhance the quality of commerce to 124 cities and new categories, and improving
life for urban consumers by offering seamless access to daily our tech-stack and adding capabilities like self-serve
essentials. The Company has become a household name advertising and priority assignment of delivery partners.
03 in online food delivery by leveraging robust technology, an The Instamart team grew stronger and a revitalised
extensive delivery partner network and a customer-centric marketing function enhanced customer engagement,
Evolving Delivery Models approach. while Dineout (which we had acquired and integrated
Two-speed fulfilment approach emerging. 3 years ago) broke even. The Company expanded its
Over the years, Swiggy has diversified its offerings beyond delivery partner base by 31.3% YoY to over 5 lakh and
Essential items delivered within 15 minutes food to include Swiggy Instamart (quick commerce for strengthened relationships with nearly 2.4 lakh restaurant
and Broader catalogue delivered within groceries and household items) and Swiggy Dineout and brand partners, including direct-to-consumer and
60 minutes. (restaurant table bookings and dining deals). The platform farm-to-fork providers, during the year under review.
partners with hundreds of thousands of restaurants, delivery Swiggy remains committed to scaling seamless urban
executives, brand partners, and retail partners across convenience services through continuous innovation and
Sources:
hundreds of cities, aiming to make everyday convenience deepening engagement across its ecosystem.
Bain & Company, How India Shops Online 2025 report dated March 26, 2025.
accessible and seamless.
Redseer, The Big Bite: Scaling Success in India’s Food Services dated January 29, 2024. Note: 1USD=INR 85.5814 (as on 28-Mar-2025)
58 Swiggy Limited Annual Report 2024-25 59
Statutory Reports Statutory Reports
Out-of-home Consumption Key Business Strengths
Swiggy’s Out-of-Home consumption segment has
two primary services: Swiggy Dineout and Swiggy WHAT WE DELIVER
Scenes. Dineout offers a platform for users to discover
Diversified Offerings restaurants and make reservations, while Scenes is a
dedicated platform for booking in-restaurant events,
enhancing the company’s presence in dining-related
Food Delivery Network effects Speed Choice Value
services beyond food delivery. The services leverage
Swiggy’s food delivery segment continues to be its Swiggy’s consumer-base and tech-capabilities; cross-
core business and provides a comprehensive on- pollinating users and brand salience for a stronger
demand food delivery service, linking customers relationship with both users and restaurant partners. HOW WE ENABLE
with a wide variety of restaurant partners through its Dineout was one of the few acquisitions by Swiggy in its
app and website. Currently, Swiggy’s food delivery journey and was integrated into its unified app a couple
service operates in 700+ cities across India, catering of years back. These services strengthen Swiggy’s
to approximately 18 million MTUs. This segment also presence in the lifestyle and dining space, catering to
offers targeted marketing and advertising support Pioneering Innovation Integration Support
the evolving preferences of urban consumers seeking Convenience
to restaurant partners, boosting their visibility on the technology
premium dining and entertainment options.
platform and increasing customer traffic to their outlets.
Swiggy’s Out-of-Home consumption segment continues WHY PEOPLE CHOOSE US
In FY 2024-25, Swiggy’s Food Delivery segment to gain momentum and is steadily moving towards
demonstrated robust growth, with Gross Order Value profitability. The Out-of-Home Consumption segment
(GOV) increasing by 16.4% year-on-year (YoY) to posted significant growth, with GOV up 41.3% YoY to Brand
INR 28,783 Crores and Monthly Transacting Users (MTUs) INR 3,084 Crores and Monthly Active Restaurants by
rising by 15% to 14.7 million. This growth was driven by a engagement Discovery Personalization Loyalty
35% to approximately 36k in FY 2024-25. DineOut has
strategic focus on underserved markets, including the already turned profitable, showcasing how Swiggy’s
outskirts of major cities and Tier 2 towns; and improved unified app helps quickly scale complementary
service levels and brand visibility. Innovations like Bolt businesses by tapping into its strong user base.
— which has scaled to 500+ cities within six months Pioneer in hyperlocal commerce: Trusted partner ecosystem:
of launch and now fulfils more than one in every ten Supply Chain and Distribution Swiggy has led the hyperlocal commerce space Swiggy is a preferred platform for restaurants,
Swiggy food orders have been pivotal in attracting new through continuous innovation and customer- merchants, brands and delivery partners, offering
consumers and increasing order frequency within this Swiggy, through its subsidiary Scootsy, provides supply
chain solutions focused on warehousing, fulfilment centric offerings across food delivery and quick scale, reach, fair earnings and operational support.
relatively mature category in India’s consumer internet
and distribution for wholesalers and retailers. Scootsy commerce.
space. The segment also benefited from the cross-
offers brands comprehensive warehousing services, Strong network effects:
pollination of users from Quick Commerce, with nearly
including in-warehouse processing, packaging and Expanding user base with strong engagement: A growing base of users and partners creates a
29% of Instamart users new to the Swiggy ecosystem.
effective inventory management. Its services also The Company’s wide reach across metros and self-reinforcing ecosystem that enhances variety,
cover product distribution directly to wholesalers or Tier 2 cities drives steady user growth and high efficiency and overall platform value.
Quick Commerce
retail partners, utilising Swiggy’s logistics expertise order frequency through personalised and
Swiggy’s quick commerce arm, Instamart, focuses on to ensure timely and cost-efficient deliveries.
quick delivery of groceries and essential household convenient services. Experienced leadership and governance:
Furthermore, Swiggy collaborates with various brands
items. Swiggy successfully pioneered quick commerce to help expand their retail presence across India. For Swiggy benefits from a seasoned leadership team
in India with the launch of Instamart in 2020. This quick FY 2024-25, we managed approximately 4.2 million and robust governance, ensuring agile execution,
commerce service has since expanded to 124 cities, sq. ft. of warehousing space across 24 cities and had innovation and long-term strategic focus.
with a robust network of 1,021 active dark stores pan approximately 954 authorized brand distribution
India. With a dense network of darkstores and a largely- partnerships and served approximately 94,000 retailers
dedicated delivery fleet, delivery times have shrunk to and wholesalers. By offering fulfilment and distribution
industry best levels of ~12.5 mins. The initial premise support, Scootsy enables these brands to reach a
of quick-commerce being largely about grocery has broader audience without requiring extensive in-house
also pivoted to darkstores providing a much larger Key Business Strategies
logistics capabilities.
assortment across non-grocery categories as well; Expand offerings and partnerships: Invest in tech and logistics:
which has led to darkstores becoming larger. Instamart Platform Innovations Swiggy plans to diversify into new verticals like out-of- Swiggy will continue enhancing its technology stack
has also pioneered larger format darkstores of 8-12k sq and logistics infrastructure with AI, automation and
As an innovative company, Swiggy continues to home dining and events, while strengthening ties with
ft called “megapods”, which can house up to 50k SKUs
experiment to create, test and scale new businesses. brands, cooperatives and farm-to-fork suppliers. analytics to boost efficiency and customer experience.
compared to 10-20k for normal darkstores.
These could be adjacencies of existing businesses, or
completely new bets that back our mission statement Scale Quick Commerce: Boost brand visibility:
In FY 2024-25, the Quick Commerce segment entered
of providing unparalled convenience. For example, The Company aims to aggressively grow its quick- Through targeted marketing, content engagement and
a phase of rapid expansion, with GOV growing by 82%
Snacc, a platform offering 10–15 minute delivery of fast community-building, Swiggy seeks to deepen consumer
YoY to INR 14,683 Crores and Monthly Transacting Users commerce presence by expanding dark store density,
food, beverages, and Indian tiffin items from nearby
(MTUs) rising by 67% to 7.1 million. Average order value (AOV) enhancing assortments and improving delivery speed. connection and reinforce its market leadership.
locations. Additionally, Pyng, a growing platform
increased by 11.8% YoY to INR 514, driven by broader
extension, is an AI-driven platform designed to simplify
selection and increased consumer salience. The year
access to thousands of verified professionals across
also saw the net addition of 498 stores, nearly doubling
100+ specialisations.
the store-count and driving up active dark store area
to ~4 million sq ft (+161.4% YoY).
60 Swiggy Limited Annual Report 2024-25 61
Statutory Reports Statutory Reports
Financial Overview rebranding costs. Unfavourable media or social media Human Resources
Financial Performance coverage concerning Swiggy’s business model, partners, Swiggy considers its workforce a vital asset and continues
delivery pay, user safety, technology, privacy, or financial to promote a high-performance, inclusive and collaborative
(in INR Crores)
performance can negatively impact its reputation. To work environment. The Company invests in employee
Consolidated manage this, Swiggy employs comprehensive branding development through structured training, leadership
Particulars FY 2024-25 FY 2023-24 Change (%) guidelines, a dedicated public relations team to monitor programmes and career advancement opportunities while
Revenue from Operations 15,226.76 11,247.39 35%
and address negative sentiment, and drive proactive prioritising well-being through flexible work policies, mental
campaigns to highlight the company’s assets, positive health support and wellness initiatives. Swiggy promotes
Adjusted EBITDA (1,911.66) (1,835.57) (4%)
stories, as well as a consumer insights team to engage with a culture of open communication, continuous feedback
Profit/(loss) before tax (3,116.80) (2,350.24) (33%) stakeholders for continuous service improvement. and performance-based recognition, which is supported
Profit/(loss) after Tax (3,116.80) (2,350.24) (33%) by data-driven HR practices. With a strong focus on
Competition - We may face intense competition across Diversity, Equity and Inclusion (DEI), the Company actively
the markets we serve due to new entrants or increased works towards building a diverse and equitable workplace.
On a consolidated basis, Swiggy’s revenue from operations defined career progression pathways for high-performing competition from existing competitors providing similar /
grew by 35%, reaching INR 15,226.76 Crores in FY 2024- partners. Sustainability remains a core priority, with flagship Swiggy remains committed to attracting, nurturing and
dissimilar services or introduction of low-cost alternatives retaining top talent across all its business verticals to drive
25 compared to INR 11,247.39 Crores in the previous year, programmes such as Swiggy Serves working towards or higher quality offerings, or any combination thereof. long-term growth and innovation.
demonstrating robust group-wide expansion across all the redistribution of 100 million meals to underserved Competitors may also offer promotions, innovative
business verticals. The consolidated Adjusted EBITDA loss communities by 2030. Through these multifaceted efforts, offerings or alternative pricing models, among others. A young, diverse and energetic team of 7,431 drives
increased by 4% to INR 1,911.66 Crores, reflecting continued Swiggy is building a robust, future-ready ecosystem that Swiggy manages its business with continuous innovation, Swiggy’s mission to make everyday life more convenient for
strategic investments in technology, infrastructure and new integrates scale with innovation and social responsibility, deep obsession of providing best-in-class experience to its customers. The Company nurtures a culture where trust
market opportunities. These results underscore Swiggy’s thereby reinforcing its leadership position in India’s dynamic its stakeholders (consumers, delivery partners, merchant and growth go hand in hand, with fair and transparent
focus on sustainable growth and building a scalable on-demand convenience economy. partners), agility and resilience. We keep harnessing our performance practices.
ecosystem. The Company’s strong revenue momentum and execution capabilities through differentiated products
sustained investments lay a strong foundation for long- Risk Management built on deep insights based on consumer behaviour, Swiggy celebrates its people’s achievements through
term success and market dominance in the rapidly evolving effective marketing and branding activities and improved recognitions like Swiggstar, Most Valuable Player (MVP),
Swiggy recognises that Risk management is integral to Made A Difference (M.A.D) and fun, team-driven programs
food delivery and services sector. operational efficiencies.
the Company’s strategy. Our success as an organisation like the Swiggy Premier League.
Please refer to Page 348-349 for details on Financial Ratios. depends on our ability to identify and leverage the
High quality experience to our consumers and partner
opportunities while managing the risks. The Company The company remains committed to fostering employee
network - A high-quality support & resolution service to
has a risk management framework in place. The Risk growth through structured learning programs, leadership
Business Outlook our consumers and partner-network is critical to our ability
Management Committee of the Company has been development initiatives and practical upskilling in emerging
Swiggy remains firmly committed to its long-term growth to attract and retain consumers, restaurant partners,
entrusted by the Board with the responsibility of reviewing fields like Generative AI, supported by platforms such as
aspirations, driven by continuous innovation, enhanced merchant partners, brand partners and delivery partners.
the risk management process in the Company and ensuring Udemy and LinkedIn Learning. The company prioritizes
operational efficiency and well-planned expansion into new We may face loss or trust or market perception issues
that the risks are brought within acceptable limits. listening to its employees by conducting regular surveys
cities and regions. The Company is focused on attracting due to poor customer experiences, service unavailability,
to understand their needs and preferences. It uses this
new users, strengthening customer loyalty and increasing subpar service quality and inconsistent pricing, among
Our approach integrates risk assessment into its strategic feedback to create a more connected, supportive and
order frequency across multiple categories. This strategy is other factors. We have & will continue to address these via
and operational planning, allowing for informed decision- engaging workplace.
continuous training sessions, dedicated support services
being supported by targeted investments in initiatives such making and better preparedness. The Company also
with specialised queues and continuous product innovation
as Bolt, Scenes, Megapods, Maxxsaver and new use-cases periodically reviews its policies & internal controls, supply & iteration. Internal Controls
like Snacc. As Swiggy works towards densifying its network chain dependencies, data privacy, cybersecurity and
and increasing utilisation, it aims to improve product The Company has established adequate internal control
crisis management protocols to enhance resilience and Technology - An uninterrupted functioning and robust
assortment and reduce delivery times while optimising systems, supported by a comprehensive internal audit
ensure business continuity. With a focus on governance, security of our technology infrastructure, applications,
investments in last-mile infrastructure. With digital adoption programme. These controls are designed to ensure the
transparency and agility, Swiggy remains committed to systems and data is integral to our operations. As technology
rising and consumer spending increasing, Swiggy’s network accuracy and reliability of financial records, as well as
strengthening its risk culture and safeguarding stakeholder evolves, we may be vulnerable to increased cyberattacks
is ideally positioned to meet the growing demand in to maintain proper accountability of assets. During the
interests while pursuing sustainable growth. and security breaches, including social engineering,
urban and emerging markets. While the company expects financial year, the effectiveness of these controls was
denial of service, credential stuffing, ransomware tested and no material deficiencies were identified.
heightened competition in the Quick-commerce space, The Company endeavours to continually sharpen its Risk and other malware. To manage these risks, we have
the management expect an improvement in Contribution Management Systems and processes in line with a rapidly established dedicated teams and defined frameworks.
margin in Quick-commerce going forward. This stability will changing business environment. The Risk management We have implemented advanced cybersecurity tools to Cautionary Statement
be driven by several structural improvements, including a policy can be accessed at https://www.swiggy.com/ bolster technology infrastructure and regular testing and This communication contains forward-looking statements
higher AOV, growth in advertising revenue, reduced delivery corporate/wp-content/uploads/2025/07/Swiggy- maintenance are conducted to ensure platform resilience that involve risks and uncertainties relating to the Company’s
costs through scale and densification and improved RMC-Policy-ERM.pdf. The Enterprise Risk management against such threats. Bug bounty programs and initiatives operations, financial performance, business prospects and
efficiency at the store level. team drives the risk management procedures within the like Hackathon are utilized to identify security vulnerabilities. growth strategies. Actual results may differ materially from
organization. Below are the key strategic risks which have Continuous employee awareness to ensure security is also those expressed or implied due to factors such as market
Consumer engagement is being further enhanced through been identified and may impact Swiggy in the long run: driven via periodic comms, posters and infosec quizzes. competition, regulatory changes, operational challenges,
exclusive offerings such as One BLCK, the top-tier of the Periodic Cyber Security Assessments are also conducted to technological disruptions and macroeconomic conditions.
Swiggy One loyalty programme and a suite of platform Brand reputation - The “Swiggy” brand is crucial for the ensure robust protection. Swiggy does not undertake any obligation to update or
innovations designed to deliver additional value. In Company’s growth and user acquisition. The Company revise any forward-looking statements, whether as a result
parallel, Swiggy continues to invest in the development of faces risks from negative publicity, customer dissatisfaction, People - Ability to attract and retain top talent, along with of new information, future events, or otherwise. Users are
its delivery partner ecosystem through initiatives focused and intellectual property issues (like copyright infringement succession challenges, may impact our ability to grow, advised to exercise their own judgement and discretion
on financial literacy, inclusion of women partners and or plagiarism) which could lead to legal disputes and innovate and develop technological capabilities. while relying on any information provided.
62 Swiggy Limited Annual Report 2024-25 63
Statutory Reports Statutory Reports
Notice of Twelfth Annual General Meeting Item No. 6 – Approval for continuation of Mr. Ashutosh
Sharma (DIN: 07825610) as a Non-Executive Nominee
Item No. 8 - Re-appointment of Mr. Shailesh Vishnubhai
Haribhakti (DIN: 00007347) as a Non-Executive,
Director of the Company. Independent Director of the Company commencing from
January 24, 2026, up to January 23, 2031.
To consider and, if thought fit, to pass the following resolution
as an Ordinary Resolution: To consider and, if thought fit, to pass the following resolution
NOTICE is hereby given that the Twelfth Annual General Accountants (Firm Registration No. 001076N/ N500013), as a Special Resolution:
Meeting (‘AGM’) of the members of Swiggy Limited (formerly who have offered themselves for appointment and have “RESOLVED THAT pursuant to the provisions of Regulation
known as “Bundl Technologies Private Limited” & “Swiggy confirmed their eligibility to be appointed as Statutory 17(1D) of Securities and Exchange Board of India (Listing “RESOLVED THAT pursuant to the provisions of Sections 149,
Private Limited”) will be held on Thursday, August 21, 2025, Auditors be and is hereby appointed as the Statutory Obligations and Disclosure Requirements) Regulations, 152 and other applicable provisions, if any, of the Companies
at 10:00 A.M. (IST) through video conferencing (‘VC’)/ Auditors of the Company, to hold office with effect from 2015 (‘the SEBI Listing Regulations’) and other applicable Act, 2013 (“Act”) and the Companies (Appointment and
Other Audio-Visual Means (‘OAVM’) facility to transact the conclusion of the 12th Annual General Meeting of the provisions of the Companies Act, 2013 read with Rules Qualification of Directors) Rules, 2014 (including any statutory
following business(es): Company till conclusion of 17th Annual General Meeting, to made thereunder, including any amendment(s), statutory modification(s) or re-enactment thereof for the time being
conduct audit of accounts of the Company, subject to their modification(s) or re-enactment(s) made thereof for the time in force) read with Schedule IV to the Act and Regulations
ORDINARY BUSINESS: continuity of fulfilment of the applicable eligibility norms, at being in force and based on the recommendation of the 17 and all other applicable Regulations of the SEBI (Listing
such remuneration as may be mutually agreed between the Nomination and Remuneration Committee and the Board of Obligations and Disclosure Requirements) Regulations, 2015
Item No. 1 - Adoption of the Audited Standalone Financial
Board of Directors or any Committee of the Board and the Directors of the Company, approval of the members of the (“SEBI Listing Regulations”), as amended from time to time, in
Statements, Directors Report and the Statutory Auditors
Statutory Auditors from time-to-time.” Company be and is hereby accorded for the continuation accordance with the Articles of Association of the Company
Report for the financial year ended March 31, 2025
of directorship of Mr. Ashutosh Sharma (DIN: 07825610) as and pursuant to the recommendation of the Nomination and
RESOLVED FURTHER THAT the Board (which includes a duly Nominee Director (designated as Non-Executive Nominee Remuneration Committee and as approved by the Board of
To consider and adopt the Audited Standalone Financial
constituted Committee of the Board), be and is hereby Director) of the Company, subject to liable to retire Directors, Mr. Shailesh Vishnubhai Haribhakti (DIN: 00007347)
Statements of the Company for the financial year ended
authorised to do all acts, deeds, matters and things as by rotation. who was appointed as an Independent Director of the
March 31, 2025, together with the reports of the Board of
may be deemed necessary and/or expedient in connection Company for a period of three years and who holds office
Directors and Statutory Auditors thereon.
therewith or incidental thereto, to give effect to the foregoing RESOLVED FURTHER THAT the Board or any duly constituted upto January 23, 2026 and is eligible for re-appointment as
resolution.” Committee of the Board, be and is hereby authorised to an Independent Director, and has submitted a declaration
Item No. 2 - Adoption of the Audited Consolidated Financial
do all acts, deeds, matters and things as may be deemed that he meets the criteria of independence as provided in
Statements and the Statutory Auditors Report for the
SPECIAL BUSINESS: necessary and/or expedient in connection therewith or Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI
financial year ended March 31, 2025
incidental thereto, to give effect to the foregoing resolution.” Listing Regulations, and in respect of whom the Company
Item No. 5 – Appointment of M/s. V Sreedharan and
To consider and adopt the Audited consolidated Financial has received a notice in writing from a Member under Section
Associates as the Secretarial Auditors of the Company for
Item No. 7 – Approval for continuation of Mr. Roger Clark 160(1) of the Act proposing his candidature to the office of
Statements of the Company for the financial year ended a period of five (5) years
Rabalais (DIN: 07304038) as a Non-Executive Nominee Directorship of the Company, be and is hereby re-appointed
March 31, 2025, together with the reports of the Statutory
Director of the Company. as a Non-Executive, Independent Director on the Board of
Auditors thereon. To consider and, if thought fit, to pass the following resolution
as an Ordinary Resolution: the Company, to hold office for a period of five consecutive
“RESOLVED THAT pursuant to the provisions of Regulation years commencing from January 24, 2026 up to January
Item No. 3 – Appointment of Mr. Lakshmi Nandan Reddy
17(1D) of Securities and Exchange Board of India (Listing 23, 2031 (both days inclusive), not liable to retire by rotation.
Obul (DIN: 06686145), who retires by rotation. “RESOLVED THAT pursuant to the provisions of Regulation
Obligations and Disclosure Requirements) Regulations,
24A and other applicable Regulations of the Securities and
To appoint Mr. Lakshmi Nandan Reddy Obul, (DIN: 06686145) 2015 (‘the SEBI Listing Regulations’) and other applicable Item No. 9 – Appointment of Mr. Faraz Khalid (DIN:
Exchange Board of India (Listing Obligations and Disclosure
as an Executive Director designated as Whole Time Director provisions of the Companies Act, 2013 read with Rules 01449885) as an Independent Director of the Company.
Requirements) Regulations, 2015, (‘SEBI Listing Regulations’),
- Head of Innovation who retires by rotation and being made thereunder, including any amendment(s), statutory
Section 204 of the Companies Act, 2013 (“Act”) and other
eligible, offers himself for re-appointment. modification(s) or re-enactment(s) made thereof for the time To consider and, if thought fit, to pass the following resolution
applicable provisions of the Act, if any and the Rules framed
being in force and based on the recommendation of the as a Special Resolution:
thereunder, as amended from time to time, and based
Item No. 4 - Appointment of M/s. Walker Chandiok & Co. LLP, Nomination and Remuneration Committee and the Board of
on the recommendation of the Audit Committee and the
Chartered Accountants (Firm Registration No. 001076N/ Directors of the Company, approval of the members of the “RESOLVED THAT pursuant to the provisions of Section 149,
Board of Directors of the Company (hereinafter referred
N500013) as the Statutory Auditors of the Company. Company be and is hereby accorded for the continuation 150 and 152, Schedule IV and other applicable provisions,
to as the ‘Board’), M/s. V Sreedharan and Associates,
of directorship of Mr. Roger Clark Rabalais (DIN: 07304038) if any, of the Companies Act, 2013 (the “Act”) and the
Practicing Company Secretary Firm (FRN: P1985KR14800 &
To consider and, if thought fit, to pass the following resolution as Nominee Director (designated as Non-Executive Rules made thereunder and the applicable provisions of
Peer Review Certificate No. 5543/2024) be and are hereby
as an Ordinary Resolution: Nominee Director) of the Company, subject to liable to retire SEBI (Listing Obligations and Disclosure Requirements)
appointed as the Secretarial Auditors of the Company for
by rotation. Regulations, 2015 (Listing Regulations) (including any
an Audit period of five consecutive years commencing from
“RESOLVED THAT pursuant to the provisions of Sections statutory modification(s) or re-enactment thereof for the time
FY 2025-26 until FY 2029-30, on such remuneration as
139, 141, 142 and other applicable provisions, if any, of RESOLVED FURTHER THAT the Board or any duly constituted being in force), the provisions of the Articles of Association of
may be mutually agreed upon between the Board and the
the Companies Act, 2013 read with the Rules framed Committee of the Board, be and is hereby authorised to the Company and based on the recommendations of the
Secretarial Auditors.
thereunder as amended from time to time (including any do all acts, deeds, matters and things as may be deemed Nomination and Remuneration Committee and the Board of
statutory modification(s) or re-enactment thereof for the necessary and/or expedient in connection therewith or Directors of the Company, approval of the Members be and
RESOLVED FURTHER THAT the Board or any duly constituted
time being in force) and based on the recommendation of incidental thereto, to give effect to the foregoing resolution.” is hereby accorded for appointment of Mr. Faraz Khalid (DIN:
Committee of the Board, be and is hereby authorised to
Audit Committee and approval of the Board of Directors of do all acts, deeds, matters and things as may be deemed
the Company, consent of the Company be and is hereby necessary and/or expedient in connection therewith or
accorded for M/s. Walker Chandiok & Co. LLP, Chartered incidental thereto, to give effect to the foregoing resolution.”
64 Swiggy Limited Annual Report 2024-25 65
Statutory Reports Statutory Reports
01449885) who was appointed as an Additional Director in as may be necessary, proper, or expedient to give effect to NOTES: 6) The Members can join the AGM in the VC/OAVM
the capacity of Non-Executive Independent Director of the this resolution.” 1) In compliance with General Circular No. 09/2024 mode thirty minutes before the scheduled time of
Company by the Board of Directors with effect from 25th dated September 19, 2024, issued by the Ministry the commencement of the Meeting by following the
July 2025, and who has submitted a declaration that he By Order of the Board. of Corporate Affairs (MCA) and Circular issued by procedure mentioned in the Notice. The Members will
meets the criteria of independence under Section 149(6) of For Swiggy Limited SEBI vide Circular No. SEBI/HO/CFD/ CFDPoD- be able to view the proceedings on National Securities
the Act and Regulation 16(1)(b) of the Listing Regulations 2/P/CIR/2024/133 dated October 3, 2024 (“SEBI Depository Limited’s (NSDL) e-Voting website at
and is eligible for appointment under the provisions of the Circular”), other applicable circulars and notifications www.evoting.nsdl.com.
Act, the Rules made thereunder and the Listing Regulations, Cauveri Sriram
issued (including any statutory modifications or re-
and in respect of whom the Company has received a Notice Company Secretary & Compliance Officer 7) In line with the Circulars issued by MCA & SEBI, the
enactment thereof) for the time being in force and as
in writing under Section 160(1) of the Act proposing his amended from time to time and the provisions of the Notice of the AGM along with the Annual Report
candidature for the office of a Director, as an Independent Date: July 25, 2025 2024-25 is being sent only by electronic mode to those
Companies Act, 2013 (“Act”), SEBI (Listing Obligations
Director, not liable to retire by rotation, to hold office for a Place: Bengaluru Members whose email addresses are registered with
and Disclosure Requirements) Regulations, 2015 (“SEBI
term of five consecutive years i.e., from 25th July 2025 up to Listing Regulations”), the 12th Annual General Meeting the Company/Depository Participants (‘DP’). Members
24th July 2030. Registered Office: No.55 Sy No.8-14, Ground Floor, I&J Block, desirous of obtaining the physical copy of the Annual
(“AGM”) of the Company is being held through VC/
Embassy Tech Village, Outer Ring Road, Devarbisanahalli, Report may please write to ir@swiggy.in mentioning
OAVM without the physical presence of Members at a
RESOLVED FURTHER THAT the Board of Directors be and Bengaluru – 560103 their DP ID and Client ID.
common venue. The deemed venue for the 12th AGM
is hereby authorised to do all acts and take all such steps CIN: L74110KA2013PLC096530
will be the Registered Office of the Company.
8) In compliance with Regulation 36(1)(b) of the SEBI LODR
2) A Statement pursuant to Section 102(1) of the Act, Regulations, a letter is being sent to the shareholders
(“Explanatory Statement”) relating to the Special whose email addresses are not registered with the
Businesses to be transacted at the Meeting is annexed Company/DP, providing a web-link for accessing the
hereto. The relevant details, pursuant to Regulation Annual Report 2024-25. The Notice convening the
36(3) of the SEBI Listing Regulations and Secretarial 12th AGM has been uploaded on the website of the
Standards-2 issued by ICSI, in respect of Directors Company at https://www.swiggy.com/corporate/
seeking appointment/re-appointment at this AGM is and may also be accessed from the relevant section
annexed to this Notice. of the websites of the stock exchanges i.e., BSE Limited
(BSE) and the National Stock Exchange of India Limited
3) Pursuant to the provisions of the Act, a member entitled (NSE) at www.bseindia.com and www.nseindia.com
to attend and vote at the AGM is entitled to appoint respectively. The Notice is also available on the website
a proxy to attend and vote on his/her behalf and the of NSDL at www.evoting.nsdl.com.
proxy need not be a member of the Company. Since
this AGM is being held pursuant to the MCA Circulars 9) In the case of joint holders, the Member whose name
through VC/OAVM facility, physical attendance of appears as the first holder in the order of names as
members has been dispensed with. Accordingly, the per the Register of Members of the Company will be
facility for appointment of proxies by the members entitled to vote at the AGM through e-voting.
will not be available for this AGM and hence the Proxy
10) Members are requested to intimate changes, if any,
Form, Attendance Slip and Route Map of AGM are
pertaining to their name, postal address, telephone/
not annexed to this Notice. In this notice, the terms
mobile numbers, Permanent Account Number (PAN),
member(s) or shareholder(s) are used interchangeably.
mandates, nominations, power of attorney, to their
4) Institutional/Corporate Shareholders (i.e., other than Depository Participants (DPs) in case the shares are
individuals/HUF, NRI, etc.) are required to send certified held by them in dematerialized form.
copy (PDF/JPG Format) of its Board or governing
11) The business set out in the Notice will be transacted
body Resolution/Authorization etc., authorizing its
through electronic voting system and the Company
representative to attend the12th AGM on its behalf
is providing facility for voting by electronic means.
and to vote through remote e-voting. The said
Instructions and other information relating to e-voting
Resolution/Authorization shall be sent to the Scrutinizer
are given in this Notice.
by e-mail through its registered e-mail address at
info@bmpandco.com with a copy marked to
12) Relevant documents referred to in the accompanying
evoting@nsdl.com. Institutional shareholders and
Notice and the Explanatory Statement, Registers and
Corporate Members may also upload their Board
all other documents will be available for inspection in
Resolution/Power of Attorney/Authority Letter etc. by
electronic mode. Members can inspect the same by
clicking on “Upload Board Resolution/Authority Letter”
sending an email to the Company Secretary of the
displayed under “e-Voting” tab in their login.
Company at secretarial@swiggy.in.
5) Members attending the AGM through VC/OAVM shall
13) Members desirous of seeking information with regard
be counted for the purpose of reckoning the quorum
to the accounts or any other matter with regard
under Section 103 of the Act.
to the resolutions to be placed at the AGM are
66 Swiggy Limited Annual Report 2024-25 67
Statutory Reports Statutory Reports
requested to send email to the Company Secretary at VOTING THROUGH ELECTRONIC MEANS: The procedure to login to e-Voting is detailed hereunder:
secretarial@swiggy.in at least 7 days prior to 1. In compliance with provisions of Section 108 of the
the meeting. Companies Act, 2013, Rule 20 of the Companies How do I vote electronically using NSDL e-Voting system?
(Management and Administration) Rules, 2014, The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:
14) SEBI has mandated the submission of PAN by every as amended by the Companies (Management
participant of the securities market. Members holding and Administration) Amendment Rules, 2015, the Step 1: Access to NSDL e-Voting system
shares in dematerialized form are, therefore, requested General Circular No. 09/2024 dated September A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in
to submit their PAN to their DP with whom they are 19, 2024, issued by the Ministry of Corporate Affairs demat mode
maintaining their demat accounts. and Regulation 44 of the SEBI (Listing Obligations In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual
and Disclosure Requirements), Regulations 2015, shareholders holding securities in demat mode are allowed to vote through their demat account maintained with
15) Pursuant to Section 72 of the Act, members are entitled
the Company is pleased to provide Members the Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in
to make a nomination in respect of shares held by them.
facility to exercise their right to vote on resolutions their demat accounts in order to access e-Voting facility.
Members desirous of making a nomination, pursuant
proposed to be considered at the Annual General
to Rule 19(1) of the Companies (Share Capital and
Meeting (‘AGM’) by electronic means (by using Login method for Individual shareholders holding securities in demat mode is given below:
Debentures) Rules, 2014 are requested to send their
the electronic voting system provided by NSDL)
requests in Form No. SH-13, to RTA. Further, members Type of shareholders Login Method
either by:
desirous of cancelling/varying nomination pursuant Individual Shareholders 1. For OTP based login you can click on https://eservices.nsdl.com/SecureWeb/evoting/
to Rule 19(9) of the Companies (Share Capital and (i) remote e-Voting prior to the AGM; or holding securities in demat evotinglogin.jsp. You will have to enter your 8-digit DP ID,8-digit Client Id, PAN No., Verification
mode with NSDL. code and generate OTP. Enter the OTP received on registered email id/mobile number and click
Debentures) Rules, 2014, are requested to send their (ii) e-Voting during the AGM. on login. After successful authentication, you will be redirected to NSDL Depository site wherein
requests in Form No. SH-14, to RTA. These forms will be you can see e-Voting page. Click on company name or e-Voting service provider i.e. NSDL
made available by RTA on request. The remote e-voting period begins on Monday, and you will be redirected to e-Voting website of NSDL for casting your vote during the remote
e-Voting period or joining virtual meeting & voting during the meeting.
August 18, 2025, at 9:00 A.M. and ends on
16) Manner of registration of e-mail address to receive the Wednesday, August 20, 2025, at 5:00 P.M. The 2. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.nsdl.com either
Annual Report for 2024-25 including AGM Notice: remote e-voting module shall be disabled by NSDL on a Personal Computer or on a mobile. On the e-Services home page click on the “Beneficial
for voting thereafter. The Members, whose names Owner” icon under “Login” which is available under ‘IDeAS’ section, this will prompt you to
In terms of MCA Circulars, for the purpose of the 12th enter your existing User ID and Password. After successful authentication, you will be able to
appear in the Register of Members / Beneficial
AGM, the eligible Members, whose e-mail addresses see e-Voting services under Value added services. Click on “Access to e-Voting” under e-Voting
Owners as on the record date (cut-off date) i.e. services and you will be able to see e-Voting page. Click on company name or e-Voting service
are not registered with the Company/DP and who
Thursday, August 14, 2025 may cast their vote provider i.e. NSDL and you will be re-directed to e-Voting website of NSDL for casting your vote
wish to receive the Annual Report along with the AGM during the remote e-Voting period or joining virtual meeting & voting during the meeting.
electronically. The voting right of shareholders
Notice electronically and to cast the vote electronically,
shall be in proportion to their share in the paid-
may register their e-mail addresses on or before 05:00 3. If you are not registered for IDeAS e-Services, option to register is available at https://eservices.
up equity share capital of the Company as on the
p.m. IST on August 07, 2025, pursuant to which such nsdl.com. Select “Register Online for IDeAS Portal” or click at https://eservices.nsdl.com/
cut-off date, being Thursday, August 14, 2025. SecureWeb/IdeasDirectReg.jsp
Member shall receive the Notice of this AGM along with
the Annual Report 2024-25. 2. The Board of Directors have appointed CS Pramod 4. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
S. M. or failing him CS Biswajit Ghosh, Partners of https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the
17) Members are requested to register the e-mail address home page of e-Voting system is launched, click on the icon “Login” which is available under
M/s BMP & Co. LLP, Practicing Company Secretary
with their concerned DPs, in respect of equity shares ‘Shareholder/Member’ section. A new screen will open. You will have to enter your User ID (i.e.
firm, Bengaluru, who are not in the employment of your sixteen digit demat account number hold with NSDL), Password/OTP and a Verification
held in demat mode or visit https://web.in.mpms.mufg.
the Company, as the Scrutiniser to scrutinise the Code as shown on the screen. After successful authentication, you will be redirected to NSDL
com/helpdesk/Service_Request.html to know more Depository site wherein you can see e-Voting page. Click on company name or e-Voting service
voting at the AGM and remote e-Voting process
about the registration process. provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your vote
in a fair and transparent manner.
during the remote e-Voting period or joining virtual meeting & voting during the meeting.
Further, those Members who have already registered
3. The facility for e-Voting shall also be made 5. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility by scanning
their e-mail addresses are requested to keep their
available during the AGM, and Members attending the QR code mentioned below for seamless voting experience.
e-mail addresses validated/updated with their DPs to
the AGM through VC/OAVM, who have not already
enable servicing of notices/documents/ annual reports
cast their vote by remote e-Voting, may exercise
and other communications electronically to their e-mail
their right to vote during the AGM through the
address in future. Alternatively, those Members who
NSDL portal.
have not registered their email addresses are required
to send an email request to evoting@nsdl.com. 4. The Members who have cast their vote by remote
e-Voting prior to the AGM can also participate
After successful submission of the e-mail address, NSDL
through VC/OAVM but shall not be entitled to cast
will email a copy of the Notice of this AGM along with
their vote through e-voting again.
the Annual Report 2024-25 as also the remote e-Voting
user ID and password on the e-mail address registered 5. Any person, who acquires shares of the Company
by the Member. and becomes a Member of the Company after
dispatch of the Notice and holding shares as of
In case of any queries, Members may write to
the cut-off date i.e. July 25, 2025 may obtain the
evoting@nsdl.com.
login ID and password by sending a request at
evoting@nsdl.com.
68 Swiggy Limited Annual Report 2024-25 69
Statutory Reports Statutory Reports
Type of shareholders Login Method 5. Password details for shareholders other than 7. After entering your password, tick on Agree to
Individual shareholders are given below: “Terms and Conditions” by selecting on the
Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing user
holding securities in demat id and password. Option will be made available to reach e-Voting page without any check box.
mode with CDSL further authentication. The users to login Easi /Easiest are requested to visit CDSL website a) If you are already registered for e-Voting,
www.cdslindia.com and click on login icon & New System Myeasi Tab and then user your existing then you can user your existing password to 8. Now, you will have to click on “Login” button.
my easi username & password. login and cast your vote.
9. After you click on the “Login” button, Home page
2. After successful login the Easi / Easiest user will be able to see the e-Voting option for eligible
b) If you are using NSDL e-Voting system for the of e-Voting will open.
companies where the evoting is in progress as per the information provided by company. On
clicking the evoting option, the user will be able to see e-Voting page of the e-Voting service first time, you will need to retrieve the ‘initial
provider for casting your vote during the remote e-Voting period or joining virtual meeting & password’ which was communicated to you. Step 2: Cast your vote electronically and join
voting during the meeting. Additionally, there is also links provided to access the system of all
Once you retrieve your ‘initial password’, General Meeting on NSDL e-Voting system.
e-Voting Service Providers, so that the user can visit the e-Voting service providers’ website
directly. you need to enter the ‘initial password’ How to cast your vote electronically and join General
and the system will force you to change Meeting on NSDL e-Voting system?
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL website your password. 1. After successful login at Step 1, you will be able
www.cdslindia.com and click on login & New System Myeasi Tab and then click on registration to see all the companies “EVEN” in which you
option.
c) How to retrieve your ‘initial password’? are holding shares and whose voting cycle and
4. Alternatively, the user can directly access e-Voting page by providing Demat Account Number General Meeting is in active status.
and PAN No. from a e-Voting link available on www.cdslindia.com home page. The system will (i) If your email ID is registered in your
authenticate the user by sending OTP on registered Mobile & Email as recorded in the Demat demat account or with the company, 2. Select “EVEN” of Swiggy Limited - 134790 (EVEN)
Account. After successful authentication, user will be able to see the e-Voting option where your ‘initial password’ is communicated for which you wish to cast your vote during the
the evoting is in progress and also able to directly access the system of all e-Voting Service
to you on your email ID. Trace the remote e-Voting period and casting your vote
Providers.
email sent to you from NSDL from your during the General Meeting. For joining virtual
Individual Shareholders You can also login using the login credentials of your demat account through your Depository
mailbox. Open the email and open the meeting, you need to click on “VC/OAVM” link
(holding securities in demat Participant registered with NSDL/CDSL for e-Voting facility. upon logging in, you will be able to
mode) login through their see e-Voting option. Click on e-Voting option, you will be redirected to NSDL/CDSL Depository site attachment i.e. a .pdf file. Open the .pdf placed under “Join Meeting”.
depository participants after successful authentication, wherein you can see e-Voting feature. Click on company name or file. The password to open the .pdf file is
e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website of NSDL for casting your 8 digit client ID for NSDL account, 3. Now you are ready for e-Voting as the Voting
your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. page opens.
last 8 digits of client ID for CDSL account
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
or folio number for shares held in physical
Password option available at abovementioned website. form. The .pdf file contains your ‘User ID’ 4. Cast your vote by selecting appropriate options
and your ‘initial password’. i.e. assent or dissent, verify/modify the number of
Helpdesk for Individual Shareholders holding 3. A new screen will open. You will have to enter your shares for which you wish to cast your vote and click
securities in demat mode for any technical User ID, your Password/OTP and a Verification (ii) If your email ID is not registered, please on “Submit” and also “Confirm” when prompted.
issues related to login through Depository i.e. Code as shown on the screen.
follow steps mentioned below in process
NSDL and CDSL. 5. Upon confirmation, the message “Vote cast
Alternatively, if you are registered for NSDL for those shareholders whose email ids
successfully” will be displayed.
Login type Helpdesk details eservices i.e. IDEAS, you can log-in at https:// are not registered.
Individual Members facing any technical issue eservices.nsdl.com/ with your existing IDEAS login. 6. You can also take the printout of the votes cast
Shareholders in login can contact NSDL helpdesk Once you log-in to NSDL eservices after using your 6. If you are unable to retrieve or have not
by you by clicking on the print option on the
holding securities in by sending a request at evoting@ log-in credentials, click on e-Voting and you can received the “Initial password” or have forgotten
demat mode with nsdl.com or call at 022 - 4886 7000 confirmation page.
proceed to Step 2 i.e. Cast your vote electronically. your password:
NSDL
Individual Members facing any technical issue 7. Once you confirm your vote on the resolution, you
4. Your User ID details are given below : a) Click on “Forgot User Details/Password?”(If will not be allowed to modify your vote.
Shareholders in login can contact CDSL helpdesk
holding securities in by sending a request at helpdesk. you are holding shares in your demat account
Manner of holding
demat mode with evoting@cdslindia.com or contact shares i.e. Demat with NSDL or CDSL) option available on www. Process for those shareholders whose email
CDSL at toll free no. 1800-21-09911 Your User ID is: evoting.nsdl.com.
(NSDL or CDSL) or ids are not registered with the depositories for
Physical procuring user id and password and registration
B) Login Method for e-Voting and joining virtual a) For Members 8 Character DP ID followed by b) P
hysical User Reset Password?” (If you are of e mail ids for e-voting for the resolutions set
meeting for shareholders other than Individual who hold shares 8 Digit Client ID holding shares in physical mode) option out in this notice:
shareholders holding securities in demat mode in demat account For example if your DP ID
available on www.evoting.nsdl.com.
with NSDL. is IN300*** and Client ID is 1. In case shares are held in demat mode, please
and shareholders holding securities in physical
12****** then your user ID is provide DPID-CLID (16 digit DPID + CLID or 16
mode. IN300***12******. c) If you are still unable to get the password
digit beneficiary ID), Name, client master or copy
How to Log-in to NSDL e-Voting website? b) For Members 16 Digit Beneficiary ID by aforesaid two options, you can send a of Consolidated Account statement, PAN (self-
1. Visit the e-Voting website of NSDL. Open web who hold shares For example if your Beneficiary request at evoting@nsdl.com mentioning attested scanned copy of PAN card), AADHAR
in demat account ID is 12************** then your your demat account number/folio number,
browser by typing the following URL: https://www. with CDSL. user ID is 12************** (self-attested scanned copy of Aadhar Card)
evoting.nsdl.com/ either on a Personal Computer your PAN, your name and your registered to secretarial@swiggy.in. If you are an Individual
c) For Members EVEN Number followed by Folio address etc.
or on a mobile. holding shares in Number registered with the shareholder holding securities in demat mode,
Physical Form. company you are requested to refer to the login method
2. Once the home page of e-Voting system is For example if folio number d) Members can also use the OTP (One Time explained at step 1 (A) i.e. Login method for
launched, click on the icon “Login” which is is 001*** and EVEN is 134790 Password) based login for casting the votes e-Voting and joining virtual meeting for Individual
then user ID is 101456001*** on the e-Voting system of NSDL.
available under ‘Shareholder/Member’ section. shareholders holding securities in demat mode.
70 Swiggy Limited Annual Report 2024-25 71
Statutory Reports Statutory Reports
2. Alternatively shareholder/members may send a 3. Further Members will be required to allow Camera EXPLANATORY STATEMENT PURSUANT TO SECTION V Sreedharan and Associates. In addition to the secretarial
request to evoting@nsdl.com for procuring user and use Internet with a good speed to avoid any 102 OF THE COMPANIES ACT, 2013 audit, V Sreedharan and Associates shall provide such other
id and password for e-voting by providing above disturbance during the meeting. services in the nature of certifications and other professional
The following Statement sets out all material facts relating
mentioned documents. work, as approved by the Board of Directors.
to the Resolution(s) mentioned under Item
4. Please note that Participants Connecting from
3. In terms of SEBI circular dated December 9, 2020 Mobile Devices or Tablets or through Laptop The relevant fees will be determined by the Board, as
connecting via Mobile Hotspot may experience No(s). 5 to 9 of the accompanying Notice.
on e-Voting facility provided by Listed Companies, recommended by the Audit Committee in consultation
Individual shareholders holding securities in Audio/Video loss due to Fluctuation in their
ITEM NO. 5: with the Secretarial Auditors. The Board recommends the
demat mode are allowed to vote through their respective network. It is therefore recommended
Ordinary Resolution as set out in Item No. 5 of this Notice for
demat account maintained with Depositories to use Stable Wi-Fi or LAN Connection to mitigate The Board at its meeting held on July 25, 2025, based on
any kind of aforesaid glitches. approval of the Members.
and Depository Participants. Shareholders are recommendation of the Audit Committee, after evaluating
required to update their mobile number and email and considering various factors such as industry experience,
5. Members who would like to express their views/ None of the Directors and/or Key Managerial Personnel of the
ID correctly in their demat account in order to competency of the audit team, efficiency in conduct of
ask questions as a speaker at the Meeting may Company and/or their relatives are concerned or interested,
access e-Voting facility. audit, independence, etc., has approved the appointment
pre-register themselves by sending a request in the Resolution set out in Item No. 5 of this Notice.
of M/s. V Sreedharan and Associates, Practising Company
THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING from their registered e-mail address mentioning
Secretaries, a peer reviewed firm (Firm Registration Number: ITEM NO. 6:
ON THE DAY OF THE AGM ARE AS UNDER:- their name, DP ID and Client ID/folio number,
PAN and mobile number at secretarial@swiggy.in P1985KR14800) as Secretarial Auditors of the Company for
1. The procedure for e-Voting on the day of the AGM As per Regulation 17(1D) of the Securities and Exchange
between Monday, 11th August 2025 (9:00 a.m. a term of five consecutive years commencing from FY 2025-
is same as the instructions mentioned above for Board of India (Listing Obligations and Disclosure
IST) and Wednesday, 13th August 2025 (5:00 p.m. 26 till FY 2029-30, subject to approval of the Members.
remote e-voting. Requirements) Regulations, 2015 (“Listing Regulations”),
IST). Only those Members who have preregistered
with effect from April 1, 2024, the continuation of a Director
themselves as a speaker will be allowed to express The appointment of Secretarial Auditors shall be in terms
2. Only those Members/ shareholders, who will be serving on the Board of the Company shall be subject to the
their views/ask questions during the AGM. The of the amended Regulation 24A (1) of the SEBI Listing
present in the AGM through VC/OAVM facility approval by the shareholders in a general meeting at least
Company reserves the right to restrict the number Regulations vide SEBI Notification dated December 12,
and have not casted their vote on the Resolutions once in every five years from the date of their appointment
of questions and number of speakers depending 2024, and provisions of Section 204 of the Act and Rule
through remote e-Voting and are otherwise not or reappointment.
on the availability of time for the AGM. 9 of the Companies (Appointment and Remuneration of
barred from doing so, shall be eligible to vote
through e-Voting system in the AGM. Managerial Personnel) Rules, 2014.
General Guidelines for shareholders Mr. Ashutosh Sharma is Non-Executive Nominee Director of
1. Institutional shareholders (i.e. other than the Company and is liable to retire by rotation. Mr. Ashutosh
3. Members who have voted through Remote M/s. V Sreedharan and Associates is a well-known firm
individuals, HUF, NRI etc.) are required to Sharma has been nominated by MIH on the Board of Swiggy
e-Voting will be eligible to attend the AGM. of Practising Company Secretaries founded in 2008 and
send scanned copy (PDF/JPG Format) of the Limited as Nominee Director of the Company w.e.f. 21st
However, they will not be eligible to vote at based in Bangalore. Renowned for its commitment to
relevant Board Resolution/ Authority letter etc. June 2017.
the AGM. quality and precision, the firm has been Peer Reviewed
with attested specimen signature of the duly
and Quality Reviewed by the Institute of Company
authorized signatory(ies) who are authorized In accordance with the said regulations, continuation of his
4. The details of the person who may be contacted Secretaries of India (ICSI), ensuring the highest standards in
to vote, to the Scrutinizer by e-mail to directorship on the Board of the Company, shall be subject
for any grievances connected with the facility for professional practices.
info@bmpandco.com with a copy marked to to approval by the shareholders.
e-Voting on the day of the AGM shall be the same
evoting@nsdl.com. Institutional shareholders (i.e.
person mentioned for Remote e-voting. The firm focusses on providing comprehensive professional
other than individuals, HUF, NRI etc.) can also The Board of Directors at their Meeting held on July 25, 2025
upload their Board Resolution / Power of Attorney services in corporate law, SEBI regulations, FEMA compliance, and based on the recommendation of the Nomination and
INSTRUCTIONS FOR MEMBERS FOR ATTENDING and allied fields, delivering strategic solutions to ensure
/ Authority Letter etc. by clicking on “Upload Remuneration Committee approve the continuation of
THE AGM THROUGH VC/OAVM ARE AS UNDER:
Board Resolution / Authority Letter” displayed regulatory adherence and operational efficiency. The firm directorship of Mr. Ashutosh Sharma as a “Non-Executive
1. Member will be provided with a facility to attend under “e-Voting” tab in their login. provides its services to various prominent companies and
the AGM through VC/OAVM through the NSDL Nominee Director” of the Company, considering his broad
their expertise has earned the trust of industry leaders across experience and subject matter expertise.
e-Voting system. Members may access by 2. It is strongly recommended not to share your sectors like banking, manufacturing, pharmaceuticals,
following the steps mentioned above for Access password with any other person and take utmost and public utilities. M/s. V Sreedharan and Associates has The Board of Directors recommend the Ordinary Resolution
to NSDL e-Voting system. After successful login, care to keep your password confidential. Login
confirmed that the firm is not disqualified and is eligible to be set out at Item No. 6 of the Notice for approval by
you can see link of “VC/OAVM” placed under “Join to the e-voting website will be disabled upon
meeting” menu against company name. You are appointed as Secretarial Auditors in terms of Regulation 24A the Members.
five unsuccessful attempts to key in the correct
requested to click on VC/OAVM link placed under password. In such an event, you will need to go of the SEBI Listing Regulations. The services to be rendered
Join Meeting menu. The link for VC/OAVM will be through the “Forgot User Details/Password?” or by as Secretarial Auditors is within the purview of the said The Members are, therefore, requested to grant their
available in Shareholder/Member login where “Physical User Reset Password?” option available regulation read with SEBI circular no. SEBI/ HO/CFD/CFD- approval by way of passing an Ordinary Resolution for the
the EVEN of Company will be displayed. Please on www.evoting.nsdl.com to reset the password. PoD-2/CIR/P/2024/185 dated December 31, 2024. continuation of directorship of Mr. Ashutosh Sharma as a
note that the members who do not have the User ‘Non-Executive Nominee Director’ of the Company, liable
ID and Password for e-Voting or have forgotten 3. In case of any queries, you may refer the Frequently The proposed fees in connection with the Secretarial Audit is to retire by rotation.
the User ID and Password may retrieve the same Asked Questions (FAQs) for Shareholders and the same as for FY 2025, with no revision. The same shall be
by following the remote e-Voting instructions e-voting user manual for Shareholders available 2,75,000/- (Rupees Two Lakhs Seventy-Five Thousand only) None of the Directors and/or Key Managerial Personnel
mentioned in the notice to avoid last minute rush. at the download section of www.evoting.nsdl.com plus applicable taxes and other out-of-pocket expenses for of the Company and their relatives except Mr. Ashutosh
or call on.: 022 - 4886 7000 or send a request to FY 2026, for subsequent year(s) of their term, such fees as Sharma, is in any way concerned or interested, financially
2. Members are encouraged to join the Meeting Mr. Falguni Chakraborty, Assistant Manager at
may be mutually agreed between the Board of Directors and or otherwise, in the said Resolution.
through Laptops for better experience. evoting@nsdl.com
72 Swiggy Limited Annual Report 2024-25 73
Statutory Reports Statutory Reports
The profile and specific areas of expertise of Mr. Ashutosh Standard on General Meetings issued by the Institute of Valuer in both domestic and international jurisdictions. He accompanying Notice, for approval by the Members by way
Sharma and other relevant information as required under the Company Secretaries of India are provided in the Annexure represented India on the Standards Advisory Council (SAC) of special resolution.
Securities and Exchange Board of India (Listing Obligations I to this Notice. of the International Accounting Standards Board (IASB) in
and Disclosure Requirements) Regulations, 2015 (‘the SEBI London for two years. Except Mr. Shailesh Vishnubhai Haribhakti, none of the other
Listing Regulations’) and the Secretarial Standard on General ITEM NO. 8: Directors, Key Managerial Personnel of your Company and
Meetings issued by the Institute of Company Secretaries of The Members of the Company at the 10th Annual General In addition, Mr. Haribhakti is currently Non-Executive their relatives are in any way concerned or interested in
India are provided in the Annexure I to this Notice. Meeting, had approved the appointment of Mr. Shailesh Chairman of the Board of Protean e-Gov Technologies this resolution. Further details of Mr. Shailesh Vishnubhai
Vishnubhai Haribhakti (DIN: 00007347) as an Independent Ltd, Continuum Green Energy Limited, Aakash Educational Haribhakti is provided in the Annexure to this Notice.
ITEM NO. 7: Director of the Company for a period 3 years upto January Services Limited, IBS Fintech India Pvt Ltd, Planet People
As per Regulation 17(1D) of the Securities and Exchange & Profit Consulting Pvt Ltd, YCWI Green Solutions Pvt Ltd, ITEM NO. 9:
23, 2026.
Board of India (Listing Obligations and Disclosure Bharat Clean Rivers Foundation, Mirae Asset Investment The Board of Directors, based on the recommendation of
Requirements) Regulations, 2015 (“Listing Regulations”), Pursuant to the recommendation of the Nomination and Managers (India) Pvt Ltd and Stair Digital Pvt Ltd. the Nomination and Remuneration Committee (NRC), had
with effect from April 1, 2024, the continuation of a director Remuneration Committee, the Board at its meeting held on appointed Mr. Faraz Khalid (DIN: 01449885) as an Additional
serving on the Board of the Company shall be subject to the July 25, 2025, approved the re-appointment of Mr. Shailesh He is also a Board Member of several leading companies Director on the Board of the Company, designated as a
approval by the shareholders in a general meeting at least Vishnubhai Haribhakti as an Independent Director of the and including Adani Total Gas Ltd, Bajaj Electricals Ltd, TVS Non-Executive Independent Director with effect from 25th
once in every five years from the date of their appointment Company for a second term commencing from January 24, Motors Company Limited, Brookprop Management Services July 2025 for a term of five consecutive years i.e. up to 24th
or reappointment. 2026 upto January 23, 2031, in terms of Section 149 read with Pvt Ltd (a Brookfield REIT), Future Generali India Insurance July 2030, under Sections 149, 150 and 152 of the Act and in
Schedule IV of the Companies Act, 2013 and SEBI (Listing Company Limited, Future Generali India Life Insurance line with the Articles of Association of the Company, subject
Mr. Roger Clark Rabalais is Non-Executive Nominee Director Obligations and Disclosure Requirements) Regulations, Company Ltd, Gaja Alternative Asset Management Limited, to the approval of the shareholders.
of the Company and is liable to retire by rotation. Mr. Roger 2015, or any amendment thereto or modification thereof, amongst others.
Clark Rabalais has been nominated by MIH on the Board of subject to members approval. Mr. Faraz shall hold office until the date of the next
Swiggy Limited as Nominee Director of the Company w.e.f. In recent times, some prominent Boards and Board General Meeting or for a period of three months from the
4th December 2023. The Company has, in terms of Section 160(1) of the Act, Committees led by him have been recognised with coveted date of appointment, whichever is earlier and is eligible
received in writing a Notice from a Member, proposing awards, which speak of his penchant for excellence in the for appointment as an Independent Director for a term
In accordance with the said regulations, it is necessary to his candidature for the office of Director. The Company areas of corporate governance and sustainability. of five consecutive years, subject to the approval of the
approve continuation of his directorship on the Board of has received a declaration from Mr. Shailesh Vishnubhai shareholders as required under the Listing Regulations.
the Company. He has been associated with many management institutions
Haribhakti that he meets the criteria of independence
as well as industry and professional forums. He has led the The Company has received a notice from a Member under
as provided in Section 149(6) of the Act, read with the
The Board of Directors at their Meeting held on July 25, 2025 Bombay Management Association; Institute of Internal Section 160(1) of the Act indicating the intention to propose
Rules framed thereunder and Regulation 16(1)(b) of the
and based on the recommendation of the Nomination and Auditors, Bombay Chapter; Western India Regional Council, Mr. Faraz as an Independent Director of the Company. The
Securities and Exchange Board of India (Listing Obligations
Remuneration Committee approve the continuation of Institute of Chartered Accountants of India; Indian Merchants Company has also received a declaration of independence
and Disclosure Requirements) Regulations, 2015 (Listing
directorship of Mr. Roger Clark Rabalais as a “Non-Executive Chambers; Financial Planning and Standards Board, India; from Mr. Faraz. In terms of Regulation 25(8) of the Listing
Regulations). In the opinion of the Board of Directors,
Nominee Director” of the Company, considering his broad and Rotary Club of Bombay; over the last many decades. Regulations, he has also confirmed that he is not aware
Mr. Shailesh Vishnubhai Haribhakti is independent of
experience and subject matter expertise. He has served on the Securities and Exchange Board of of any circumstance or situation which exists or may be
the management.
India (SEBI)’s Committee on Disclosures and Accounting reasonably anticipated that could impair or impact his ability
The Board of Directors recommend the Ordinary Resolution Standards and Takeover Panel and was Chairman of the to discharge his duties as an Independent Director without
Brief Profile of Mr. Shailesh Haribhakti
set out at Item No. 7 of the Notice for approval by NPS (National Pension Scheme) Trust from 2015-2017. any external influence. Further, he is neither disqualified from
the Members. Mr. Shailesh Haribhakti is a renowned Chartered Accountant
being appointed as a Director in terms of Section 164 of
and Cost Accountant, and a Certified Internal Auditor,
In compliance with the provisions of Section 149, read with the Act, nor debarred from holding the office of a director
The Members are, therefore, requested to grant their Financial Planner, and Fraud Examiner, with over five decades
Schedule IV to the Act and Regulation 17 of the Listing by virtue of any SEBI Order or any other such authority and
approval by way of passing an Ordinary Resolution for the of experience. Mr. Haribhakti is the Chairman of Shailesh
Regulations, the re-appointment of Mr. Shailesh Vishnubhai had registered himself in the Independent Director’s Data
continuation of directorship of Mr. Roger Clark Rabalais as Haribhakti & Associates, Chartered Accountants and the
Haribhakti as an Independent Director is now being placed Bank maintained by Indian Institute of Corporate Affairs.
a ‘Non-Executive Nominee Director’ of the Company, liable Vice Chairman of GovEVA Consulting Pvt Ltd. He has been before the Members for their approval. Further details of Mr. Faraz have been given in the Annexure
to retire by rotation. conferred with the Global Competent Boards Designation
to this Notice.
(GCBD) by Competent Boards Inc, Canada. Presented with The Board is of the view that Mr. Shailesh Vishnubhai
None of the Directors and/or Key Managerial Personnel of the honorary PhD title of “Doctor of Letters” by ITM University. Haribhakti possess the required expertise and experience In the opinion of the Board, Mr. Faraz is a person of integrity
the Company and their relatives except Mr. Roger Clark He has been awarded the ’Vivekananda Sustainability to be re-appointed as an Independent Director. Further, who has experience and expertise across industries for
Rabalais is in any way concerned or interested, financially Award – 2022’ by Vivekananda Youth Connect Foundation. Mr. Haribhakti satisfies the requirements set forth under appointment on the Board, fulfils the conditions specified
or otherwise, in the said Resolution. the Act and the SEBI Listing Regulations and remains in the Act and the Rules made thereunder read with the
A proponent of a clean and green environment, he is credited independent of the management. The Board believes that provisions of the Listing Regulations each as amended. A
The profile and specific areas of expertise of Mr. Roger to have successfully established the concept of ‘Innovate to his continued association would be of significant value to the copy of the draft letter for appointment of the Independent
Clark Rabalais and other relevant information as required Zero’ and technology enabling CSR/ESG/ Sustainability. Company and the Board recommends his re-appointment Director setting out the terms and conditions of his
under the Securities and Exchange Board of India (Listing
as an Independent Director as detailed in Item No. 8 of the appointment will be available for inspection by the Members.
Obligations and Disclosure Requirements) Regulations, In the space of dispute settlement and arbitration, he
2015 (‘the SEBI Listing Regulations’) and the Secretarial has demonstrated his expertise as Expert Witness and
74 Swiggy Limited Annual Report 2024-25 75
76
None of the Directors or KMPs of the Company or their Mr. Faraz would be entitled to sitting fees for attending the
Swiggy Limited respective relatives other than Mr. Faraz Khalid, to whom the Meetings of the Board of Directors and Committees thereof
The profile and specific areas of expertise of Mr. Faraz forms Members who wish to inspect the same can send a request
Resolution relates are concerned or interested either directly where he is a member. In addition, he would be entitled
or indirectly, in the Resolution mentioned at Item No. 9 of the to commission as determined each year by the Board of
Notice. Mr. Faraz Khalid is not related to any Director or KMP Directors within the limits approved by the Members of the
Statutory Reports
of the Company.
to the e-mail address mentioned in the notes to the Notice.
Company for the Non-Executive Directors of the Company.
part of this Notice.
Date: July 25, 2025
By Order of the Board.
Registered Office: No.55 Sy No.8-14, Ground Floor, I&J Block,
The Board recommends the Resolution set forth in Item No.9
Place: Bengaluru
Cauveri Sriram
For Swiggy Limited
Embassy Tech Village, Outer Ring Road, Devarbisanahalli,
for the approval of the Members of the Company by way of
Company Secretary & Compliance Officer
Bengaluru – 560103
CIN: L74110KA2013PLC096530 a Special Resolution.
Annexure-I
DETAILS OF THE DIRECTOR SEEKING APPOINTMENT/ RE-APPOINTMENT AT THE TWELFTH AGM OF THE COMPANY
[Pursuant to Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard-2 on General Meetings]
Name of Director Lakshmi Nandan Reddy Obul Ashutosh Sharma Roger Clark Rabalais Shailesh Vishnubhai Haribhakti Faraz Khalid
DIN 06686145 07825610 07304038 00007347 01449885
Date of Birth and Age September 21, 1987 (37 Years) August 27, 1977 (48 Years) November 17, 1971 (53 Years) March 13, 1956 (69 Years) September 25, 1983 (41 Years)
Date of First December 26, 2013 June 21, 2017 December 04, 2023 January 24, 2023 July 25, 2025
Appointment on the
Board
Qualifications Master’s degree in science Master’s degree in business Master of arts in the field of Chartered Accountant and MBA from the Wharton
(honors) in physics from Birla administration from the Booth Economics from the Harvard Cost Accountant, a Certified School of the University of
Institute of Technology and School of Business at the University Internal Auditor, Financial Pennsylvania
Science, Pilani University of Chicago Planner and Fraud Examiner.
Relationship between Nil Nil Nil Nil Nil
Directors inter-se
Brief Resume Please refer to the Corporate Please refer to the Corporate Please refer to the Corporate Please refer to the Corporate Faraz is the CEO of noon, the
Governance Report Section of Governance Report Section of Governance Report Section of Governance Report Section of region’s leading consumer
the Annual Report for details the Annual Report for details the Annual Report for details the Annual Report for details commerce platform. The noon
Statutory Reports
on the brief profile of Mr. on the brief profile of Mr. on the brief profile of Mr. Roger on the brief profile of Mr. ecosystem of services now
Lakshmi Nandan Reddy Obul Ashutosh Sharma Clark Rabalais Shailesh Vishnubhai Haribhakti includes marketplaces for food
delivery, quick-commerce,
fintech, and fashion. Faraz is
an engineer by training and
has an MBA from the Wharton
School of the University of
Pennsylvania. Prior to noon,
Faraz was the co-founder and
Managing Director at Namshi.
Expertise in specific Technological Expertise and IT Industry & General IT Industry & Leadership A proponent of a clean IT Technology & Leadership
functional areas Business Strategy Management and green environment, Mr.
Shailesh is credited to have
successfully established the
concept of ‘Innovate to Zero’
and technology enabling CSR/
ESG/ Sustainability.
Directorships held Nil Nil Nil • Adani Total Gas Limited Nil
in other Public • Bajaj Electricals Limited
Companies (excluding • TVS Motor Company
Foreign Companies) Limited
• Protean E-Gov
Technologies Limited
• Aakash Educational
Services Limited
• Future Generali India
Annual Report 2024-25
Insurance Company
Limited
77
Statutory Reports Statutory Reports
Appointment as an
Directors’ Report to the Members
Independent Director for a Mr. Faraz shall be paid sitting
period of five years effective
25th July 2025. fees for attending the Board
(Refer Item No.9 of the
Not applicable
/ Committee meetings and
Dear Members,
explanatory statement of this
Notice.)
Board approved commission.
Your Director’s have the pleasure in presenting the Twelfth Board’s Report of Swiggy Limited (the ‘Company’ or ‘Swiggy’)
Nil Nil Nil Not applicable together with the Audited Financial Statements (Consolidated and Standalone) and the Auditors’ Report on the business
and operations of your Company for the financial year ended March 31, 2025.
Mr. Shailesh shall be paid
• Future Generali India
Life Insurance Company Re-appointment as an
Limited
• Continuum Green Energy
Limited Independent Director for a 1. OVERVIEW OF FINANCIAL PERFORMANCE
sitting fees for attending
period of five years effective
• Blue Star Limited
• ACC Limited
• Ambuja Cements Limited (Amount in ` million)
23rd January 2026.
• L&T Finance Holdings
Limited
• Torrent Pharmaceuticals
the Board / Committee
Limited
(Refer Item No. 8 of the Standalone Consolidated
Particulars
Audit Committee
• Adani Total Gas Limited
• Bajaj Electricals Limited
• TVS Motor Company explanatory statement of this FY 2024-25 FY 2023-24 FY 2024-25 FY 2023-24
Limited
meetings and Board approved
• Aakash Educational
Services Limited Notice.) Revenue from operations 87,964.80 63,722.98 152,267.55 112,473.90
• Future Generali India
No remuneration other than
Insurance Company
Limited
• Future Generali India Other income 6,334.57 6,442.93 3,961.70 3,869.59
commission.
Life Insurance Company
Limited the Sitting Fees and Board
• Continuum Green Energy
Limited 15 approved Commission Total Income 94,299.37 70,165.91 156,229.25 116,343.49
Nil
Less: Total Expenses 119,276.85 88,020.29 187,254.49 139,473.84
Proposed to be re-appointed
Less: Exceptional items 439.23 1,025.94 117.01 305.94
Less: Share of loss of an associate - - 25.74 66.14
Loss before tax (25,416.71) (18,880.32) (31,167.99) (23,502.43)
as Non-Executive Nominee
Tax Expenses NIL NIL NIL NIL
Loss for the year (25,416.71) (18,880.32) (31,167.99) (23,502.43)
Other comprehensive income, net of tax 13.15 935.65 10.53 942.93
Director
Total comprehensive loss for the year, net of tax (25,403.56) (17,944.67) (31,157.46) (22,559.50)
Nil Nil Nil 14 Nil Nil
Performance Highlights quality of life for urban consumers by offering seamless
Proposed to be re-appointed
During the financial year 2024-2025, the Company access to daily essentials. The Company has become
on a standalone basis, clocked a total revenue of a household name in online food delivery by leveraging
` 87,964.80 million as compared to ` 63,722.98 million robust technology, an extensive delivery partner
as Non-Executive Nominee
in the previous financial year and Profit Before Tax network and a customer-centric approach.
(excluding exceptional item) loss of ` (24,977.48)
million as compared to loss of ` (17,854.38) million in Over the years, the Company has diversified its
Director
the previous financial year. offerings beyond food to include Swiggy Instamart
(quick commerce for groceries and daily essentials)
Nil Nil Nil 10 Nil Nil During the financial year 2024-2025, the Company and Swiggy Dineout (restaurant table bookings and
on a consolidated basis, achieved a total revenue dining deals). The platform partners with hundreds of
Please refer to the Corporate
Proposed to be re-appointed of ` 152,267.55 million as compared to ` 112,473.90 thousands of restaurants, delivery executives and retail
Governance Report Section of
million in the previous financial year and Profit Before
3,16,80,866 Equity shares
partners across hundreds of cities, aiming to make
as Executive Director Tax (excluding exceptional item) loss of ` (31,050.98) everyday convenience accessible and seamless.
the Annual Report for details millions as compared to loss of ` (23,196.49) million in
designated as Whole-Time
on the remuneration for FY
the previous financial year Diversified Business Offerings
Director – Head of Innovation, 2024-25 2. State of the company Affairs / Overview
• Food Delivery
Swiggy’s food delivery segment continues to be its
liable to retire by rotation
Swiggy Limited is India’s pioneering on-demand
Nil Nil 14 As per the agreed terms core business and provides a comprehensive on-
convenience platform, revolutionising the way
Shareholding in consumers access food and essential services. The demand food delivery service, linking customers
Details of
Memberships / with a wide variety of restaurant partners through
Names of listed
Swiggy as on March Company offers a gamut of user-friendly offerings
Remuneration last
Chairmanships of 31, 2025
Committees of other that allow customers to browse, select, order and its app and website. Currently, Swiggy’s food
entities from which No. of Board Meetings
Remuneration sought
Public Companies delivery service operates in 700+ cities across
pay for food, groceries and household essentials, with
drawn in financial
attended during the
the director has (includes only
Audit Committee year deliveries made directly to their doorstep through its India, catering to approximately 18 million users.
resigned in the past
to be paid
and Stakeholders Terms and conditions This segment also offers targeted marketing
on-demand delivery partner network. The Company
year 2024-25
Relationship of appointment /
three years Committee) reappointment was established in 2013 with a mission to enhance the and advertising support to restaurant partners,
78 Swiggy Limited Annual Report 2024-25 79
Statutory Reports Statutory Reports
boosting their visibility on the platform and on bookings of in-restaurant events. This business India Limited, Jefferies India Private Limited, ICICI 7. ACCOUNTS OF SUBSIDIARIES
increasing customer traffic to their outlets. segment leverages Swiggy’s existing network Securities Limited, and Avendus Capital Private Limited. The consolidated financial statements of the Company
and strengthens its presence in the lifestyle and for the financial year 2024-2025 are prepared in
In FY 2024-25, Swiggy’s Food Delivery segment dining space, catering to the evolving preferences Pursuant to the IPO, the equity shares of the Company compliance with the applicable provisions of the Act
demonstrated robust growth, with Gross Order of urban consumers seeking premium dining and are listed on the National Stock Exchange of India including Indian Accounting Standards specified under
Value (GOV) increasing by 16.4% year-on-year entertainment options. Limited and BSE Limited effective November 13, 2024. Section 133 of the Act.
(YoY) and Monthly Transacting Users (MTUs) rising
by 15 % to 14.7million. This growth was driven The Out-of-Home Consumption segment posted Your Directors would like to thank the Merchant Bankers, Audited financial statements of each of the subsidiary
by a strategic focus on underserved markets, significant growth, with GOV up 41.3 % YoY in legal counsels and other stakeholders for helping companies is available on the website of the Company
including the outskirts of major cities and Tier 2 FY 2024-25 the Company achieve the successful IPO and listing. and can be accessed at https://www.swiggy.
towns. Innovations like Bolt — which has scaled to Your Directors would also like to thank the regulators, com/corporate/investor-relations/reports-and-
500+ cities within six months of launch and now • Supply Chain and Distribution Securities and Exchange Board of India and Registrar publications/.
fulfils more than one in every ten Swiggy food Swiggy, through its subsidiary Scootsy, provides of Companies for enabling the Company to take its
orders — and Snacc, which delivers beverages, supply chain solutions focused on warehousing, equity story to the public market. Further, pursuant to the provisions of Section 129(3) of
snacks, tiffin items and meals in 10 to 15 minutes, fulfilment and distribution for wholesalers and the Act, a statement containing salient features of the
have been pivotal in attracting new consumers retailers. Scootsy offers brands comprehensive Last but not least, your Directors extend their heartfelt financial statements of the Company’s subsidiaries as
and increasing order frequency within this mature warehousing services, including in-warehouse gratitude to the shareholders for investing in the IPO required in Form AOC 1 is appended as Annexure-1 to
category. The segment also benefited from the processing, packaging and effective inventory and reposing their continuous trust and faith in the this Report.
cross-pollination of users from Quick Commerce, management. Its services also cover product Company and its management.
with nearly 30% of Instamart users new to the distribution directly to customers or retail partners, 8. MATERIAL SUBSIDIARIES
Swiggy ecosystem. utilising Swiggy’s logistics expertise to ensure 4. DIVIDEND
The Board of Directors of the Company has adopted
timely and cost-efficient deliveries. Furthermore, During the financial year under review, the Board a Policy for determining material subsidiaries in line
• Quick Commerce Swiggy collaborates with various brands to has not recommended any dividend. In terms of with the SEBI (Listing Obligations and Disclosure
Swiggy introduced quick commerce to India help expand their retail presence across India. Regulation 43A of the SEBI (Listing Obligations and Requirements) Regulations, 2015. The Policy is available
with the launch of Instamart in 2020, providing By offering fulfilment and distribution support, Disclosure Requirements) Regulations, 2015 (‘SEBI at Company’s website at https://www.swiggy.com/
on-demand grocery and a growing range of Scootsy enables these brands to reach a broader Listing Regulations’), the Dividend Distribution Policy corporate/wp-content/uploads/2024/10/Policy-for-
household items delivered within 10 to 15 minutes. audience without requiring extensive in-house is available on the Company’s website and can be determining-Material-Subsidiaries.pdf.
This quick commerce service has since expanded logistics capabilities. accessed at https://www.swiggy.com/corporate/wp-
to 124 locations, introduced megapods (can house content/uploads/2024/10/Dividend-Distribution- For the financial year 2024-25, Scootsy Logistics Private
~50,000 SKUs) to offer wider product assortments • Platform Innovations Policy.pdf. Limited is categorized as material subsidiary(s) of the
and a robust network of 1,021 active dark stores The platform enables users to make restaurant Company as per the thresholds laid down under the
pan India. Also launched larger Maxxsaver offering reservations via Dineout, event reservations via 5. TRANSFER TO GENERAL RESERVES SEBI Listing Regulations.
to improve value delivered to customers for building Scenes and professional services via Pyng. The During the year under review, no amount was
larger baskets. Swiggy’s quick commerce arm, Company also introduced innovative offerings transferred to the reserves for the financial year ended 9. SHARE CAPITAL
Instamart, focuses on high-frequency purchases, such as PocketHero (select restaurants offering March 31, 2025. Authorized Share Capital
mainly groceries and essential household items. budget-friendly meals), One BLCK ( subscription
The Authorised Share capital of the Company is INR
It employs data-driven inventory management programme offering priority delivery), Ecosaver 6. S UBSIDIARIES/JOINT VENTURES AND
1,66,99,80,24,990 (Indian Rupees Sixteen Thousand
to forecast demand patterns and stock products mode (offering opt-in batching of orders) and ASSOCIATES
Six Hundred and Ninety-Nine Crores Eighty Lakhs
accordingly, minimising stock-outs and tailoring Swiggy One (premium membership program) . As on March 31, 2025, and the date of the report, the Twenty-Four Thousand Nine Hundred and Ninety only)
the selection to local customer preferences. The Company continues to expand its innovation Company has the following subsidiaries: divided into:
pipeline with new offerings aimed at increasing
In FY 2024-25, the Quick Commerce segment 1. Scootsy Logistics Private Limited (“Scootsy”) w.e.f.
our penetration and unlocking higher user
August 03, 2018, wholly owned subsidiary of (i) 2,80,00,00,000 (Two Hundred and Eighty Crores)
entered a phase of rapid expansion, with GOV transaction frequencies
the Company. equity shares of INR 1 (Indian Rupee One
growing by 82% YoY. Average order value increased
only) each;
by 11.7% YoY to INR 514, driven by broader 3. INITIAL PUBLIC OFFERING & LISTING OF EQUITY 2. Supr Infotech Solutions Private Limited (“Supr”)
selection and increased consumer salience. The SHARES OF THE COMPANY w.e.f. September 27, 2019, wholly owned subsidiary (ii) 61,440 (Sixty-one thousand four hundred and
year also saw the net addition of 498 stores, of the Company.
During the year under review, your Company initiated forty) Series A Compulsorily Convertible Preference
driving up active dark store area to 3.97 mn sq ft
an Initial Public Offering (IPO) comprising a Fresh Issue 3. Lynks Logistics Limited (“Lynks”) w.e.f. August 29, Shares of face value INR 10 (Indian Rupees Ten
(+161.4% YoY).
of Equity Shares aggregating up to ` 44,990 million and 2023, step down wholly owned subsidiary. only) each;
an Offer for Sale of up to ` 68,284.27 million by certain
• Out-of-home Consumption 4. Swiggy Sports Private Limited w.e.f. January 15,
existing shareholders (collectively referred to as the (iii) 85,000 (Eighty-five thousand) Series B Compulsorily
Swiggy’s Out-of-Home consumption category “Offer”). 2025, wholly owned subsidiary of the Company. Convertible Preference Shares of face value INR 10
is mainly driven by two sub-brands: Swiggy (Indian Rupees Ten only) each;
Dineout and Swiggy Scenes . Swiggy Dineout The issue opened on November 6, 2024 and closed on The Company has one associate company:
offers a platform for users to discover restaurants November 8, 2024. The issue was led by Book Running (iv) 1,11,766 (One lakh eleven thousand seven hundred
1. Loyal Hospitality Private Limited w.e.f. March
and make reservations. Swiggy Scenes, events Lead Managers, viz., Kotak Mahindra Capital Company and sixty-six) Series C Compulsorily Convertible
01, 2023
reservation business integrated into the primary Limited, J.P. Morgan India Private Limited, Citigroup Preference Shares of face value INR 10 (Indian
app creating a one-stop-shop focused primarily Global Markets India Private Limited, BofA Securities Rupees Ten only) each;
80 Swiggy Limited Annual Report 2024-25 81
Statutory Reports Statutory Reports
(v) 29,800 (Twenty-nine thousand eight hundred) Shares of face value INR 10 (Indian Rupees ten Date of Number of Face value Issue price
Nature of Name of allottees/
Series D Compulsorily Convertible Preference only) each. allotment of equity shares per equity per equity Nature of allotment
consideration shareholders
Shares of face value INR 10 (Indian Rupees Ten equity shares allotted share (in `) share (in `)
only) each; (xiii) 1,23,411 (One Lakh Twenty-Three Thousand July 19, 2024 25,36,800 1 - Allotment pursuant to N.A. Allotment of
Four Hundred and Eleven) Series J2 Compulsorily conversion of Bonus 2,536,800 Equity
CCPS in the ratio of 1 Shares to Catalyst
(vi) 1,02,960 (one lakh two thousand nine hundred Convertible Preference Shares of face value INR
Equity Share Trusteeship Limited.
sixty) Series E Compulsorily Convertible Preference 10 (Indian Rupees ten only) each. for each Bonus CCPS
Shares of face value INR 10 (Indian Rupees Ten held
only) each; (xiv) 1,08,000 (One Lakh Eight Thousand) Series K July 31, 2024 28,66,995 1 1 Allotment pursuant to Cash Allotment to 652
CCPS Compulsorily Convertible Preference Shares exercise under ESOP employees of the
(vii) 80,290 (Eighty thousand two hundred and ninety) of face value of INR 10,000 (Indian Rupees ten 2015 and ESOP 2021 Company and
Subsidiaries under
Series F Compulsorily Convertible Preference thousand Only) each.
the ESOP 2015 and
Shares of face value INR 10 (Indian Rupees Ten 2 employees of
only) each; (xv) 1,08,00,000 (One Crore Eight Lakh) Series K1 CCPS the Company and
Compulsorily Convertible Preference Shares of Subsidiaries
(viii) 1,18,850 (One lakh eighteen thousand eight face value of INR 10 (Indian Rupees ten Only) each. under the ESOP 2021
hundred and fifty) Series G Compulsorily July 31, 2024 15,35,000 1 - Allotment pursuant to N.A. Allotment of
conversion of Bonus 1,500,000 Equity
Convertible Preference Shares of face value INR (xvi) 16,29,97,600 (Sixteen Crores Twenty-Nine Lakhs
CCPS in the ratio of 1 Shares to Lakshmi
10 (Indian Rupees ten only) each; Ninety-Seven Thousand Six Hundred) Bonus Equity Share Nandan Reddy Obul
Compulsorily Convertible Preference Shares of for each Bonus CCPS and 35,000 Equity
(ix) 2,47,750 (Two lakhs forty-seven thousand face value INR 1,000 (Indian Rupees One Thousand held Shares to Catalyst
Trusteeship
seven hundred and fifty) Series H Compulsorily only) each.
Limited
Convertible Preference Shares of face value INR
July 31, 2024 28,98,669 1 - Allotment pursuant to N.A. Allotment of
10 (Indian Rupees ten only) each; Issued, Subscribed and paid-up Share Capital
conversion of Series I 2,898,669 Equity
The issued, subscribed and paid-up share capital of CCPS in the ratio of 1401 Shares to Ark India
(x) 47,637 (Forty-seven thousand six hundred and the Company as on March 31, 2025 INR 228,64,80,881 Equity Food-Tech Private
thirty-seven) Series I Compulsorily Convertible Share for each Series I Investment Trust
(Indian Rupees Two Hundred Twenty-Eight Crore Sixty-
CCPS held
Preference Shares of face value INR 10 (Indian Four Lakh Eighty Thousand Eight Hundred Eighty-
Rupees ten only) each; July 31, 2024 20,11,238 1 - Allotment pursuant to N.A. Allotment of
One Only) divided into: 228,64,80,881 (Two Hundred conversion of Series K1 2,004,481
Twenty-Eight Crore Sixty-Four Lakh Eighty Thousand CCPS in the ratio of 1 Equity Shares to
(xi) 1,33,357 (One lakh thirty-three thousand three Eight Hundred Eighty-One) equity shares of face value Equity P.R.Venketrama
hundred and fifty seven) Series I-2 Compulsorily of INR 1/- (Rupee One Only) each. Share for each Series K1 Raja & 6,757 Equity
Convertible Preference Shares of face value INR CCPS held Shares to P.V. Abinav
Ramasubramaniam
10 (Indian Rupees ten only) each; and Changes during the year Raja
Details of change in the share capital of the company August 14, 25,97,552 1 1 Allotment pursuant to Cash Allotment to 432
(xii) 1,00,238 (One lakh two hundred and thirty-eight)
during the year are as below: 2024 exercise under ESOP employees of the
Series J Compulsorily Convertible Preference 2015 and ESOP 2021 Company and
Subsidiaries under
the ESOP 2015
Date of Number of Face value Issue price and 1 employee of
Nature of Name of allottees/ the Company and
allotment of equity shares per equity per equity Nature of allotment
consideration shareholders Subsidiaries
equity shares allotted share (in `) share (in `)
under the ESOP 2021
April 3, 2024 50,00,000 1 - Allotment pursuant to N.A. Allotment of
conversion of Bonus 5,000,000 Equity September 2,00,00,000 1 - Allotment pursuant to N.A. Allotment of
CCPS in the ratio of 1.6 Shares to Sriharsha 10, 2024 conversion of Bonus 20,000,000 Equity
Equity Share for each Majety CCPS in the ratio of 1.6 Shares to Sriharsha
Bonus CCPS held Equity Majety
Share for each Bonus
April 3, 2024 17,00,000 1 - Allotment pursuant to N.A. Allotment of CCPS held
conversion of Bonus 1,700,000 Equity
CCPS in the ratio of 1 Shares to Lakshmi September 14,000 1 - Allotment pursuant to N.A. Allotment of 14,000
Equity Share for each Nandan Reddy Obul 10, 2024 conversion of Bonus Equity Shares to KIP
Bonus CCPS held CCPS Re-Up Fund
in the ratio of 1 Equity
June 17, 13,25,346 1 - Allotment pursuant to N.A. Allotment of 966,690 Share for each Bonus
2024 conversion of Series I Equity Shares to Ark CCPS held
CCPS in the ratio of 1401 India Food-Tech
Equity Private Investment
Share for each Series I Trust and 358,656
CCPS held Equity Shares to
Ark India Innovation
Capital Private
Investment Trust
82 Swiggy Limited Annual Report 2024-25 83
Statutory Reports Statutory Reports
Date of Number of Face value Issue price Date of Number of Face value Issue price
Nature of Name of allottees/ Nature of Name of allottees/
allotment of equity shares per equity per equity Nature of allotment allotment of equity shares per equity per equity Nature of allotment
consideration shareholders consideration shareholders
equity shares allotted share (in `) share (in `) equity shares allotted share (in `) share (in `)
September 26,89,920 1 - Allotment pursuant to N.A. Allotment of October 17, 6,32,98,600 1 - Allotment pursuant to N.A. For details of
10, 2024 conversion of Series I 2,098,698 Equity 2024 conversion of Bonus allottees, please see
CCPS in the ratio of 1,401 Shares to KIP Re-Up CCPS in the ratio of 1 https://www.swiggy.
Equity Share for each Fund, 196,140 Equity Equity Shares for each com/corporate/
Series I CCPS held Shares to SVIC No. Bonus CCPS investor- relations/
34 New Technology held
Business Investment November 11, 336,974 1 365 Allotment pursuant to NA For details of
L.L.P., and 197,541 2024 Public Issue (IPO) allottees, please see
Equity Shares each https://www.swiggy.
to SVIC No. 38 New com/corporate/
Technology Business investor- relations/
Investment L.L.P. and
SVIC No. 45 New November 11, 11,50,43,769 1 390 Allotment pursuant to NA For details of
Technology Business 2024 Public Issue (IPO) allottees, please see
Investment L.L.P https://www.swiggy.
com/corporate/
September 60,53,721 1 - Allotment pursuant to N.A. Allotment of investor- relations/
16, 2024 conversion of Series A 6,053,721 Equity
CCPS in the ratio of 1,401 Shares to Torroz January 25, 2,61,93,411 1 1 Allotment of shares under NA Allotment to 1382
Equity Share for each Fintech Private 2025 Swiggy ESOP Plan 2015 employees of the
Series Limited and Swiggy ESOP Plan Company and
A CCPS held 2021 Subsidiaries under
the Swiggy ESOP
September 1,39,46,955 1 - Allotment pursuant to N.A. Allotment of Plan 2015 & 2021
16, 2024 conversion of Series B 13,946,955 Equity
CCPS in the ratio of 1,401 Shares to Torroz February 21, 1,71,44,660 1 1 Allotment of shares under NA Allotment to 838
Equity Share for each Fintech Private 2025 Swiggy ESOP Plan 2015 employees of the
Series B CCPS held Limited and Swiggy ESOP Plan Company and
2021 Subsidiaries under
September 45,16,824 1 - Allotment pursuant to N.A. Allotment of the Swiggy ESOP
16, 2024 conversion of Series I2 4,516,824 Equity Plan 2015 & 2021
CCPS in the ratio of 1,401 Shares to Torroz
Equity Share for each Fintech Private February 26, 8,64,417 1 1 Allotment of shares under NA Allotment to one
Series Limited 2025 Swiggy ESOP Plan 2021 employee of the
I2 CCPS held Company under the
Swiggy ESOP Plan
October 16, 1,70,81,62,245 1 - Allotment pursuant to N.A. For details of 2021
2024 conversion of Series A, allottees, please see
Series B, Series C, Series https://www.swiggy. March 24, 38,31,082 1 1 Allotment of shares under NA Allotment to 525
D, Series E, Series F, com/corporate/ 2025 Swiggy ESOP Plan 2015 employees of the
Series G, Series H, Series investor- relations/. and Swiggy ESOP Plan Company and
I, Series I-2, Series J, 2021 Subsidiaries under
and Series J-2 CCPS in the Swiggy ESOP
the ratio of 1,401 Equity Plan 2015 & 2021
Shares for each
Series A, Series B, Series 10. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL (‘KMP’) OF THE COMPANY
C, Series D, Series E,
Series F, Series G, Series The composition of the Board of Directors is in due compliance with the Companies Act, 2013 and SEBI Listing
H, Series I, Series I-2, Regulations. There was no change in the Directors of the Company during the year under review.
Series J, a nd Series J-2
held
As at March 31, 2025, the Board of the Company comprises of 10 Directors of which 2 are Executive Directors, 4 are
October 16, 13,12,16,736 1 - Allotment pursuant to N.A. For details of Non-Executive Nominee Directors and 4 are Non-Executive Independent Directors, details of which are provided below:
2024 conversion of Series K allottees, please see
CCPS in the ratio of 1,376 https://www.swiggy. Sr. No. Name Designation
Equity Shares for each com/corporate/ Non-Executive – Independent Directors
Series K CCPS held investor- relations/.
1. Anand Kripalu Chairman and Independent Director (Non-Executive)
October 16, 87,10,462 1 - Allotment pursuant to N.A. For details of
2. Shailesh Vishnubhai Haribhakti Independent Director (Non-Executive)
2024 conversion of Series K-1 allottees, please see
CCPS in the ratio of 1 https://www.swiggy. 3. Sahil Barua# Independent Director (Non-Executive)
Equity Shares for each com/corporate/ 4. Suparna Mitra Independent Director (Non-Executive)
Series K-1 investor- relations/. Executive Directors
CCPS held
5. Sriharsha Majety Managing Director & Group CEO
October 17, 11,19,20,000 1 - Allotment pursuant to N.A. For details of
6. Lakshmi Nandan Reddy Obul Whole-time Director - Head of Innovation
2024 conversion of Bonus allottees, please see
CCPS https://www.swiggy. Non-Executive – Nominee Directors
in the ratio of 1.6 Equity com/corporate/ 7. Anand Daniel Nominee Director (Non-Executive)##
Shares for each Bonus investor- relations/.
8. Ashutosh Sharma Nominee Director (Non-Executive)**
CCPS held
9. Sumer Juneja Nominee Director (Non-Executive)*
10. Roger Clark Rabalais Nominee Director (Non-Executive)**
84 Swiggy Limited Annual Report 2024-25 85
Statutory Reports Statutory Reports
Sr. No. Name Designation Gap between two Board meetings during the year For the year ended March 31, 2025, evaluation forms
Other KMPs under review did not exceed one hundred and twenty were circulated to the Board Members which included
11. Rahul Bothra Chief Finance Officer days. Requisite quorum was present for all the meetings. the evaluation of the Board as a whole, Board
Committees and Peer evaluation of the Directors.
# Mr. Sahil Barua, Non-Executive Independent Director of the Company resigned with effect from closing business hours of April 11, 2025
The details of attendance of the Directors in the Each Director completed the evaluation form and
*Nominee of SoftBank.
## Nominee of Accel Entities. meeting are provided in the Corporate Governance shared their feedback. The feedback scores as well as
**Nominee of MIH. Report, which forms part of this Annual Report. qualitative comments were shared with the Chairperson
of Nomination and Remuneration Committee.
12. COMMITTEES OF THE BOARD
Resignation of Director and KMP entity as on 31st March 2024, without the approval
The Board has constituted committees to focus on 15. POLICY ON DIRECTORS’ APPOINTMENT AND
Mr. M Sridhar has stepped down as Company Secretary of the shareholders for the last five years or more REMUNERATION
specific areas and make informed decisions within
and Compliance officer of the Company, with effect shall be subject to the approval of shareholders in
the authority delegated to each of the Committees. Pursuant to Section 178(3) of the Act and Regulation
from the closure of business hours on February 17, 2025. the first general meeting to be held after 31st March
The Company has following Committees as on March 19 & Schedule II Part D of the SEBI Listing Regulations,
2024 and thereafter at least once in every five years.
31, 2025: the Nomination and Remuneration Committee of the
The Board appreciated the efforts and guidance In the aforesaid context, approval of the Members
Company has formulated the criteria for identification
made by him during his tenure and association with is being sought for continuation of Mr. Ashutosh a) Audit Committee and Board nomination of the suitable candidates as
the Company and expressed its deepest gratitude for Sharma and Roger Clark Rabalais as Non-Executive –
b) Nomination and Remuneration Committee well as the policy on remuneration for Directors, KMP
the valuable contributions made by him. Nominee Directors, at the ensuing AGM. Your directors
and other employees of the Company. The Committee,
recommend their re-appointment on the Board of
c) Stakeholders Relationship Committee while evaluating potential candidates for Board
Mr. Venkatraman Ramachandran was appointed as the Company.
membership, considers a variety of personal attributes,
Interim Company Secretary & Compliance Officer of d) Risk Management Committee
The disclosures pertaining to Directors being re- including experience, intellect, foresight, judgment and
the Company with effect from May 9, 2025.
appointed as required under the SEBI Listing Regulations transparency and matches these with the requirements
e) Corporate Social Responsibility Committee
and Secretarial Standard on General Meetings issued set out by the Board.
Mr. Venkatraman Ramachandran has stepped down
as Interim Company Secretary & Compliance Officer of by the Institute of Company Secretaries of India is Details of meetings of the Board Committees held during
provided in the explanatory statement to the Notice The Nomination & Remuneration Policy of the Company
the Company with effect from July 24, 2025, and Mrs. the financial year 2024-2025 along with information
convening the AGM of the Company for reference of provides the framework for remunerating the members
Cauveri Sriram was appointed as Company Secretary relating to attendance of each director/committee
the Shareholders. of the Board, Key Managerial Personnel and other
& Compliance Officer of the Company with effect from member is provided in the Corporate Governance
employees of the Company. This Policy is guided by
July 25, 2025. Report, which forms part of this Annual Report.
During the year under review, the Non-Executive/ the principles and objectives enumerated in Section
Independent Directors of the Company had no 178(4) of the Act and Regulation 19 read along with
Retirement by Rotation & Re-appointment 13. INDEPENDENT DIRECTORS’ MEETING
pecuniary relationship or transactions with the Schedule II Part D of the SEBI Listing Regulations.
A proposal for re-appointment of Mr. Lakshmi Nandan The meeting of Independent Directors was held
Company, other than sitting fees, commission and
Reddy Obul (DIN: 06686145) retiring director, as an on October 29, 2024, and March 19, 2025, without The Remuneration Policy for Directors, Key Managerial
reimbursement of expenses, if any.
Executive Director designated as Whole Time Director the attendance of Non-Independent Directors and Personnel and Senior Management Personnel inter-
- Head of Innovation of the Company shall be placed members of the management. The Independent alia, provides for criteria and qualifications for
None of the Directors of the Company are disqualified
before Members of the Company at the ensuing AGM. Directors reviewed the performance of Non-
under Section 164(1) or Section 164(2) of the Act. appointment of Director, Key Managerial Personnel and
Your directors recommend his re-appointment on the Independent Directors, the Committees and the Board Senior Management, Board Diversity, remuneration to
Board of the Company. as a whole, along with the performance of the Chairman
11. BOARD MEETINGS Directors, Key Managerial Personnel, etc. is available
of the Company, taking into account the views of on the website of the Company and can be accessed
Pursuant to the recommendation of Nomination and The Board of Directors met 15 times during the said
Executive Directors and Non-Executive Directors and at https://www.swiggy.com/corporate/wp-content/
Remuneration Committee, the Board of Directors, financial year on the following dates:
assessed the quality, quantity and timeliness of flow uploads/2024/10/Swiggy-NRC-Policy.pdf.
considered and approved the re-appointment of No. of of information between the management and the
Mr. Shailesh Vishnubhai Haribhakti as a Non-Executive, S. Meetings Board Meeting Board that is necessary for the Board to effectively and
No.
Quarter
held in the Dates 16. DECLARATION BY INDEPENDENT DIRECTORS
Independent Director for a period of five consecutive reasonably perform their duties.
Quarter In accordance with Section 149(7) of the Act and
years commencing from January 24, 2026, up to
1. April – 4 (Four) 01st April 2024 Regulation 25(8) of the SEBI Listing Regulations, each
January 23, 2031, subject to the approval of the 14. ANNUAL PERFORMANCE EVALUATION OF THE
June 2024 18th April 2024
Members of the Company at the ensuing AGM. Independent Director has confirmed to the Company
25th April 2024 BOARD
28th June 2024 that they continue to meet the criteria of independence
The Board has adopted a formal mechanism for as laid down in Section 149(6) of the Act and Regulation
Pursuant to the recommendation of Nomination and 2. July – 3 (Three) 21st August 2024
September 2024 24th September 2024 evaluating its own performance and the performance 16(1)(b) of SEBI Listing Regulations.
Remuneration Committee, the Board of Directors,
considered and approved the appointment of Mr. Faraz 26th September 2024 of its Committees and individual Directors, including the
Khalid as a Non-Executive, Independent Director for a
3. October – 5 (Five) 28th October 2024 Chairman of the Board. In opinion of the Board, Independent Directors of
December 2024 29th October 2024
period of five consecutive years commencing from July 08th November 2024
the Company possess necessary expertise, integrity,
The results of evaluation showed a high level of experience and proficiency in their respective fields.
25, 2025, up to July 24, 2030, subject to the approval 11th November 2024
of the Members of the Company at the ensuing AGM. 3rd December 2024 commitment and engagement of the Board, its Further, all Independent Directors have confirmed
4. January – 3 (Three) 5th February 2025, various committees and senior leadership. The that they have registered with the data bank of
In terms of the SEBI Listing Regulations, continuation March 2025 21st February 2025 recommendations arising from the evaluation process Independent Directors maintained by and are either
26th February 2025 were discussed at the Independent Directors meeting
of a Director on the Board of Directors of a listed exempt or have completed the online proficiency self-
held on March 19, 2025. assessment test conducted by the Indian Institute of
86 Swiggy Limited Annual Report 2024-25 87
Statutory Reports Statutory Reports
Corporate Affairs in accordance with the provisions of assurance services to create and preserve value by 31, 2025. The secretarial audit report of Scootsy is benchmarks and stakeholder expectations and is
Section 150 of the Act. continuous improvement to the Company’s systems, annexed as Annexure - 2B. appended as Annexure-5.
processes and internal controls. She is supported in
17. AUDITORS AND AUDIT REPORTS the discharge of duties by the in-house team and Cost Auditors 22. EMPLOYEE STOCK OPTION SCHEME
Statutory Auditors external service providers leveraged on a need basis, The Central Government has not specified the The Company’s Employee Stock Option Schemes,
providing comprehensive assurance on governance, maintenance of cost records under Section 148(1) of namely the ‘Swiggy Employee Stock Option Plan 2015’
In terms of provisions of Section 139 of the Act, M/s B S R
risk and controls. the Companies Act, 2013, for the products/services of (“Swiggy ESOP Plan 2015”) and the ‘Swiggy Employee
& Co. LLP, Chartered Accountants (FRN - 101248W/W-
100022) were re-appointed as the statutory auditors of the Company. In view of this, there is no requirement to Stock Option Plan 2021’ (“Swiggy ESOP Plan 2021”),
Secretarial Auditors furnish a cost audit of cost records of the Company. were amended during the financial year 2024-25.
the Company at the 10th Annual General Meeting of the
Company held on September 29, 2023, to hold office M/s. Sreedharan and Associates, (FRN: P1985KR14800) Additionally, a new scheme titled the ‘Swiggy Employee
till the conclusion of the 12th Annual General Meeting a firm of Practicing Company Secretaries has 18. INTERNAL FINANCIAL CONTROLS Stock Option Plan 2024’ (“Swiggy ESOP Plan 2024”)
of the Company. conducted the Secretarial Audit of the Company The Company has laid down adequate internal was introduced for the benefit of eligible employees
for the financial year 2024-25. The Secretarial Audit financial controls commensurate with the scale and of the Company, effective from April 10, 2024. With
The Auditors’ Report provided by M/s. B S R & Co. Report is appended as Annexure-2A to this report. The size of the operation of the Company. The key internal the implementation of Swiggy ESOP 2024, the Swiggy
LLP for the financial year ended March 31, 2025, is report contains qualifications, reservations, or adverse financial controls have been documented, automated ESOP 2015 Plan will be sunset effective the same date,
enclosed along with the financial statements in the remarks, which are appended below: wherever possible and embedded in the respective and all subsequent grants will henceforth be made
Annual Report. The Auditors’ Report does not contain business processes. These internal financial controls under the Swiggy ESOP 2024. All the three ESOPs are
any qualifications, observations or adverse remarks. 1) Delay in ROC filings during the FY 2024-25. are periodically reviewed and monitored effectively. in compliance with the Securities and Exchange Board
The resolutions at each of the Board & Committee of India (Share Based Employee Benefits and Sweat
As the term of M/s. B S R & Co. LLP as the Statutory Meetings were duly deliberated and passed The Company has in place adequate policies and Equity) Regulations, 2021 (hereinafter referred to as
Auditors of the Company expires at the conclusion with the requisite majority. The delay in filing procedures for ensuring the orderly and effective “SEBI SBEB & SE Regulations”).
of 12th AGM, the Board of Directors of the Company the necessary returns were due to procedural control of its business, including adherence to the
at their meeting held on 9th May, 2025, based on constraints; however, the filings with the MCA have Company’s policies, safeguarding its assets, prevention During the year under review, the Company has
the recommendation of the Audit Committee, has since been completed following the review period. and detection of frauds and errors, the accuracy and obtained in-principle approvals from the Stock
recommended to the Members the appointment completeness of the accounting records, and the Exchanges in relation to the said scheme for allotment
of M/s. Walker Chandiok & Co. LLP, Chartered 2) Review of investment made by Swiggy limited in timely preparation of reliable financial disclosures. The of equity shares against the vested stock options.
Accountants (Firm Registration No. 001076N/N500013), its unlisted subsidiary companies by the Audit Company has an adequate system of internal control
as Statutory Auditors of the Company, for a term of 5 Committee commensurate with its size and nature of business. The Secretarial Auditor of your Company has provided
(five) consecutive years from the conclusion of 12th AGM The Company believes that these systems provide a a certificate stating that the Swiggy ESOP Plan 2015,
The Board while taking note of the observation,
till the conclusion of the 17th AGM. reasonable assurance in respect of providing financial Swiggy ESOP Plan 2021 and Swiggy ESOP Plan 2024
clarifies that the investments made into Scootsy
and operational information, safeguarding of assets of have been implemented in accordance with the SEBI
Private Limited, a material subsidiary of the
Accordingly, an Ordinary Resolution, proposing the Company, adhering to the management policies SBEB & SE Regulations. The said certificate will be
Company, majorly formed part of the Objects
appointment of M/s. Walker Chandiok & Co. LLP, as besides ensuring compliance. placed before the members at the ensuing Annual
clause of the Prospectus. The utilization of the
the Statutory Auditors of the Company for a term of General Meeting and will also be made available on
IPO proceeds has been a subject matter of
five consecutive years pursuant to Section 139 of the 19. CORPORATE GOVERNANCE REPORT the website of your Company.
monitoring by the Monitory agency. The report
Act, forms part of the Notice of the 12th AGM of the issued by the monitoring agency for the period Your Company provides utmost importance to the
Company. The Company has received the written A statement giving detailed information on stock
ended December 31, 2024 & March 31, 2025, was best Governance practices and is designed to act
consent and a certificate that M/s. Walker Chandiok options granted to employees under the ESOP Scheme
placed before the Audit Committee and Board for in the best interest of its stakeholders. The Corporate
& Co. LLP satisfy the criteria provided under Section as required under Section 62 of the Act and Regulation
their noting and approval. There were no adverse Governance Report along with the Auditor’s Certificate
141 of the Act and that the appointment, if made, 14 of SEBI (Share Based Employee Benefits and Sweat
remarks either in the report or from the Audit for the year under review, as stipulated under SEBI
shall be in accordance with the applicable provisions Equity) Regulations, 2021 is available on Company’s
Committee or the board. Listing Regulations forms part of the Annual Report and
of the Act and rules framed thereunder. M/s. Walker website and can be accessed at https://www.swiggy.
the same is appended as Annexure-3.
Chandiok & Co. LLP is a firm of Chartered Accountants com/corporate/investor-relations/disclosures-under-
2. Minutes of subsidiary companies were not placed
registered with the Institute of Chartered Accountants sebi-lodr/
before the Board of Directors of the Swiggy 20. M ANAGEMENT DISCUSSION AND ANALYSIS
of India. It was established in 1935 and is a Limited Limited REPORT
Liability Partnership Firm incorporated in India. It has its 23. PARTICULARS OF EMPLOYEES
The Board of Directors of the Company has The Management’s Discussion and Analysis Report for
registered office at L-41, Connaught Circus, New Delhi Disclosures pertaining to remuneration and other
been consistently kept informed about the the year under review, as stipulated under the SEBI
- 110001 apart from 16 other branch offices in various details as required under Section 197(12) of the Act
details and transactions of the subsidiaries, and Listing Regulations forms part of the Annual Report and
cities in India. It is primarily engaged in providing audit read with Rule 5(1) of the Companies (Appointment and
all necessary actions in this regard have been is appended as Annexure-4.
and assurance services to its clients. Remuneration of Managerial Personnel) Rules, 2014 are
duly undertaken. However, the placement of the
provided in the prescribed format and appended as
minutes of the subsidiaries before the Board was 21. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
Internal Auditors Annexure-6 to this Report.
inadvertently missed. REPORT
Ms. Dolly Sureka, Chartered Accountant, Vice President
As per the SEBI Listing Regulations, Business The statement containing particulars of the top 10
& Head of Assurance & Business Advisory, has been M/s. Sreedharan and Associates, (FRN: P1985KR14800) Responsibility and Sustainability Report for the financial employees and the employees drawing remuneration
appointed by the Audit Committee of the Board as also acted as Secretarial Auditors for Scootsy Logistics year 2024-2025 is not applicable to the Company. The in excess of limits prescribed under Section 197(12) of
the Head of Internal Audit in accordance with the Private Limited (“Scootsy”), material unlisted subsidiary Company continues to pursue this initiative as part the Act read with Rule 5(2) and (3) of the Companies
provisions of Section 138 of the Companies Act, 2013. of the Company for the financial year ended on March of its commitment to voluntary ESG disclosures and (Appointment and Remuneration of Managerial
She is assigned to provide independent and objective
good governance practices, aligning with industry Personnel) Rules, 2014, is provided in the Annexure
88 Swiggy Limited Annual Report 2024-25 89
Statutory Reports Statutory Reports
forming part of this Report. Further, the report and the Additional details relating to Risk Management are The company has complied the provisions of pertaining details of deposits which are not in compliance with
accounts are being sent to the Members excluding provided in the Management Discussion and Analysis to Maternity Benefits Act, 1961 during the FY 2024-25. Chapter V of the Act is not applicable.
the aforesaid annexure. In terms of Section 136 of the Report forming part of this Report.
Act, the said annexure is open for inspection and any 30. DIRECTORS’ RESPONSIBILITY STATEMENT Loans from Directors or Director’s Relatives
Member interested in obtaining a copy of the same 28. CONSERVATION OF ENERGY, TECHNOLOGY Pursuant to the requirement under Section 134(5) of During the financial year 2024-2025, the Company
may write to the Company Secretary. ABSORPTION AND FOREIGN EXCHANGE the Act with respect to the Directors’ Responsibility has not borrowed any amount(s) from Directors and/
EARNINGS & OUTGO Statement, the Board of Directors of your Company or their relatives.
24. CORPORATE SOCIAL RESPONSIBILITY Details of the energy conservation, technology state that:
The CSR policy expresses the Company’s ethos and absorption and foreign exchange earnings and outgo Disclosure with respect to Demat Suspense/
accountability, detailing the guidelines and processes as stipulated under Section 134(3)(m) of the Act read 1. in the preparation of the annual financial Unclaimed Suspense Account
with Rule 8 of the Companies (Account) Rules, 2014 are statements, the applicable accounting standards The Company does not maintain any Demat Suspense/
for initiating social initiatives that promote the welfare
annexed to this Report as Annexure-8. have been followed along with proper explanation Unclaimed Suspense Account and accordingly the
and long-term development of communities in the
relating to material departures; disclosure pertaining as required under Schedule
vicinity of its operations.
29. P REVENTION OF SEXUAL HARASSMENT AT V Para F of SEBI (Listing Obligations and Disclosure
WORKPLACE 2. the Directors have selected such accounting Requirement) Regulations, 2015 is not applicable to
The disclosures as required under Section 135 of the Act
Your Company maintains a zero-tolerance policy policies and applied them consistently and made the Company for the period under review.
read with Rule 8(1) of the Companies (Corporate Social judgments and estimates that are reasonable and
toward sexual harassment in the workplace. It has
Responsibility Policy) Rules, 2014 along with committee prudent so as to give a true and fair view of the
adopted a policy for the prevention, prohibition, and Downstream Investment
constitution details is appended as Annexure-7 to state of affairs of the Company at the end of the
redressal of sexual harassment in accordance with The Company being a foreign owned or controlled
this Report. financial year and of the profit of the Company for
the Sexual Harassment of Women at Workplace company has complied with the provisions of the
(Prevention, Prohibition and Redressal) Act, 2013, and that period;
25. PARTICULARS OF LOANS, GUARANTEES OR Foreign Exchange Management Act, 1999 (“FEMA”)
the corresponding Rules. Additionally, the Company read with the Foreign Exchange Management
INVESTMENTS 3. the Directors have taken proper and sufficient care
has complied with the requirements for constituting the (Nondebt Instruments) Rules, 2019 (“NDI Rules”) for
The Company has not provided any loans or guarantee Internal Committee (‘ICC’) as mandated by the Act. To for the maintenance of adequate accounting
the downstream investment made in other Indian
under Section 186 of the Act. Details of Investments, build awareness in this area, the Company has been records in accordance with the provisions of the
entities. The Company has obtained a certificate,
loans or guarantee covered under the provisions of conducting necessary training in the organization on Companies Act, 2013 for safeguarding the assets
confirming compliance with FEMA read with the NDI
Section 186 of the Act, are given in Note no. 34 to the an ongoing basis. of the Company and for preventing and detecting
Rules from M/s. B S R & Co. LLP, Chartered Accountants,
standalone financial statements in the Annual Report. fraud and other irregularities;
(FRN:101248W/W-100022), Statutory Auditors of
While maintaining the highest governance norms, the the Company.
26. CONTRACTS OR ARRANGEMENTS WITH RELATED Company has appointed the following members of ICC 4. the annual financial statements have been
prepared on a going concern basis;
PARTIES as below: Vigil Mechanism/Whistle Blower Policy
The Company has formulated and adopted a policy 1. A Presiding officer or Chairperson who is a woman 5. proper internal financial controls were laid down The Company has a robust vigil mechanism in place,
on dealing with related party transactions, in line employed at a senior level at the workplace from and that the internal financial controls are which is in conformity with the provisions of the Act
with Regulation 23 of the Listing Regulations, which amongst the employees. adequate and operating effectively; and SEBI Listing Regulations. The said policy provides
is available on the website of the Company at appropriate avenues to the directors, employees and
2. The Company has appointed an external
https://www.swiggy.com/corporate/wp-content/ 6. the Directors have devised proper systems to stakeholders of the Company to make protected
independent person committed to this cause and
uploads/2024/10/RPT-Policy.pdf. ensure compliance with the provisions of all disclosures in relation to matters concerning the
who has the requisite experience in handling such
applicable laws and such systems are adequate Company and the same is available at the website of
matters, as other members of ICC.
During the financial year 2024-2025, all the transactions and operating effectively. the Company https://www.swiggy.com/corporate/
with related parties were entered into at arms’ length 3. Not less than two members from amongst wp-content/uploads/2025/05/Whistleblower-policy_
basis and in the ordinary course of business and were employees are committed to the cause of women; 31. OTHER DISCLOSURES Swiggy-Limited.pdf
in compliance with the applicable provisions of the their safety and have experience in social work Remuneration details as per Schedule V of the
Act and the Listing Regulations, and the disclosure of and have legal knowledge. Act This mechanism also provides for adequate safeguards
against victimization of Director(s)/employee(s) who
related party transactions as required under Section In terms of Schedule V Part II (Remuneration) of the
The following is a summary from the Annual return filed avail of the mechanism and also provides for direct
134(3)(h) of the Act in Form AOC-2 is not applicable for Companies Act, 2013, the remuneration details of the
for the period ended March 31, 2025 under POSH Act: access to the Chairman of the Audit Committee. The
FY24-25. Directors appointed under Chapter XII of the Companies
details of the Whistle Blower Policy and the Committee
Sr. Act, 2013 forms part of the Corporate Governance
Particulars Number which oversees the compliance are explained in detail
27. RISK MANAGEMENT No. Report which forms part of this Annual Report
in the Corporate Governance Report.
The Company has a risk management framework for 1. Number of complaints filed during the 6
financial year Details relating to Deposits covered under
identification and management of risks. In line with the During the financial year 2024-2025, the Company has
2. Number of complaints disposed of during 4 Chapter V of the Act
SEBI Listing Regulations, the Company has constituted the financial year not received any protected disclosure.
a Risk Management Committee (‘RMC’) comprising During the year under review, the Company has neither
3. Number of cases pending at the end of 2
members of the Board of Directors. Terms of reference the financial year* accepted nor renewed any deposits from the public Reporting of Fraud
of the Committee and composition thereof including 4. Number of cases resolved beyond 90 days 1
within the meaning of Section 73 of the Act and the No frauds were reported by the Auditors as specified
details of meetings held during the financial year 2024- Companies (Acceptance of Deposits) Rules, 2014. under Section 143 of the Act for the financial year
* Pertained to a complaint pending as on FY 2024-25, on which
2025 forms part of the Corporate Governance Report, Hence, the requirement for furnishing of details relating ended March 31, 2025.
investigation which has been completed and grievance has been
which forms part of this Annual Report. redressed during the FY 2025-26.
to deposits covered under Chapter V of the Act or the
90 Swiggy Limited Annual Report 2024-25 91
Statutory Reports Statutory Reports
Annual Return of the Company amounts of valuation done at the time of one-time
Annexure- 1
INR, exchange rate not applicable
settlement and the valuation done, while taking loan
NA (same as Holding Company’s
Pursuant to Section 92(3) of the Act, the Annual Return
in Form MGT-7 has been uploaded on the website of from Banks or Financial Institutions along with reasons
the Company and can be accessed at: https://www. thereof, is not applicable.
swiggy.com/corporate/investor-relations/reports-
Stepdown Subsidiary Lynks Logistics Limited
and-publications/ Details of utilization of funds raised through
preferential allotment or qualified institutional
reporting period)
Significant and material orders passed by placement as specified under Regulation 32(4)
29-08-2023
and 32(7A) of the SEBI Listing Regulations
(2,235.70)
Regulators or Courts
2,235.90
During the financial year under review, the Company
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
(0.80) (0.80) 100%
There were no significant or material orders passed
has not made any preferential allotment or qualified 0.40 0.20 Nil
by the regulators or courts or tribunals impacting - - -
the going concern status and Company’s operations institutional placement. However, during the period
INR, exchange rate not applicable
under review, the Company has made Initial Public
NA (same as Holding Company’s
in future.
Offer (‘IPO’) in the form of Fresh issue and Offer for Sale
Swiggy Sports Private Limited
Material changes and commitments, if any and hence the provisions with respect to Regulation
32 of SEBI Listing Regulations is not applicable to the
There were no material changes and commitments
Company for the said IPO.
affecting the financial position of the Company which
reporting period)
occurred between the end of the financial year to
Disclosure under Section 43(a)(ii) of the Act
Subsidiary 3 15-01-2025
which this financial statement relates and the date of
this report. The Company has not issued any shares with differential
(45.79) (45.79) (45.79)
rights and hence no information as per provisions of
Section 43(a)(ii) of the Act is furnished. 0.10 5.05 50.74 4.95 Nil 100%
Secretarial Standards - -
The Company has complied with all applicable
INR, exchange rate not applicable
Disclosure under Section 54(1)(d) of the Act
SUPR Infotech Solutions Private NA (same as Holding Company’s
mandatory secretarial standards issued by the Institute
Form AOC-1
of Company Secretaries of India. The Company has not issued any sweat equity
shares during the year under review and hence no
Transfer of Unclaimed Dividend to Investor information as per provisions of Section 54(1)(d) of the
Education and Protection Fund Act is furnished.
Limited reporting period)
There has been no unclaimed dividend and hence the
Subsidiary 2
Disclosure under Section 67(3) of the Act
27-09-2019
Name of subsidiaries which have been Liquidated or sold during the year: None.
(10,341.31)
provisions of Section 125(2) of the Act do not apply.
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures.
(Information in respect of each subsidiary to be presented with amounts in Millions)
10,798.48
During the year under review, there were no instances
466.86 120.87 (760.83) (760.83) 100%
Insolvency and Bankruptcy Code, 2016 of non-exercising of voting rights in respect of shares
9.69 Nil
purchased directly by employees under a scheme - -
During the year, the Company has not made any
pursuant to Section 67(3) of the Act read with Rule
Name of Subsidiaries which are yet to commence operations: None.
Reporting currency and Exchange INR, exchange rate not applicable
application under the Insolvency and Bankruptcy
NA (same as Holding Company’s
Scootsy Logistics Private Limited
16(4) of Companies (Share Capital and Debentures)
Code, 2016 (‘IBC Code’). Further, there is no Corporate
Rules, 2014.
Insolvency Resolution Process initiated under the
IBC Code.
32. ACKNOWLEDGEMENT
Details of one-time settlement while taking loan Your Directors place on record their sincere thanks to
reporting period)
rate as on the last date of the relevant
from the banks or financial institutions along bankers, business associates, consultants, and various
Subsidiary 1 03-08-2018
with the reasons thereof Government Authorities for their continued support
13,527.59 65,624.61 52,049.48 70,722.68 (5,722.58) (5,722.58)
extended to your Companies activities during the year
157.30
During the year, there was no one-time settlement done
47.54 100%
under review. Your Directors wish to thank employees,
with the Banks or Financial Institutions. Therefore, the Nil
customers, partners, suppliers, and shareholders and -
requirement to disclose details of difference between
investors for their continued support and co-operation.
Extent of shareholding (in percentage)
The date since when subsidiary was financial year in the case of foreign
Reporting period for the subsidiary
For and on behalf of the Board of Directors of Swiggy Limited
Profit/loss before taxation Profit/loss after taxation
concerned, if different from the
Name of the subsidiary
Part “A”: Subsidiaries
Provision for taxation
Sriharsha Majety Lakshmi Nandan Reddy Obul
acquired subsidiaries Reserves & surplus Proposed Dividend
Managing Director & Group CEO Whole time Director – Head of Innovation
Total Liabilities
(DIN: 06680073) (DIN: 06686145)
holding company’s reporting period Share capital Total assets Investments
Sl.
Date: July 25, 2025 Date: July 25, 2025
Particulars Turnover
Place: Bengaluru Place: Bengaluru
No
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1. 2.
92 Swiggy Limited Annual Report 2024-25 93
Statutory Reports Statutory Reports
Part “B”: Associates and Joint Ventures Annexure – 2A
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures Form No. MR-3
Sl. No Name of Associates/Joint Ventures Loyal Hospitality Private Limited SECRETARIAL AUDIT REPORT
1 Latest audited Balance Sheet Date March 31, 2024 [Pursuant to Sub Section (1) of Section 204 of the Companies Act, 2013 and Rule 9 of the Companies
2 Date on which the Associate or Joint Venture was associated or acquired March 01, 2023 (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
3 Shares of Associate/Joint Ventures held by the company on the year end For the Financial Year Ended March 31, 2025
- Number 689,358 Series B CCPS of face value of ` 10 To, a. The Securities and Exchange Board of India
each The Members (Substantial Acquisition of Shares and Takeovers)
- Amount of Investment in Associates/Joint Venture 670.75 Swiggy Limited Regulations, 2011;
- Extent of Holding(%) 21.72% No.55 Sy No.8-14, Ground Floor, I&J Block,
b. The Securities and Exchange Board of India
4 Description of how there is significant influence Holding more than 20% of shareholding of LHPL Embassy Tech Village, Outer Ring Road,
(Prohibition of Insider Trading) Regulations, 2015;
Devarbisanahalli, Bengaluru, 560103
5 Reason why the associate/joint venture is not consolidated NA
c. The Securities and Exchange Board of India
6 Net worth attributable to Shareholding as per latest audited Balance Sheet (23.45) We have conducted the Secretarial Audit of the compliance (Issue of Capital and Disclosure Requirements)
7 Profit / Loss for the year of applicable statutory provisions and the adherence Regulations, 2018;
i. Considered in Consolidation (66.14) to good corporate practices by Swiggy Limited (CIN:
d. The Securities and Exchange Board of India (Share
ii. Not Considered in Consolidation (211.31) L74110KA2013PLC096530) (formerly known as ‘Bundl
Based Employee Benefits and Sweat Equity)
Technologies Private Limited and Swiggy Private Limited’)
Regulations, 2021;
1. Name of Associate or Joint ventures which are yet to commence operations: None (hereinafter called “the Company”). Secretarial Audit was
conducted in a manner that provided us a reasonable e. The Securities and Exchange Board of India
2. Name of Associate or Joint ventures which have been Liquidated or sold during the year: None basis for evaluating the corporate conducts / statutory (Registrars to an Issue and Share Transfer Agents)
compliances and expressing our opinion thereon. Regulations, 1993 regarding the Companies Act
and dealing with client;
For and on behalf of the Board of Directors of Swiggy Limited Based on our verification of the Company’s Books, Papers,
f. The Securities and Exchange Board of India
Minute Books, Forms and Returns filed and other Records
(Delisting of Equity Shares) Regulations, 2021
maintained by the Company and also the information
(Not Applicable to the Company during the Audit
Sriharsha Majety Lakshmi Nandan Reddy Obul provided by the Company, its officers, agents and authorized
Period);
Managing Director & Group CEO Whole time Director – Head of Innovation representatives during the conduct of secretarial audit, we
(DIN: 06680073) (DIN: 06686145) hereby report that in our opinion, the Company has, during g. The Securities and Exchange Board of India
Date: July 25, 2025 Date: July 25, 2025 the financial year ended on March 31, 2025 (the audit period) (Issue and Listing of Non-Convertible Securities)
Place: Bengaluru Place: Bengaluru complied with the statutory provisions listed hereunder Regulations, 2021; (Not Applicable to the
and also that the Company has proper Board-processes Company during the Audit Period);
and compliance-mechanism in place to the extent, in the
h. The Securities and Exchange Board of India
manner and subject to the reporting made hereinafter:
Rahul Bothra Venkatraman Ramachandran (Buy-Back of Securities) Regulations, 2018 (Not
Chief Financial Officer Company Secretary & Compliance Officer Applicable to the Company during the Audit
We have examined the books, papers, minute books,
Date: July 25, 2025 Membership No.: A40605 Period); and
forms and returns filed, and other records maintained by
Place: Bengaluru Date: July 25, 2025 the Company during the audit period according to the i. The Securities and Exchange Board of India
Place: Bengaluru provisions of: (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (SEBI LODR).
(i) The Companies Act, 2013 (the Act) and the rules
made thereunder; (vi) Other Laws Applicable Specifically to the Company
namely:
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’)
a) Foods Safety and Standards Act 2006 and rules
and the rules made thereunder;
made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and b) Legal Metrology Act, 2009
Byelaws framed thereunder;
We have also examined compliance with the applicable
(iv) The Foreign Exchange Management Act, 1999 and the clauses of the following:
rules and regulations made thereunder to the extent
of Foreign Direct Investment. There was no External a. Secretarial Standards issued by the Institute of
Commercial Borrowing, Overseas Direct Investment by Company Secretaries of India (ICSI) on Meetings of the
the Company during the period under review. Board of Directors and General Meeting.
b. Listing Agreements entered into by the Company
(v) The following Regulations and Guidelines prescribed
with BSE Limited and National Stock Exchange of
under the Securities and Exchange Board of India Act,
India Limited.
1992 (‘SEBI Act’):
94 Swiggy Limited Annual Report 2024-25 95
Statutory Reports Statutory Reports
During the period under review the Company has 3) The Company had listed its Equity shares on the Annexure – 1
complied with the provisions of the Act, Rules, Regulations, Bombay Stock Exchange Limited and National Stock
Guidelines, Standards, etc., mentioned above subject to Exchange of India Limited
the qualifications and observations as mentioned in the To,
Annexure-1. 4) The Company approved Appointment and The Members
Remuneration of Key Managerial Personnel (KMPs) of Swiggy Limited
We have not examined compliance with applicable Financial the following persons. No.55 Sy No.8-14, Ground Floor, I&J Block,
Laws, like Direct and Indirect Tax Laws, since the same have Embassy Tech Village, Outer Ring Road,
a. Mr. Sriharsha Majety appointed as Managing
been subject to review by statutory financial audit and other Devarbisanahalli, Bengaluru, 560103
Director and Group CEO.
designated professionals.
b. Mr. Lakshmi Nandan Reddy Obul appointed as Qualification:
We report that: Whole-Time Director – Head of Innovation. 1. During the period under review, the Company did not comply with the prescribed timelines under Section 117 read with
c. Mr. Rahul Bothra appointed as CFO. Section 179(3) of the Companies Act, 2013 for filing 8 resolutions passed at meetings of the Board & its Committee
The Board of Directors of the Company is duly constituted in Form MGT-14 under separate occasions and, all the resolutions passed at the Annual General Meeting held via
with proper balance of Executive Directors, Non-Executive d. Mr. M. Sridhar appointed as Company Secretary video conferencing (VC) and wherein e voting was provided, while there was a delay in compliance, the Company
Directors and Independent Directors. The changes in the and Compliance Officer. subsequently made the requisite filings.
composition of the Board of Directors that took place during
the period under review were carried out in compliance with 5) Reconstitution of Key Board Committees 2. As per Regulation 18(3) read with Part C of Schedule II, Clause 21 of the SEBI (Listing Obligations and Disclosure
the provisions of the Act.
a. Nomination and Remuneration Committee, Requirements) Regulations, 2015, the Audit Committee is required to review the utilization of loans and/or advances
CSR Committee, and Stakeholders Relationship from, or investments made by, the holding Company in its subsidiary, where such amount exceeds ` 100 Crores or 10%
Adequate notices have been given to all the directors to
Committee reconstituted. of the asset size of the subsidiary, whichever is lower. It was observed that the Audit Committee has not reviewed the
schedule the Board Meetings. The agenda and detailed
investments made by Swiggy Limited in its unlisted subsidiary companies, thereby resulting in non-compliance with
notes on agenda were sent in advance, and a system
6) The Company implemented and amended the ESOP the said regulatory requirement.
exists for seeking and obtaining further information and
Schemes during the period under review
clarifications on the agenda items before the meeting and
3. Pursuant to Regulation 24(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
for meaningful participation at the meeting.
7) The Board approved multiple significant investments in minutes of the meetings of the Board of Directors of the unlisted subsidiary companies are required to be placed
Subsidiary Company – Scootsy Logistics Private Limited. before the Board of Directors of the listed holding Company. It was observed that the minutes of the Board meetings
As per the minutes of the meetings duly recorded and
signed by the Chairperson, the decisions of the Board were of the subsidiary companies were not placed before the Board of Directors of Swiggy Limited, thereby resulting in
8) The Company in its Extra-Ordinary General Meeting non-compliance with the said provision of the SEBI (LODR) Regulations”.
unanimous, and therefore no dissenting views were required
held on April 23, 2024, altered its Articles of Association
to be captured and recorded as part of the minutes.
in order to align the Articles with the requirements of Observations:
SEBI Regulations.
Based on the review of systems and processes adopted by 1. Pursuant to Regulation 17(7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
the Company and the explanation provided to us by the Company is required to place before its Board of Directors all matters specified as minimum information in Part A
9) The Company via postal ballot concluded on 4 th
management, there are adequate systems and processes of Schedule II. It was observed that certain items listed under the said provision were not placed before the Board
January, 2025 altered its articles of association (AOA)
in the Company commensurate with the size and operations during the period under review. The Company has represented that the said matters were not applicable during the
by inserting new clauses in the existing AOA.
of the Company to monitor and ensure compliance with reporting period.
applicable laws, rules, regulations and guidelines as per the
10) The Capital Structure of the Company was changed as
list of such laws as mentioned above. 2. In terms of Regulation 17(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
the Board approved conversion of CCPS series (A to K1
and bonus CCPS) into equity shares. Board of Directors is required to periodically review compliance reports pertaining to all laws applicable to the listed
The following events/actions were having a major bearing entity, along with the steps taken to rectify instances of non-compliances. It was noted that the Company has not
on the Company’s affairs in pursuance of the above- reviewed such compliance reports from the date of listing till the quarter ended 31st December 2024. The Company
11) Board approved incorporation of a subsidiary for
mentioned laws, rules, regulations, guidelines etc., during has represented that it intends to comply with the said requirement during the financial year 2025–26, covering the
supporting sports activities in the Board meeting held
the audit period:
on 3rd December, 2024. period from the date of listing till 31st March 2025.
1) The Board in its meeting held on 1st April, 2024 took note
For V. SREEDHARAN & ASSOCIATES For V. SREEDHARAN & ASSOCIATES
of the circular resolution (dated 14th February, 2024)
Company Secretaries
a. Change of Name from Bundl Technologies Private (Pradeep B. Kulkarni)
Limited to Swiggy Private Limited with alteration Partner
(Pradeep B. Kulkarni)
of Memorandum and Articles of Association. FCS: 7260; CP No. 7835
Place: Bengaluru Partner
b. Conversion of the Company from Private to Public Date: July 25, 2025 FCS: 7260; CP No. 7835
Limited with alteration of Memorandum and UDIN: F007260G000862521 Place: Bengaluru
Articles of Association. Peer Review Certificate No. 5543/2024 Date: July 25, 2025
UDIN: F007260G000862521
2) The Board of Directors of the Company approved the Peer Review Certificate No. 5543/2024
Initial Public Offer of the Company.
This report (i.e., Form No. MR-3) is to be read with our letter of even date which is annexed as “Annexure 1” and “Annexure
2” and forms an integral part of this report.
96 Swiggy Limited Annual Report 2024-25 97
Statutory Reports Statutory Reports
Annexure – 2 Annexure – 2B
Form No. MR-3
To, SECRETARIAL AUDIT REPORT
The Members [Pursuant to Sub Section (1) of Section 204 of the Companies Act, 2013 and Rule 9 of the Companies
Swiggy Limited (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
No.55 Sy No.8-14, Ground Floor, I&J Block, For the Financial Year Ended March 31, 2025
Embassy Tech Village, Outer Ring Road,
To, ii. The following Regulations and Guidelines
Devarbisanahalli, Bengaluru, 560103
The Members prescribed under the Securities and Exchange
Scootsy Logistics Private Limited Board of India Act, 1992 (‘SEBI Act’): -
Our report of even date is to be read along with this letter:
No.55, Sy No.8-14, Ground Floor,
a. The Securities and Exchange Board of
I&J Block, Embassy Tech Village,
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to India (Substantial Acquisition of Shares and
Outer Ring Road, Devarbisanahalli,
express an opinion on these secretarial records based on our audit. Takeovers) Regulations, 2011;
Bengaluru – 560103
b. The Securities and Exchange Board
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
We have conducted the Secretarial Audit of the compliance of India (Prohibition of Insider Trading)
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
of applicable statutory provisions and the adherence to Regulations, 2015;
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
good corporate practices by Scootsy Logistics Private
reasonable basis for our opinion. c. The Securities and Exchange Board of India
Limited (hereinafter called “the Company”). Secretarial
(Issue of Capital and Disclosure Requirements)
Audit was conducted in a manner that provided us with a
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company. Regulations, 2018;
reasonable basis for evaluating the corporate conduct /
statutory compliances and expressing our opinion thereon. d. The Securities and Exchange Board of India
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
(Share Based Employee Benefits and Sweat
regulations and happening of events etc. Based on our verification of the Company’s Books, Papers,
Equity) Regulations, 2021;
Minute Books, Forms and Returns filed and other Records
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the maintained by the Company and also the information e. The Securities and Exchange Board of India
responsibility of management. Our examination was limited to the verification of procedures on test basis. provided by the Company, its officers, agents and authorized (Registrars to an Issue and Share Transfer
representatives during the conduct of Secretarial Audit, we Agents) Regulations, 1993 regarding the
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or hereby report that in our opinion, the Company has, during Companies Act and dealing with client;
effectiveness with which the management has conducted the affairs of the Company. the financial year ended on March 31, 2025 (the audit period)
f. The Securities and Exchange Board of India
complied with the statutory provisions listed hereunder
For V. SREEDHARAN & ASSOCIATES (Delisting of Equity Shares) Regulations, 2021;
and also that the Company has proper Board-processes
and compliance-mechanism in place to the extent, in the g. The Securities and Exchange Board of
(Pradeep B. Kulkarni) manner and subject to the reporting made hereinafter: India (Issue and Listing of Non-Convertible
Partner Securities) Regulations, 2021.
FCS: 7260; CP No. 7835 We have examined the books, papers, minute books,
Place: Bengaluru forms and returns filed, and other records maintained by h. The Securities and Exchange Board of India
Date: July 25, 2025 the Company during the audit period according to the (Buy-Back of Securities) Regulations, 2018;
UDIN: F007260G000862521 provisions of:
i. The Securities and Exchange Board of
Peer Review Certificate No. 5543/2024 (i) The Companies Act, 2013 (the Act) and the rules India (Listing Obligations and Disclosure
made thereunder; Requirements) Regulations, 2015 (SEBI LODR);
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) (vi)
O ther Laws Applicable Specifically to the
and the rules made thereunder; Company namely:
(iii) The Depositories Act, 1996 and the Regulations and a) Food Safety & Standards Act, 2006 and rules
Byelaws framed thereunder - made thereunder;
(iv) The Foreign Exchange Management Act, 1999 and the b) Legal Metrology Act, 2009
rules and regulations made thereunder to the extent of
We have also examined compliance with the applicable
Overseas Direct Investment;
clauses of Secretarial Standards issued by the Institute of
(v) The Company being a deemed-public company during Company Secretaries of India on Meetings of the Board of
the audit period, the following Acts, Rules, Guidelines, Directors and General Meeting
and Regulations were Not Applicable to the Company
We have not examined compliance with applicable
during the Audit Period
Financial Laws, like Direct and Indirect Tax Laws, since the
i. The Securities Contracts (Regulation) Act, 1956 same has been subject to review by statutory financial audit
(SCRA’) and the rules made thereunder and other designated professionals.
98 Swiggy Limited Annual Report 2024-25 99
Statutory Reports Statutory Reports
During the period under review the Company has The following events/actions have a major bearing on the Annexure – 01
complied with the provisions of the Act, Rules, Regulations, company’s affairs in pursuance of the above-mentioned
Guidelines, Standards, etc., mentioned above subject to laws, rules, regulations, guidelines etc., during the
To,
the following qualification: audit period:
The Members
During the period under review, the Company did not a. The Board of Directors of the Company on the meeting Scootsy Logistics Private Limited
comply with the prescribed timelines under Section 117 held on 18th April 2024 provided their assent for infusion No.55, Sy No.8-14, Ground Floor,
read with Section 179(3) of the Companies Act, 2013 for of funds to the extent of ` 1,500 crore raised through I&J Block, Embassy Tech Village,
filing 7 resolutions passed at meetings of the Board and the Initial Public Offering of Swiggy Limited, the holding Outer Ring Road, Devarbisanahalli,
its Committee in Form MGT-14 under separate occasions. Company of Scootsy Logistics Private Limited, by way Bengaluru – 560103
While there was a delay in compliance, the Company of Rights Issue to the existing shareholders of the
subsequently made the requisite filings after the period Company in such tranches as the Board or the Finance Our report of even date is to be read along with this letter:
under review. and General Management Committee may deem fit.
1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to
We report that: b. Mr. Sahil Barua (DIN: 05131571), an Independent
express an opinion on these secretarial records based on our audit.
Director on the Board of Swiggy Limited, was
The Board of Directors of the Company is duly constituted
appointed as a Director on the Board of the Company
with a proper balance of Executive Director and Non- 2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
in the additional capacity at the Board Meeting held
Executive Director. The changes in the composition of the the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
on 18th April 2024. His appointment was subsequently
Board of Directors that took place during the period under correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
regularized at the Annual General Meeting held on 26th
review were carried out in compliance with the provisions reasonable basis for our opinion.
September 2024.
of the Act.
c. The Company approved the increase of authorised share 3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company.
Adequate notices have been given to all the directors to
capital and consequently altered the Memorandum of
schedule the Board Meetings. The management informed
Association vide its Extra Ordinary General Meeting 4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
that hard copies of the notices, agenda and detailed
held on 20th May 2025 from ` 1,46,65,000 to 3,00,00,000 regulations and happening of events etc.
notes on agenda were sent, and a system exists for seeking
and further increased the authorised share Capital and
and obtaining further information and clarifications on
consequently altered the Memorandum of Association 5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
the agenda items before the meeting and for meaningful
vide its Extra Ordinary General Meeting held on 5th responsibility of management. Our examination was limited to the verification of procedures on test basis.
participation at the meeting.
December 2025 from ` 3,00,00,000 to ` 6,00,00,000.
As per the minutes of the meetings duly recorded and 6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
signed by the Chairperson, the decisions of the Board were For V. SREEDHARAN & ASSOCIATES effectiveness with which the management has conducted the affairs of the company.
unanimous, and therefore no dissenting views were required
to be captured and recorded as part of the minutes. For V. SREEDHARAN & ASSOCIATES
(Pradeep B. Kulkarni) Company Secretaries
Based on the review of systems and processes adopted
Partner
by the Company and explanation provided by the (Pradeep B. Kulkarni)
FCS: 7260; CP No. 7835
management, there are adequate systems and processes Partner
Place: Bengaluru
in the Company commensurate with the size and operations FCS: 7260; CP No. 7835
Date: 22nd July 2025
of the Company to monitor and ensure compliance with Place: Bengaluru
UDIN: F007260G000832491
applicable laws, rules, regulations and guidelines as per the Date: 22nd July 2025
Peer Review Certificate No. 5543/2024
list of such laws as mentioned above in Point No. vi of para UDIN: F007260G000832491
3 of this report. Peer Review Certificate No. 5543/2024
This report (i.e., Form No. MR-3) is to be read with our letter of even date which is annexed as Annexure-01 and forms an
integral part of this report.
100 Swiggy Limited Annual Report 2024-25 101
Statutory Reports Statutory Reports
Annexure- 3 1. Category: WTD – Whole-Time Director, ED – regarding committee positions have been made by all
Executive Director, MD - Managing Director, NED the Directors.
- Non-Executive Director, CEO - Chief Executive
Corporate Governance Report Officer, NED (Nominee Director) - Non-Executive,
Nominee Director, NED (ID) - Non-Executive,
e) Number of Board Meetings held in the financial
year 2024-25 (April 01, 2024, to March 31, 2025)
Independent Director. and the dates on which held:
1. C OMPANY’S PHILOSOPHY ON CODE OF 17 of the Securities and Exchange Board of India No. of
GOVERNANCE: (Listing Obligations and Disclosure Requirements) 2. Excludes Foreign Companies, Private Limited S. Meetings
Quarter Board Meeting Dates
Regulations, 2015. Companies (which are not subsidiaries of public No. held in the
The Company’s governance philosophy is fundamentally Quarter
limited companies), Alternate Directorships and
centered on building and managing sustainable, 1. April – 4 (Four) 01st April 2024
As on March 31, 2025, the Board of Directors consists Companies registered under Section 8 of the Act.
growing businesses with an unwavering commitment June 2024 18th April 2024
to honesty, transparency, and accountability. Our of 10 Directors viz., comprising of four Independent 25th April 2024
and six Non-Independent Directors, out of which two 3. Includes only the Audit Committee and the 28th June 2024
paramount goal is to maximize stakeholder value
Independent Directors, one is women Director, and Stakeholders’ Relationship Committee of Public 2. July – 3 (Three) 21st August 2024
– encompassing our customers, restaurant and
one is Chairman. Out of the Six Non-Independent Limited Companies (including Swiggy Limited). September 2024 24th September 2024
merchant partners, delivery executives, employees,
Directors, one is Managing Director and Group Chief 26th September 2024
and shareholders – all while ensuring full compliance
Executive Officer, one is a Whole-Time Director - Head 4. The Company has not issued any convertible 3. October – 5 (Five) 28th October 2024
with all applicable laws, rules, and regulations. December 2024 29th October 2024
of Innovation, and four are Nominee Directors which is securities.
08th November 2024
Recognizing our shareholders’ inherent right to be in conformity with the requirements of Regulation 17 11th November 2024
of the Securities and Exchange Board of India (Listing None of the Directors on the Board is a member of 3rd December 2024
informed about the Company’s performance, their
Obligations and Disclosure Requirements) Regulations, more than 10 Committees and Chairman of more
interests are safeguarded with a deep sense of 10. January – 3 (Three) 5th February 2025,
2015 (Listing Regulations). The Chairman of the Board than 5 Committees across all listed companies in March 2025 21st February 2025
responsibility and stewardship. We consistently provide
is a Non-Executive and Independent Director. which they are Directors. The necessary disclosures 26th February 2025
comprehensive and timely information on matters
affecting our business and financial results, ensuring
b) During FY2024-25, none of our Directors acted as
transparency and facilitating informed decisions. f) Attendance of Directors at the Board Meetings and Annual General Meeting (AGM) held during the
Member in more than 10 committees or as Chairperson
financial year 2024-25:
At the core of our corporate governance approach in more than 5 committees across all listed entities
where they serve as a Director. For the purpose of Attendance
is a steadfast commitment to achieving business Sr.
determination of limit of the Board Committees, Name of the Director Board Meetings held Board Meetings Whether present at AGM held
excellence and enhancing long-term shareholder No.
chairpersonship and membership of the Audit during the year attended on September 26, 2024(1)
value, considering the diverse needs and interests
Committee and Stakeholders’ Relationship Committee 1. Sriharsha Majety 15 14 Yes
of all our stakeholders. The Company upholds the
highest standards of transparency and places a has been considered as per Regulation 26(1)(b) of 2. Lakshmi Nandan Reddy Obul 15 14 Yes
strong emphasis on corporate ethics in all its dealings, SEBI Listing Regulations. Further, there are no inter se 3. Anand Thirumalachar Kripalu 15 13 Yes
fostering trust across our entire ecosystem. relationships between our Board Members. 4. Shailesh Vishnubhai Haribhakti 15 15 Yes
5. Suparna Mitra 15 13 Yes
2. BOARD OF DIRECTORS: c) Except for the Chairman and Independent Directors,
6. Anand Daniel 15 12 Yes
the remaining four are Non-Independent, Non-
a) The Board comprises of members having varied 7. Ashutosh Sharma 15 10 Yes
Executive Directors (Nominee Directors) and two is Non-
skills, experience and knowledge. The Board has 8. Sumer Juneja 15 10 Yes
Independent, Executive Director who are liable to retire
an optimum combination of both Independent and 9. Roger Clark Rabalais 15 14 Yes
by rotation as per Section 152(6) of the Companies
Non-Independent Directors. The Board is constituted
Act, 2013. 10. Sahil Barua* 15 9 Yes
in accordance with the requirements of Regulation
(1)
The AGM was held through video conference.
d) Composition/Category of Board of Directors as on March 31, 2025: * Mr. Sahil Barua, Non-Executive Independent Director of the Company resigned with effect from closing business hours of April 11, 2025
Number of Committee membership/
Chairmanship in Public No. of Equity
Directorships in g) Director’s Profile: He is currently the Managing Director and Global Chief
Name of the Director Category(1) Companies(3) Shares held in
other Indian listed
the Company (i)
Mr. Anand Kripalu (DIN: 00118324) Executive Officer at EPL Limited. He was previously
companies(2) Member Chairman
Chairman, Non-Executive, Independent Director associated with Diageo in India - United Spirits
Anand Thirumalachar Kripalu Chairman and NED (ID) 3 3 1 -
Mr. Anand Kripalu is an Independent Director and Limited for 8 years. Further, he was also associated
Sriharsha Majety ED - MD and Group CEO 1 - - 11,24,57,587
a Chairman on our Board since December 4, with Cadbury Schweppes Asia Pacific, Hindustan Lever
Lakshmi Nandan Reddy Obul ED - WTD 1 1 - 3,16,80,866
2023. He holds a Bachelor of Technology degree Limited, and DCM Data Products. He was awarded the
Shailesh Vishnubhai Haribhakti NED (ID) 5 8 5 -
in electrical engineering from Indian Institute “Lifetime Achievement Award” at the 8th edition of the
Suparna Mitra NED (ID) 1 1 1 -
of Technology Madras and a post graduate Indian Marketing Awards by exchange4media.
Sahil Barua* NED (ID) 2 - - -
diploma in management from Indian Institute of
Anand Daniel NED (Nominee Director) 2 2 2 - The details of directorship of Mr. Anand Kripalu in
Management Calcutta. He also holds certification
Ashutosh Sharma NED (Nominee Director) 1 - - - other equity listed companies as on March 31, 2025, is
in advanced management program by The
Sumer Juneja NED (Nominee Director) 2 - - - as under:
Wharton School, University of Pennsylvania.
Roger Clark Rabalais NED (Nominee Director) 1 1 - -
* Mr. Sahil Barua, Non-Executive Independent Director of the Company resigned with effect from closing business hours of April 11, 2025.
102 Swiggy Limited Annual Report 2024-25 103
Statutory Reports Statutory Reports
S. Name of the He has an experience of more than 15 years He is the co-founder and chief executive officer As on March 31, 2025, Mr. Ashutosh Sharma does
Category of Directorship
No. Listed Entity due to his previous association with Blue Star of Delhivery Limited for over 11 years and has not hold directorship in any other listed company.
1. EPL Limited Managing Director & Global Limited, L&T Finance Holdings Limited, Raymond previously worked with Bain and Company India
CEO Limited, Ambuja Cements Limited and Torrent Private Limited as a consultant for over 2 years. (ix) Mr. Sumer Juneja (DIN: 08343545)
2. United Breweries Chairman, Non-Executive Pharmaceuticals Limited. Non-Executive - Nominee Director
Limited Independent Director Mr. Sahil Barua, Non-Executive Independent
Mr. Sumer Juneja is a Nominee Director (Non-
The details of directorship of Mr. Shailesh Vishnubhai Director of the Company resigned with effect from
Executive) on our Board since July 27, 2021. He
(ii) Mr. Sriharsha Majety (DIN: 06680073) Haribhakti in other equity listed companies as on closing business hours of April 11, 2025
holds a Bachelor of Science from the London
Managing Director & Group CEO March 31, 2025, is as under:
School of Economics and Political Science,
The details of directorship of Mr. Sahil Barua in
Mr. Sriharsha Majety is the Managing Director and University of London.
S. Name of the Listed Category of other equity listed companies as on March 31,
Group Chief Executive Officer of the Company.
No. Entity Directorship 2025, is as under:
He holds bachelor’s degree in engineering in He is currently the managing partner and head of
1. Adani Total Gas Non-Executive -
electrical and electronics engineering from Birla Europe Middle East and Africa (EMEA) and India
Limited Independent Director S. Name of the
Institute of Technology and Science, Pilani and Category of Directorship at SB Investment Advisers (UK) Limited. He was
2. Bajaj Electricals Non-Executive - No. Listed Entity
a post graduate diploma in management from Limited Independent Director
previously associated with entities affiliated to SB
1. Delhivery Limited Managing Director & CEO
Indian Institute of Management, Calcutta. With Investment Advisers (UK) Limited for 4 years. NVP
3. Protean E-Gov Chairman, Non-
over 10+ years of experience in our Company, Technologies Limited Executive Independent Venture Capital India Private Limited as a director
(vii) Mr. Anand Daniel (DIN: 03441515)
Mr. Majety was awarded the ‘Entrepreneur of the Director for more than 9 years.
Year 2019’ at ‘The Economic Times Awards for Non-Executive - Nominee Director
4. TVS Motor Company Non-Executive -
Corporate Excellence’ by The Economic Times in Limited Independent Director Mr. Anand Daniel is a Nominee Director (Non- As on March 31, 2025, Mr. Sumer Juneja does not
November 2019. Executive) on our Board since July 10, 2015. hold directorship in any other listed company.
(v) Ms. Suparna Mitra (DIN: 07135817) He holds a bachelor’s degree in engineering
As on March 31, 2025, Mr. Sriharsha Majety does Non-Executive, Independent Director (computer science) from the University of Madras, (x) Mr. Roger Clark Rabalais (DIN: 07304038)
not hold directorship in any other listed company. a master’s degree in engineering from Purdue Non-Executive - Nominee Director
Ms. Suparna Mitra is an Independent Director
University and a master’s degree in business Mr. Roger Clark Rabalais is a Nominee Director
on our Board since April 1, 2024. She holds a
(iii) Mr. Lakshmi Nandan Reddy Obul (DIN: administration from Massachusetts Institute
bachelor’s degree in electrical engineering (Non-Executive) on our Board since December 4,
06686145) of Technology.
from Jadavpur University and a post graduate 2023. He holds a Bachelor of Arts in economics
Whole-Time Director – Head of Innovation diploma in management from Indian Institute of from the University of Texas and Master of Arts in
He was previously associated with Accel India
Mr. Lakshmi Nandan Reddy Obul is a Whole-time Management, Calcutta. She is the chief executive the field of economics from the Harvard University.
Management LLP for 4 years and is currently
Director - Head of Innovation on our Board. He has officer of the watches and wearables division of He is currently associated with Prosus Services B.V.
associated with Accel Partners India LLP as a
more than 10 years of experience in our Company. Titan Company Limited (“Titan”) and has been and has been associated with the Prosus Group
Partner for 10 years.
He holds a master’s degree in science (honors) associated with Titan for 18 years and also serves for more than 10 years.
in physics from Birla Institute of Technology and on the Board of Governors for the Indian Institute
The details of directorship of Mr. Anand Daniel in
Science, Pilani. He has previously worked with of Management, Kozhikode for 5 years. Further, As on March 31, 2025, Mr. Roger Clark Rabalais does
other equity listed companies as on March 31,
Intellectual Capital Advisory Services Pvt. Ltd. she has previously served on the board of Tata not hold directorship in any other listed company.
2025, is as under:
(Intellecap) as an associate, business consulting. Power Solar Systems Ltd.
None of the Directors holds office in more than 10
As on March 31, 2025, Mr. Lakshmi Nandan Reddy S. Name of the public companies as prescribed under Section
She has been recognised on many platforms Category of Directorship
No. Listed Entity
Obul does not hold directorship in any other including Fortune Most Powerful Women in 165(1) of the Act.
1. Zinka Logistics Non-Executive - Nominee
listed company. Business, Business Today - The Most Powerful Solutions Limited Director
Women in Business, BW Businessworld Most No Director holds Directorships in more than 7
(iv) Mr. Shailesh Vishnubhai Haribhakti Influential Women 2022 and ET Femina Most listed companies and none of the Non-Executive
(viii) Mr. Ashutosh Sharma (DIN: 07825610)
Non-Executive, Independent Director Promising Women Leaders Award in 2022, India’s Directors serves as Independent Directors in
Non-Executive - Nominee Director more than 7 listed companies. Further none of
Mr. Shailesh Vishnubhai Haribhakti is an Impactful CEO 2023 by ET Edge And Most Powerful
Women by Business Today 2023. Mr. Ashutosh Sharma is a Nominee Director the Whole-Time Directors of the Company serve
Independent Director of our Company since
(Non-Executive) on our Board since June 21, as an Independent Director in more than 3 listed
January 24, 2023. He is a member of the Institute
As on March 31, 2025, Ms. Suparna Mitra does not 2017. He holds a bachelor’s degree in electronic entities/do not serve as an Independent Director
of the Chartered Accountants of India, an
hold directorship in any other listed company. engineering from Banaras Hindu University and a in any of the listed entities as required under
associate member of the Association of Certified
master’s degree in business administration from Regulation 17A of the Listing Regulations.
Fraud Examiners and a certified financial planner
(vi) Mr. Sahil Barua (DIN: 05131571) the Booth School of Business at the University
under the Financial Planning Standards Board
Non-Executive, Independent Director of Chicago. h) Board’s Core Skills/Expertise/Competencies:
India. He is a certified internal auditor under the
Institute of Internal Auditors, Inc. He has cleared Mr. Sahil Barua is an Independent Director on He is currently associated with MIH Internet India The Board of Directors are committed to upholding
final examination of the Institute of Cost and our Board since January 24, 2023. He holds a Private Limited as Investment Partner, Growth+ the highest standards of corporate governance. Each
Works Accountants of India. bachelor’s degree in technology from National and has been associated with the Prosus Group for member contributes a unique blend of skills, expertise,
Institute of Technology Karnataka, Surathkal and more than 7 years. He was previously associated and attributes that collectively enhance the Board’s
He has been conferred the Global Competent a post graduate diploma in management from with Norwest Venture Partners as a vice president ability to provide strategic oversight and informed
Boards Designation by Competent Boards Inc. Indian Institute of Management, Bangalore. and Qualcomm India Private Limited. decision-making.
104 Swiggy Limited Annual Report 2024-25 105
Statutory Reports Statutory Reports
The Company’s Directors are qualified and possess the appropriate knowledge, skills and expertise. In the table given clause (c) of sub-section (3) of Section 134 10. evaluation of internal financial controls and risk
below, various skills/expertise/competencies of the Board of Directors are given: of the Companies Act, 2013; management systems;
b. changes, if any, in accounting policies and 11. recommendation for appointment, remuneration
Areas of Skills/Expertise/Competencies
practices and reasons for the same;
Sr.
Name of the Director Financial & Regulatory and terms of appointment of auditors of
No. Strategic Customer & Market Technological
Governance & Policy our Company;
Leadership Intelligence Expertise c. major accounting entries involving estimates
Acumen Awareness
based on the exercise of judgment
1. Sriharsha Majety 12. approval of payment to statutory auditors for any
by management;
2. Lakshmi Nandan Reddy Obul other services rendered by the statutory auditors;
3. Anand Kripalu d. significant adjustments made in the financial
4. Shailesh Vishnubhai Haribhakti statements arising out of audit findings; 13. reviewing management letters / letters of
5. Suparna Mitra internal control weaknesses issued by the
e. compliance with listing and other legal
6. Anand Daniel statutory auditors;
requirements relating to financial statements;
7. Ashutosh Sharma
f. disclosure of any related party 14. discussion with statutory auditors before the audit
8. Sumer Juneja**
transactions; and commences, about the nature and scope of audit
9. Roger Clark Rabalais
as well as post-audit discussion to ascertain any
10. Sahil Barua* g. modified opinion(s) in the draft audit report. area of concern;
* Mr. Sahil Barua, Non-Executive Independent Director of the Company resigned with effect from closing business hours of April 11, 2025
3. reviewing, with the management, the quarterly 15. reviewing and monitoring the auditor ’s
financial statements before submission to the
independence and performance, and
i) Independent Directors: Regulations and Section 149 read with Schedule board for approval;
effectiveness of audit process;
• The Independent Directors are from diverse fields IV of the Companies Act, 2013.
4. scrutiny of inter-corporate loans and investments
of expertise and have long-standing experience • The key managerial personnel of the Company 16. reviewing the appointment, removal and terms of
and expert knowledge in their respective fields are provide regular updates to all the Directors remuneration of the chief internal auditor shall be
5. reviewing, with the management, the statement of
very relevant as well as of considerable value for by making a presentation(s) on key business subject to review by the audit committee;
uses / application of funds raised through an issue
the Company’s business. developments, business & financial performance, (public issue, rights issue, preferential issue, etc.), the
• As a part of the familiarization programme as new strategic initiatives, regulatory changes, and statement of funds utilized for purposes other than 17. reviewing the adequacy of internal audit function,
required under Listing Regulations, the Directors other related matters during the Board meetings. those stated in the offer document / prospectus / if any, including the structure of the internal audit
have been apprised during the Board/Committee notice and the report submitted by the monitoring department, staffing and seniority of the official
• During the financial year under review, two
Meetings about the amendments to the various separate meeting of the Independent Directors agency monitoring the utilisation of proceeds of heading the department, reporting structure
enactments viz., Companies Act, 2013 (the Act) and were held on October 29, 2024, and March 19, a public issue or rights issue or preferential issue coverage and frequency of internal audit;
Listing Regulations. Further, as a part of Board and 2025 without the presence of Non-Executive or qualified institutional placement, and making
Committee meetings members of the Board are Directors/Whole-Time Director/Management, to appropriate recommendations to the board to 18. reviewing internal audit reports relating to internal
also apprised on various developments in business discuss the matter as required/agreed amongst take up steps in this matter; control weaknesses
both from an internal and external perspective. them in accordance with the provisions of the
Companies Act and Listing Regulations. 6. reviewing the management discussion and analysis 19. discussion with internal auditors of any significant
• During the period under review, the Company has
of financial condition and results of operations; findings and follow up there on;
conducted the familiarization programme and j) The Board periodically reviews the compliance reports
details are available on the website at: https:// submitted by the Management in respect of all laws 7. formulation of a policy, in consultation on related 20. reviewing the findings of any internal investigations
www.swiggy.com/corporate/wp-content/ applicable to the Company. party transactions, which shall include materiality by the internal auditors into matters where there
uploads/2024/10/Familirisation-Policy.pdf
of related party transactions; is suspected fraud or irregularity or a failure of
• The terms and conditions of appointment of 3. AUDIT COMMITTEE:
internal control systems of a material nature and
the Independent Directors are disclosed on the (i) Terms of Reference: 8. statement of deviations:
reporting the matter to the Board;
Company’s website at: https://www.swiggy. 1. oversight of Company’s financial reporting process
com/corporate/wp-content/uploads/2024/11/ and the disclosure of its financial information to a. quarterly statement of deviation(s) including
21. reviewing the utilization of loans and/ or advances
Terms-of-Appt-of-Ind-Directors.pdf ensure that the financial statement is correct, report of monitoring agency, if applicable,
from/investment by the holding company in the
sufficient and credible; submitted to stock exchange(s) in terms of
• Independent Directors of the Company have subsidiary exceeding `100 crore or 10% of the
Regulation 32(1) of SEBI Listing Regulations.
provided a declaration as required under the asset size of the subsidiary, whichever is lower
2. reviewing, with the management, the annual
Companies Act, 2013 and Listing Regulations. The b. annual statement of funds utilized for including existing loans / advances / investments;
financial statements and auditor's report thereon
Board has noted the said declarations and have purposes other than those stated in the offer
before submission to the board for approval, with
opined that all Independent Directors fulfil the document/prospectus/notice in terms of 22. approval or any subsequent modification of
particular reference to:
conditions of independence and are independent Regulation 32(7) of SEBI Listing Regulations. transactions of our Company with related parties;
of the management of the Company. a. matters required to be included in the
• All Independent Directors fulfil the requirements director’s responsibility statement to be 9. reviewing, with the management, performance of 23. approval of appointment of chief financial officer
stipulated in Regulation 25(1) of the Listing included in the board’s report in terms of statutory and internal auditors, adequacy of the after assessing the qualifications, experience and
internal control systems; background, etc. of the candidate;
106 Swiggy Limited Annual Report 2024-25 107
Statutory Reports Statutory Reports
24. valuations of undertakings or assets of our The Company Secretary of the Company acts as the 7. to extend or continue the term of appointment 5. DETAILS OF REMUNERATION PAID TO ALL THE
Company, wherever it is necessary; Secretary to the Audit Committee. The gap between of the independent director, on the basis DIRECTORS DURING THE FINANCIAL YEAR
the two Audit Committee Meetings did not exceed 120 of the report of performance evaluation of 2024-25:
25. to review the functioning of the whistle days. The necessary quorum was present at the above independent directors;
A. Remuneration to Non-Executive Directors:
blower mechanism; Meetings. The quorum as required under Regulation
18(2) of the Listing Regulations was maintained at all 8. recommend to the Board, all remuneration, in 1. Sitting fees for Board Meetings, Audit Committee,
26. to look into the reasons for substantial defaults in the meetings. whatever form, payable to senior management; Nomination and Remuneration Committee,
the payment to the depositors, debenture holders, Stakeholder Relationship Committee and
shareholders (in case of non-payment of declared 4. N OMINATION AND REMUNERATION (NRC) 9. to review the compensation structure including the Corporate Social Responsibility Committee
dividends) and creditors; COMMITTEE: annual base salary, annual incentive bonus, equity is ` 1,00,000/- per Independent Director for
(i) Terms of Reference: compensation and any other benefits including each meeting.
27. consider and comment on rationale, cost- the compensation policies put forth by the Human
1. To formulate the criteria for determining
benefits and impact of schemes involving merger, Resource department in its guidelines; and 2. The sitting fees and commission paid to all the
qualifications, positive attributes and
demerger, amalgamation etc., on our Company Non-Executive Independent Directors of the
independence of a director and recommend to
and its shareholders. 10. to carry out any other function as is mandated by
the Board a policy relating to the remuneration Company is as tabled below:
the Board from time to time.
28. to formulate, review and make recommendations of the directors, key managerial personnel and
(Amounts in ` Millions)
to the Board, to amend the audit committee other employees;
(ii) Composition, Name of Members & Chairperson, Name of the Director Sitting fees Commission
charter from time to time; and Meetings held during the Financial Year and
2. to formulate criteria for and mechanism of Shailesh Vishnubhai 2.80 6.60
Attendance at Meetings: Haribhakti
29. to mandatorily review and confirm such evaluation of performance of independent
directors and the Board; The Nomination and Remuneration committee Suparna Mitra 1.60 6.60
information as may be prescribed under the
presently consist of two Independent Directors and one Anand Kripalu 2.60 8.50
Companies Act, and the rules thereunder, SEBI
3. for every appointment of an independent director, Nominee Director. The Chairperson is a Non-Executive
ICDR Regulations and the SEBI Listing Regulations,
the Nomination and Remuneration Committee and Independent Director. During the financial year 3. At the Extra-Ordinary General Meeting held
each as amended.
shall evaluate the balance of skills, knowledge under review, 2 (Two) meetings were held on (1) January on April 23, 2024, the members approved the
and experience on the Board and on the basis 25, 2025, and (2) February 21, 2025. commission to be paid to Independent Directors
(ii) Composition, Name of Members & Chairperson,
Meetings held during the Financial Year and of such evaluation, prepare a description of the of the Company by way of passing a special
role and capabilities required of an independent The composition of the Nomination and Remuneration
Attendance at Meetings: resolution. In terms of the said resolution the above
director. The person recommended to the Board Committee as on March 31, 2025, and the attendance
No. of commission paid to Independent Directors of the
for appointment as an independent director of members at the meetings held during the financial
S. Meetings Company exceeded aggregate 1% per annum
Quarter Board Meeting Dates shall have the capabilities identified in such year 2024-25 were as follows:
No. held in the of the net profits of the Company computed in
Quarter description. For the purpose of identifying suitable
the manner laid down as per the Companies
1. April – 3 (Three) April 18, 2024, candidates, the Nomination and Remuneration Members of the No. of Meetings
Designation Act, 2013. The Board, while determining the
June 2024 April 25, 2024, Committee may: Committee Held Attended
June 27, 2024 basis for compensation of the Independent
a. use the services of an external agencies, Suparna Mitra Chairman, 2 2
2. July – 2 (Two) August 19, 2024, Independent Directors, evaluates multiple parameters
September 2024 September 26, 2024 if required; including benchmarking of compensation paid
Director
3. October – 3 (Three) October 28, 2024, b. consider candidates from a wide range Anand Kripalu Independent 2 2 by various companies within the same industry,
December 2024 November 08, 2024, Director
of backgrounds, having due regard to participation of individual directors in Board and
December 03, 2024
diversity; and Ashutosh Sharma Non- Executive 2 1 committee meetings, other responsibilities, such
4. January – 3 (Three) February 05, 2025, (Nominee
March 2025 February 21, 2025, c. consider the time commitments of as membership or chairmanship of committees,
Director)
February 26, 2025 time spent in carrying out other duties, roles and
the candidates. Sahil Barua* Independent 2 1
The composition of the Audit Committee as on March Director functions as prescribed in Schedule IV of the Act,
31, 2025, and the attendance of members at the 4. to devise a policy on diversity of Board; Listing Regulations and such other factors as the
* Mr. Sahil Barua, Non-Executive Independent Director of the
meetings held during the financial year 2024-25 were Company resigned with effect from closing business hours of April Board deems fit.
as follows: 5. to identify persons who are qualified to become 11, 2025
directors and who may be appointed in senior 4. The Non-Executive and Non-Independent
Members No. of Meetings
management in accordance with the criteria (iii) Policy for Remuneration to Directors/Key Directors are neither paid sitting fee nor
of the Designation laid down, and recommend to the Board their Managerial Personnel/Senior Management: any commission.
Committee Held Attended appointment and removal;
The Board has approved the Remuneration Policy for
Shailesh Chairman, 11 11 Directors, Key Managerial Personnel (‘KMP’) and all other 5. None of the Non-Executive Independent Directors
Vishnubhai Independent 6. to specify the manner for effective evaluation
employees of the Company. The same is available on have any other material pecuniary relationship or
Haribhakti Director of performance of Board, its Committees and
our website at https://www.swiggy.com/corporate/ transaction with the Company, its Promoters, or
Anand Kripalu Independent 11 10 individual Directors to be carried out either by
Director wp-content/uploads/2024/10/Swiggy-NRC-Policy. Directors, or Senior Management which, in their
the Board, by the Nomination and Remuneration
Roger Clark Non- Executive 11 11 pdf judgment, would affect their independence.
Committee or by an independent external agency
Rabalais (Nominee Director)
and review its implementation and compliance;
108 Swiggy Limited Annual Report 2024-25 109
Statutory Reports Statutory Reports
B. Remuneration paid to Executive Directors of the Company: comments were shared with the Chairperson of 8. review of the various measures and initiatives
The appointment and remuneration of Executive Director i.e. Whole-Time Director - Head of Innovation and Managing Nomination and Remuneration Committee. The overall taken by our Company for reducing the quantum
Director and Group Chief Executive Officer is governed by the recommendation of the NRC, resolutions passed by the feedback of the evaluation process was positive. of unclaimed dividends and ensuring timely receipt
Board and shareholders of the Company. of dividend warrants/annual reports/statutory
E. Senior Management: notices by the shareholders of our Company.
Details of remuneration paid to Executive Directors of the Company are provided below: As on March 31, 2025, the senior management consists
The Stakeholders Relationship Committee shall
of the following:
discharge such other role/function as prescribed
(Amount in ` Millions)
Name of Senior by the Board of Directors and/or envisaged under
Sriharsha Majety Lakshmi Nandan Reddy Obul Designation
Management Regulation 20 read with Part D of Schedule II of the
Particulars Managing Director and Group Whole-time Director - Head of
Chief Executive Officer Innovation Sriharsha Majety Managing Director & Group CEO Listing Regulations and the provisions of Section 178
Salary and Allowances 16.60 17.50 Lakshmi Nandan Whole-Time Director – Head of of the Act. One meeting of the Committee was held
Reddy Obul Innovation during this financial year viz., on, March 20, 2025.
Performance linked incentive 1.99 1.99
Rahul Bothra Chief Financial Officer
Perquisites value on Exercise of ESOP 747.45 883.35
Phani Kishan Addepalli Chief Growth Officer The composition of the Stakeholders’ Relationship
Notice Period and Severance Fees The terms of severance, notice The terms of severance, notice
Rohit Kapoor Chief Executive Officer – Food Committee as of March 31, 2025, and the attendance
period and termination will period and termination will
be as per the employment be as per the employment Marketplace of members at the meetings held during the financial
agreement entered with him agreement entered with him by Madhusudhan Rao Chief Technology Officer year 2024-25 are as follows:
by the Company. the Company Subbarao
Stock Option allotted during the year (No. of shares) 22,00,000 26,00,000 Girish Menon Chief Human Resources Officer Members of the No. of meetings
Designation
Committee Held Attended
Amitesh Jha Chief Executive Officer –
Instamart Anand Daniel Chairman, Non- 1 1
C. Stock Option website and can be accessed at https://www.swiggy. Executive
The Company’s Employee Stock Option Schemes, com/corporate/investor-relations/disclosures-under- (Nominee Director)
6. STAKEHOLDERS’ RELATIONSHIP COMMITTEE:
namely the ‘Swiggy Employee Stock Option Plan 2015’ sebi-lodr/ Suparna Mitra Independent 1 1
(i) Term of reference: Director
(“Swiggy ESOP Plan 2015”) and the ‘Swiggy Employee
Stock Option Plan 2021’ (“Swiggy ESOP Plan 2021”), D. Performance Evaluation of Directors: 1. look after various aspects of interest of Lakshmi Nandan Whole-time Director 1 1
The Company follows a structured assessment shareholders, debenture holders and other Reddy Obul - Head of Innovation
were amended during the financial year 2024-25.
Additionally, a new scheme titled the ‘Swiggy Employee process for evaluation of performance of the Board, security holders of our Company;
Committees of the Board and individual performance The Company Secretary of the Company acts as the
Stock Option Plan 2024’ (“Swiggy ESOP Plan 2024”)
of each Director including the Chairman based 2. review engagement programs with investors, Secretary to the Committee.
was introduced effective from April 10, 2024. With the
implementation of Swiggy ESOP 2024, the Swiggy on the criteria approved by the Nomination and proxy advisors, ratings agencies, etc. and oversee
Remuneration Committee. There were no investor queries/investor grievances
ESOP 2015 Plan will be sunset effective the same date, investors movement, share register and investor-
pending during the period under review.
and all subsequent grants will henceforth be made friendly initiatives;
under the Swiggy ESOP 2024. All the three ESOPs are The evaluation is based on parameters like level of
participation of the Directors, understanding of the Continuous efforts are made to ensure that grievances
in compliance with the Securities and Exchange Board 3. undertake self-evaluation of functioning of
roles and responsibilities of Directors, understanding are more expeditiously redressed to the complete
of India (Share Based Employee Benefits and Sweat the Stakeholders Relationship Committee and
of the business and competitive environment in which satisfaction of the investors.
Equity) Regulations, 2021 (hereinafter referred to as identification of areas for improvement towards
“SEBI SBEB & SE Regulations”). the Company operates, understanding of the strategic
better governance; The details of investors’ complaints received and
issues and challenges for the Company, etc.
resolved during the financial year 2024-25 are as under:
During the year under review, the Company has 4. approve transfer or transmission of shares, if any
obtained in-principle approvals from the Stock The performance of the Independent Directors
required, issue of duplicate certificates and new No. of investors’ No. of investors’
Exchanges in relation to the said scheme for allotment is also evaluated considering the time devoted,
certificates on split/ consolidation/ renewal, etc; complaints complaints No. of Investors’
of equity shares against the vested stock options. strategic guidance to the Company, advice given
received during resolved during complaints
for determining important policies, external expertise November 13, November 13, pending at
5. shall resolve the grievances of the security
The Secretarial Auditor of your Company has provided provided and Board’s deliberation. The performance 2024 till March 2024 till March 31, March 31, 2025*
evaluation of the Board is carried out considering the holders of our Company including complaints 31, 2025* 2025*
a certificate stating that the Swiggy ESOP Plan 2015,
various parameters like composition of Board, process related to transfer/transmission of shares, non- 169 169 Nil
Swiggy ESOP Plan 2021 and Swiggy ESOP Plan 2024
have been implemented in accordance with the SEBI of appointment to the Board, common understanding receipt of annual report, non-receipt of declared
* Further to the Company's listing on BSE Limited and the National
SBEB & SE Regulations. The said certificate will be amongst Directors of their role and responsibilities, dividends, issue of new/duplicate certificates, Stock Exchange of India Limited on November 13, 2024, the
placed before the members at the ensuing Annual timelines and content of Board papers, strategic general meetings; investor complaints data presented herein covers the period from
General Meeting and will also be made available on directions, advice and decision making, etc. November 2024 through March 2025.
the website of your Company. 6. review of measures taken for effective exercise of
For the year ended March 31, 2025, evaluation forms voting rights by shareholders; 7. RISK MANAGEMENT COMMITTEE:
A statement giving detailed information on stock were circulated to the Board Members which included The Company has in place a mechanism to inform Board
options granted to employees under the ESOP Scheme the evaluation of the Board as a whole, Board 7. review of adherence to the service standards Members about the risk assessment and minimization
as required under Section 62 of the Act and Regulation Committees and Peer evaluation of the Directors. Each adopted by our Company in respect of various procedures and review to ensure that executive
14 of SEBI (Share Based Employee Benefits and Sweat Director completed the evaluation form and shared their services being rendered by the registrar and share management controls risk by means of a properly
Equity) Regulations, 2021 is available on Company’s feedback. The feedback scores as well as qualitative transfer agent; and defined framework. The Company has formulated a
110 Swiggy Limited Annual Report 2024-25 111
Statutory Reports Statutory Reports
Policy on Risk Management and constituted a Risk The composition of the Risk Management Committee 5. Identifying corporate social responsibility policy b. Extraordinary General Meeting:
Management Committee. as on March 31, 2025, and the attendance of members partners and corporate social responsibility During the year under review, three extraordinary
at the meetings held during the financial year 2024-25 policy programmes; general meetings were held on April 03, 2024, April 23,
Following are the terms of reference of the Risk are as follows: 2024, and October 03, 2024.
Management Committee: 6. Identifying and appointing the corporate social
Members of the No. of meetings responsibility team of the Company including The details of special resolutions passed in each of the
1. to formulate a detailed risk management policy Designation corporate social responsibility manager, wherever
Committee Held Attended Meetings is tabled below:
which shall include: required; and
Sriharsha Majety Chairman, Executive 1 1 1. April 03, 2024:
Director
a. a framework for identification of internal 7. Performing such other duties and functions as Sl
Resolution Passed
Type of
Shailesh Non-Executive 1 1 No. Resolution
and external risks specifically faced by our Vishnubhai - Independent the Board may require the corporate social
Company, in particular including financial, a. Amendment of employee stock option Special
Haribhakti Director responsibility committee to undertake to promote
plan 2015 including the name of the Resolution
operational, sectoral, sustainability Sahil Barua* Non-Executive 1 - the corporate social responsibility activities of scheme from Bundl technologies
(particularly, ESG related risks), - Independent the Company or as may be prescribed under private limited employee stock option
information, cyber security risks or any Director the Companies Act, 2013 and/or any other plan 2015 to Swiggy employee stock
other risk as may be determined by the Risk option plan 2015.
*Mr. Sahil Barua, Non-Executive Independent Director of the applicable law or by any regulatory authority and
b. Amendment of employee stock option Special
Management Committee; Company resigned with effect from closing business hours of April perform such other functions as may be necessary plan 2021 including the name of the Resolution
11, 2025. or appropriate for the performance of its duties. scheme from Bundl Technologies
b. measures for risk mitigation including systems private limited employee stock option
and processes for internal control of identified The Company Secretary of the Company acts as the During the financial year under review, there we no CSR plan 2021 to Swiggy employee stock
risks; and Secretary to the Committee. option plan 2021
meetings held.
c. Increase in ESOP Pool Size of Swiggy Ordinary
8. C ORPORATE SOCIAL RESPONSIBILITY Employee Stock Option Plan 2015 Resolution
c. business continuity plan. The Corporate Social Responsibility Committee d. Adoption of Swiggy Employee Stock Special
COMMITTEE presently consists of 3 Directors, 2 being Independent Options Plan 2024 Resolution
2. ensure that appropriate methodology, processes Pursuant to Section 135 of the Companies Act, 2013, a Directors and one Executive Director. The Chairperson e. Approval of Swiggy Employee Special
and systems are in place relating to identification Corporate Social Responsibility (CSR) Committee of the is an Executive Director. Stock Option Plan 2024 (“ESOP Resolution
and evaluation of all types of risks, namely, Board has been constituted. The terms of reference and 2024”) for eligible employees of its
holding company(ies) or subsidiary
strategic, operational, legal and regulatory, Role of the Corporate Social Responsibility Committee: Members of the
Designation company(ies)
information systems and external risks that our Committee
f. Appointment of Mr. Anand Kripalu (DIN: Ordinary
Company/ its subsidiaries is exposed to; 1. Formulation and recommendation of a corporate Sriharsha Majety Chairman, Executive Director 00118324) as an Independent Director Resolution
social responsibility policy to the Board, indicating Anand Thirumalachar Non-Executive – of the Company
3. to monitor and oversee implementation of the the activities to be undertaken by the Company in Kripalu Independent Director g. Appointment of Ms. Suparna Mitra (DIN Ordinary
risk management policy, including evaluating the 07135817) as an Independent Director Resolution
areas or subject specified in the Companies Act, Suparna Mitra Non-Executive – of the Company
adequacy of risk management systems; 2013 and an annual action plan in pursuance Independent Director
h. Regularization of The Appointment Ordinary
of the corporate social responsibility policy The of Mr. Roger Clark Rabalais (DIN: Resolution
4. to periodically review the risk management activities should be within the list of permitted 9. SUBSIDIARY COMPANY: 07304038) as a Non-Executive Director
policy, at least once in two years, including by activities specified in the Companies Act, 2013 During the period under review the Company had four
of the Company
considering the changing industry dynamics and and the rules thereunder; subsidiaries. Scootsy Logistics Private Limited is the
evolving complexity; 2. April 23, 2024:
material subsidiary of the Company. The Company
2. Recommending the amount of expenditure to has formulated a Policy for determining material Sl Type of
Resolution Passed
5. to keep the Board informed about the nature and be incurred on corporate social responsibility No. Resolution
subsidiaries and is accessible at https://www.swiggy.
content of its discussions, recommendations and activities, amount to be at least 2% of the a. Appointment of Mr. Sriharsha Majety Special
com/corporate/wp-content/uploads/2024/10/ (DIN: 06680073) as an Executive Resolution
actions to be taken; average net profit of the Company in the Policy-for-determining-Material-Subsidiaries.pdf Director of the Company designated
three immediately preceding financial years as Managing Director & Group CEO
6. the appointment, removal and terms of or where the Company has not completed and terms thereon
10. GENERAL BODY MEETINGS:
remuneration of the Chief Risk Officer (if any) shall the period of three financial years since its b. Appointment of Mr. Lakshmi Nandan Special
be subject to review by the Risk Management
a. Annual General Meeting: Reddy Obul, as an Executive Director Resolution
incorporation, during such immediately preceding
Committee; and Location and time, where last three Annual General of the Company designated as
financial years; Whole-Time Director- Head of
Meetings held:
Innovation and terms thereon.
7. the powers to seek information from any employee, 3. Instituting a transparent monitoring mechanism Financial c. Remuneration payable to Non- Special
Day & Date Time (IST) Venue
obtain legal or other professional advice and for implementation of the corporate social Year Executive Directors of the Company. Resolution
secure attendance of outsiders with relevant responsibility projects or programs or activities 2024-25 Thursday, 5:00 PM Held through Audio d. Alteration of Articles of Association Special
expertise, if it considers necessary. September Visual of the Company. Resolution
undertaken by the Company; 26, 2024 e. Initial Public Offer of Equity Shares of Special
2023-24 Friday, 11.00 A.M Physical at the the Company. Resolution
The Risk Management Committee presently consists 4. Monitoring the corporate social responsibility September Registered Office of f. Increase in Investment Limits for Special
of 3 Directors, 2 being independent directors and policy from time to time and issuing necessary 29, 2023 the Company Foreign Institutional Investors (FII), Resolution
one Executive director. The Chairman is a Executive directions as required for proper implementation 2022-23 Friday, 11.30 Physical at the Non-Resident Indians and Overseas
Director. During the financial year under review, one and timely completion of corporate social November A.M. Registered Office of Citizens of India.
meeting was held on March 27, 2025. 25, 2022 the Company
responsibility programmes;
112 Swiggy Limited Annual Report 2024-25 113
Statutory Reports Statutory Reports
3. October 03, 2024: The details of e-voting are accessible at https://www. 12. GENERAL SHAREHOLDER INFORMATION:
swiggy.com/corporate/investor-relations/reports- 1. Annual General Meeting:
Sl Type of
Resolution Passed and-publications/
No. Resolution
Corporate Identity Number (CIN) L74110KA2013PLC096530
a. Initial Public Offer of Equity Special
Shares of the Company Resolution The resolutions were passed with the requisite majority Day, Date, and Time Thursday, August 21, 2025; 10:00 A.M. IST
on 02nd April 2025 (being the last date of remote Venue/Mode Video Conferencing (Deemed Venue for Meeting - No.55 Sy No.8-14, Ground Floor, I&J
c. Postal Ballot: e-Voting), and the results of which were announced on Block, Embassy Tech Village, Outer Ring Road, Devarbisanahalli, Bengaluru – 560103)
During the year under review, the Company had Postal 03rd April 2025. Financial year April 01, 2024, to March 31, 2025
Ballot on January 04, 2025, and April 02, 2025. Dividend Payment Date Not Applicable
Procedure for postal ballot: Listing The equity shares are listed on:
The following resolution was passed during the financial Prescribed procedure for postal ballot, as per the a) BSE Limited
year 2024-25 through Postal Ballot: provisions contained in this behalf in the Act read with Phiroze Jeejeeboy Towers, Dalal Street, Fort, Mumbai- 400 001
b) National Stock Exchange of India Limited
rules made there under as amended from time to time,
Exchange Plaza, 5th Floor, Plot no. C/1, G Block, Bandra Kurla Complex, Bandra (E),
1. January 04, 2025: shall be complied with, whenever necessary. Mumbai- 400 051
Sl Type of The listing fees has been paid to BSE Limited (BSE) & National Stock Exchange of
Resolution Passed 11. MEANS OF COMMUNICATION:
No. Resolution India Limited (NSE) for the FY 2024-25.
a. Alteration of Articles of Association of Special Financial Results: Stock Code NSE: Swiggy
the Company Resolution BSE: 544285
The quarterly/half-yearly/annual financial results are
b. Ratification of Swiggy Employee Stock Special ISIN INE00H001014
Options Plan 2024 Resolution
filed with stock exchanges and displayed on stock
exchange websites. The results are also made available
c. Ratification of the extension of the Special 2. Address for Correspondence:
benefits of Swiggy Employee Stock Resolution on the Company.
Options Plan 2024 to the employees Registrar and Share Transfer Agents: MUFG Intime India Pvt. Ltd, C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli West,
of subsidiary companies and group The results are published in ‘Financial Express’ (English Mumbai-400083, Maharashtra.
companies of the Company
newspaper – all India edition) and ‘Praja Vani’ (Regional
Newspaper). Name, designation & address of Compliance Officer:
The details of e-voting are accessible at https://www.
Mrs. Cauveri Sriram (M. No:F13246) as Company Secretary and Compliance Officer
swiggy.com/corporate/investor-relations/reports- Website: No.55 Sy No.8-14, Ground Floor, I&J Block, Embassy Tech Village, Outer Ring Road, Devarbisanahalli, Bengaluru
and-publications/
The financial results and the official news releases are – 560103
The resolutions were passed with the requisite majority also placed on the Company’s website at: https://
on 04th January 2025 (being the last date of remote www.swiggy.com/corporate/investor-relations/ 3. Share Transfer System:
e-Voting), and the results of which were announced on financial-results/ As at March 31, 2025, the shares of the Company are fully dematerialized.
06th January 2025.
The Company has a dedicated email ID: ir@swiggy.in The Company has complied with following:
2. April 02, 2025: / secretarial@swiggy.in in the Investor / Secretarial
Department for providing necessary information/ • Pursuant to Regulation 13 of the SEBI Listing Regulations, a statement on pending investor complaints is filed with
Sl Type of assistance to the investors. the stock exchanges and placed before the Board of Directors on a quarterly basis.
Resolution Passed
No. Resolution
1. Amendment of Swiggy Employee Stock Special
P ress Releases and Analysts/Investors’ 4. Category of Shareholding as on March 31, 2025:
Option Plan 2015, Swiggy Employee Resolution
Stock Option Plan 2021 and Swiggy Presentations: Sl No Category No. of shareholders
Number of
Percentage %
Employee Stock Option Plan 2024 Equity Shares
In addition to the above, after the announcement
through trust route and amendments 1. Promoters and Promoters Group - - -
made thereto;
of results, the Company holds conference calls
2. Foreign Venture Capital Investors - - -
with investors/analysts. The transcript of the said
2. Authorization for providing financial Special 3. Mutual Funds 29 12,60,38,323 5.51
assistance to Swiggy Employee Stock Resolution conference call if any, is uploaded on the Company’s
4. Foreign Portfolio Investors (Corporate) 123 11,21,42,721 4.90
Option Trust for implementation of website at: https://www.swiggy.com/corporate/
Swiggy Employee Stock Option Plan 5. Insurance Companies 15 3,97,28,181 1.74
investor-relations/financial-results/
2015, Swiggy Employee Stock Option 6. Alternate Investment Funds 38 3,25,66,291 1.42
Plan 2021 and Swiggy Employee Stock 7. Provident Funds/ Pension Funds 1 1,47,67,943 0.65
Option Plan 2024 through trust route 8. Banks 1 298,000 0.01
and amendments made thereto.
9. NBFCs registered with RBI 3 9,419 0.00
10. Clearing Members 8 1,000 0.00
11. Other Bodies Corporate 1,220 6,05,73,020 2.65
12. Foreign Company 42 146,23,34,138 63.96
13. Hindu Undivided Family 3,860 41,62,689 0.18
14. Non-Resident Indians 4,900 74,87,500 0.33
15. Trusts 14 1,86,356 0.01
16. Body Corporate - LLP 215 1,15,31,256 0.50
17. Resident Individuals 494,240 26,96,51,174 11.79
18. Key Managerial Personnel 3 14,50,02,870 6.35
114 Swiggy Limited Annual Report 2024-25 115
Statutory Reports Statutory Reports
5. Distribution Schedule as on March 31, 2025: The details of the payment to be made for the financial 21. Reconciliation of Share Capital Audit Report:
year 2024-25 are as follows: A Company Secretary-in-Practice carries out a
No. of Shares No. of Shareholders % of total No. of Shares Held % total
Reconciliation of Share Capital Audit on a quarterly
1-500 480,111 94.03 2,73,01,917 1.19
Amount basis, as per Regulation 76 of the Securities and
Particulars
501-1000 8,237 1.61 60,05,658 0.26 (` in Million)
Exchange Board of India (Depositories and Participants)
1001-2000 10,778 2.11 1,54,07,482 0.67 As auditor Regulations, 2018 read with SEBI Circular No. D&CC/
2001-3000 3,109 0.61 83,33,506 0.36 - Statutory audit 11.14 FITTC/Cir- 16/2002 dated 31 December 2002, to
3001-4000 679 0.13 23,98,148 0.10 - Quarterly limited reviews 3.00 reconcile the total admitted capital with depositories
In other capacity viz National Securities Depository Limited (‘NSDL’)
4001-5000 1,005 0.20 44,61,865 0.20
- Certification services 1.60 and Central Depository Services Limited (‘CDSL’) and
5001-10000 2,691 0.53 1,91,30,705 0.84
- Reimbursement of expenses 0.73
the total issued and listed capital. The audit confirms
>10000 4,006 0.78 220,34,41,600 96.37 that the total issued/paid up capital is in agreement
Total 16.47
with the aggregate of the total number of shares in
6. Dematerialization of Shares and Liquidity: Members as well as the Senior Management Personnel dematerialized form (held with NSDL and CDSL).
16. Disclosures in relation to the Sexual Harassment
The equity shares of the Company are available in and that the same has been hosted on the Company’s of Women at Workplace (Prevention, Prohibition
website. The code of conduct was approved by the 22. Disclosures:
dematerialized form with both National Securities and Redressal) Act, 2013:
Depository Limited (NSDL) and Central Depository Board of Directors of the Company on October 28, 2024. a. Disclosures on Materially Significant Related Party
a. number of complaints filed during the financial
Services (India) Limited (CDSL). In accordance with All the Board Members and the Senior Management Transactions:
year: 6 (Six)
regulatory requirements, the Company’s equity Personnel have affirmed compliance with the Code of There was no materially significant related party
shares are compulsorily traded in dematerialized Conduct, as on March 31, 2025. A certificate to that transaction during the financial year having
b. number of complaints disposed of during the
form. As on March 31, 2025, the entire shareholding effect is annexed as Annexure A. a potential conflict with the interests of the
financial year: 4 (Four)
of the Company stands dematerialized. Further, the Company. Transactions with related parties, as
Company confirms that it is a professionally managed In accordance with the Securities and Exchange Board per requirements of Indian Accounting Standard
c. number of complaints pending as on the end of
entity with no identified promoters. Accordingly, the of India (Prohibition of Insider Trading) Regulations, 24, are disclosed in the notes to accounts
the financial year: *2 (Two)
provisions relating to the maintenance of promoters’ 2015, the Company has, inter-alia, adopted a Code annexed to the financial statements. Further, the
holdings in dematerialized form, as prescribed under of Conduct for Prohibition of Insider Trading Code * Pertained to a complaint pending as on FY 2024-25, Company has not entered into any transaction of
the applicable SEBI circulars, are not applicable to of Practices and Procedures for Fair Disclosure of on which investigation which has been completed and a material nature with the Promoters, subsidiaries
the Company. Unpublished Price Sensitive Information (Code) duly grievance has been redressed during the FY 2025-26. of Promoters, Directors or their relatives, etc. that
approved on October 28, 2024. may have potential conflict with the interests of
7. Outstanding GDRs/ADRs/Warrants or any Convertible 17. The disclosures of the compliance with corporate the Company at large.
Instruments, Conversion Date and Likely Impact 11. Company affirms that all the requirements under governance requirements specified in regulations
on Equity: the Securities and Exchange Board of India (Listing 17 to 27 and clauses (b) to (i) of sub-regulation All the transactions with related parties were
Obligations and Disclosure Requirements) Regulations, (2) of regulation 46: in the ordinary course of business and on an
The Company has not issued GDRs, ADRs or any other 2015 are complied with. arm’s length basis. In terms of Regulation 23 of
The Board hereby confirms that it has complied
Convertible Instruments and as such, there is no impact with all the corporate governance requirements Listing Regulations, the Company obtains prior
on the equity share capital of the Company. 12. Debenture Trustees: Not Applicable. approval of the Audit Committee for entering
specified in regulations 17 to 27 and clauses (b) to (i)
of sub regulation (2) of regulation 46 of SEBI (Listing into any transaction with related parties. As per
8. Commodity Price Risk/Foreign Exchange Risk 13. Details of utilization of funds raised through preferential SEBI Circular dated November 09, 2021, the
allotment or qualified institutions placement as Obligations and Disclosure Requirements) 2015.
and Hedging activities: relevant policy has been approved by the Board
specified under Regulation 32 (7A): Not applicable. of Directors at their Meeting held on April 18, 2024.
The Company is not exposed to any foreign exchange 18. Disclosures with respect to Demat Suspense
risk. The Company is not exposed to Commodity price Account/Unclaimed Suspense Account: In line with SEBI Listing Regulations, the revised
14. Disclosure of non-acceptance of any recommendation
risk and hence disclosure with respect to commodity policy contains updated threshold limits for
of any committee by the Board in the Financial Year During the year under review, the Company does
hedging activities is not applicable. obtaining approval of the Audit Committee, Board
2024-25 and its reason: There was no such instance not have any Demat Suspense Account/Unclaimed
of Directors, and shareholders including that for
during the Financial Year 2024-25 when the Board had Suspense Account.
9. Plant Locations: material modifications as may be applicable from
not accepted any recommendation of any Committee
time to time.
The Company is into the service industry and as such of the Board. 19. Disclosure of certain types of agreements binding
it does not have any plant location. listed entities under clause 5A of paragraph A of
Policy on dealing with Related Party Transactions
15. Total fees for all services paid by the listed entity and its Part A of Schedule III of Listing Regulations: Nil
can be viewed on the Company’s website. The
10. Code of Conduct: subsidiaries, on a consolidated basis, to the statutory
link for the same is: https://www.swiggy.com/
As required under the Listing Regulations, the Company auditor and all entities in the network firm/network 20. Disclosure of Loans and Advances
corporate/wp-content/uploads/2024/10/RPT-
has in place a Code of Conduct applicable to the Board entity of which the statutory auditor is a part: The Company and its subsidiaries have neither Policy.pdf
advanced any loans nor given any guarantees and /
or provided any securities, whether directly or indirectly
to firms/ companies in which directors are interested.
116 Swiggy Limited Annual Report 2024-25 117
Statutory Reports Statutory Reports
b. Details of Non-Compliance by the Company, of the Company and of Stock Exchanges Annexure A
Penalties and Strictures Imposed on the Company where the shares of the Company are listed
by the Stock Exchanges or SEBI or any Statutory i.e., BSE Limited, and National Stock Exchange Declaration by the Whole-Time Director and Chief Executive Officer under Listing Regulations
Authorities, on any matter related to Capital of India Limited. regarding compliance with Business Conduct Guidelines (Code of Conduct)
Markets during the Last Three Years:
•
The Auditors’ opinion on the Financial
Statements is unmodified. I, Sriharsha Majety, Managing Director and Group CEO, hereby declare that the Board of Directors have laid down a Code
During the last three years, neither any penalty of Conduct for its Board Members, Key Managerial Personnel and Senior Management Personnel of the Company and they
nor any stricture has been passed by SEBI, Stock • The Board of Directors of the Company has have affirmed compliance with the said code of conduct.
Exchanges or any other Statutory Authority on a Non-Executive Independent Director as
matters relating to capital markets. Chairman viz., Mr. Anand Kripalu and have For Swiggy Limited,
two Executive Directors viz. Mr.Sriharsha
c. Whistle Blower Policy: Majety as the Managing Director & Group
CEO and Mr. Lakshmi Nandan Reddy Obul Sriharsha Majety
The Company has adopted Whistle Blower
as the Whole-Time Director of the Company. Managing Director & Group CEO
Policy which has a mechanism for directors and
There is no relationship between the persons (DIN: 06680073)
employees to report concerns about unethical
occupying these posts. Date: July 25, 2025
behaviour, actual or suspected fraud or violation
Place: Bengaluru
of the Code of Conduct/Business Ethics, leak of • The Internal Auditor functionally reports to the
Unpublished Price Sensitive Information (UPSI) Audit Committee.
and related matters. The updated Whistle
Blower Policy can be viewed on the Company’s e. Other requirements as stipulated in SEBI (Listing
website at: https://www.swiggy.com/corporate/ Obligations and Disclosure Requirements) 2015
wp-content/uploads/2025/05/Whistleblower- and for the Corporate Governance Report:
policy_Swiggy-Limited.pdf
(i) C onfirmation from Board regarding
Independent Directors’ Criteria:
d. D etails of Compliance with Mandatory
Requirements and Adoption of the Non- The Board of Directors confirms that in their
Mandatory Requirements under the Listing opinion, the Independent Directors fulfill the
Regulations: conditions specified under the Companies
Act 2013 and of SEBI (Listing Obligations
During the financial year 2024-25, the Company
and Disclosure Requirements) 2015 and are
has fully complied with the mandatory
independent of the management.
requirements as stipulated in Listing Regulations.
(ii) Credit Ratings:
The Company has complied with the applicable
The Company does not have any debt
provisions of the Listing Regulations and the
instrument. Hence the Company is not
disclosure relating to adoption of Non-mandatory
required to obtain a credit rating.
/ Discretionary requirements are detailed as under:
Certificate from a company secretary in
D isclosure relating to adoption of
practice that none of the directors on the
Discretionary Requirements:
board of the Company has been debarred
or disqualified from being appointed or
• The quarterly financial results are published
continuing as directors of the company by
in newspapers of wide circulation and not
the Board/ Ministry of Corporate Affairs or
sent to individual shareholders. Further the
any such statutory authority is appended as
financial results are available on the website
Annexure B.
For and on behalf of the Board of Directors of Swiggy Limited
Sriharsha Majety Lakshmi Nandan Reddy Obul
Managing Director & Group CEO Whole time Director – Head of Innovation
(DIN: 06680073) (DIN: 06686145)
Date: July 25, 2025 Date: July 25, 2025
Place: Bengaluru Place: Bengaluru
118 Swiggy Limited Annual Report 2024-25 119
Statutory Reports Statutory Reports
Annexure B CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
Corporate Governance Compliance Certificate (Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
Corporate Identity No : L74110KA2013PLC096530
Nominal Capital : ` 1,66,99,80,24,990 To,
The Members
To, Swiggy Limited
The Members No.55 Sy No.8-14, Ground Floor, I&J Block,
Swiggy Limited Embassy Tech Village, Outer Ring Road,
No.55 Sy No.8-14, Ground Floor, I&J Block, Devarbisanahalli, Bengaluru, Karnataka, India, 560103
Embassy Tech Village, Outer Ring Road,
Devarbisanahalli, Bengaluru, Karnataka, India, 560103 We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Swiggy
Limited (CIN: L74110KA2013PLC096530) (formerly known as ‘Bundl Technologies Private Limited and Swiggy Private
We have examined all the relevant records of Swiggy Limited (CIN: L74110KA2013PLC096530) (formerly known as ‘Bundl
Limited’) and having registered office at No.55 Sy No.8-14, Ground Floor, I&J Block, Embassy Tech Village, Outer Ring Road,
Technologies Private Limited and Swiggy Private Limited’) for the purpose of certifying compliance of the conditions of the
Devarbisanahalli Bengaluru, Karnataka, India, 560103. (hereinafter referred to as ‘the Company’), produced before me by the
Corporate Governance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the financial
Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub
year ended March 31, 2025. We have obtained all the information and explanations which to the best of our knowledge
clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
and belief were necessary for the purposes of certification.
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination was In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
limited to the procedure and implementation process adopted by the Company to ensure the compliance of the conditions (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company &
of the Corporate Governance. its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial
Year ended on March 31, 2025 have been debarred or disqualified from being appointed or continuing as Directors of
This certificate is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with companies by the Securities and Exchange Board of India (SEBI) and Ministry of Corporate Affairs (MCA), or any such other
which the Management has conducted the affairs of the Company. Statutory Authority.
In our opinion and to the best of our information and according to the explanation and information furnished to us, we
certify that the Company has complied with the mandatory conditions of Corporate Governance as stipulated in the said Details of Directors:
Regulations except as mentioned below: SL
Name of Director DIN Date of appointment in Company
No.
01. Pursuant to Regulation 18 (3) read with Part C Schedule II Clause 21 of SEBI (Listing Obligation and Disclosure
1. LAKSHMI NANDAN REDDY OBUL 06686145 26/12/2013
Requirements) Regulations, 2015, the Audit committee has not reviewed the investment made by Swiggy limited in its
2. SUMER JUNEJA 08343545 27/07/2021
unlisted subsidiary companies.
3. ANAND DANIEL 03441515 10/07/2015
02. Pursuant to Regulation 24 (3) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The Board 4. SRI HARSHA MAJETY 06680073 26/12/2013
meeting minutes of the subsidiary companies were not placed before the Board of directors of the Swiggy limited. 5. ASHUTOSH SHARMA 07825610 21/06/2017
6. SHAILESH VISHNUBHAI HARIBHAKTI 00007347 24/01/2023
We further state that:
7. SUPARNA MITRA 07135817 01/04/2024
A. Pursuant to Regulation 17(7) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the 8. ANAND THIRUMALACHAR KRIPALU 00118324 04/12/2023
Company should have placed before the Board all the items specified in Part A of Schedule II of LODR as minimum 9. ROGER CLARKS RABALAIS 07304038 04/12/2023
information. However, certain items specified in said provision were not placed before the Board. The Company 10. SAHIL BARUA 05131571 24/01/2023
has represented that those matters which are not placed before the Board were not applicable during the period
under review. Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the Management
B. Pursuant to Regulation 17(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, the of the Company. Our responsibility is to express an opinion based on our verification. This certificate is neither an assurance
Company has not reviewed the compliance reports from the date of listing till quarter ended December 31, 2024 as to the future viability of the Company nor of the efficiency or effectiveness with which the Management has conducted
pertaining to laws applicable to the listed entity, prepared by the listed entity as well as steps taken by the listed entity the affairs of the Company.
to rectify instances of non-compliances as the Company will be complying with such requirements in the financial year
2025-26 for the period from the date of listing till 31st March, 2025. For V. SREEDHARAN & ASSOCIATES
Company Secretaries
For V. Sreedharan & Associates
Company Secretaries (Pradeep B. Kulkarni)
Partner
(Pradeep B. Kulkarni) FCS: 7260; CP No. 7835
Partner
Place: Bengaluru
F.C.S.7260; C.P.No.7835
Date: July 25, 2025
Place: Bengaluru
Date: July 25, 2025 UDIN: F007260G000862796
UDIN: F007260G000862708 Peer Review Certificate No. 5543/2024
Peer Review Certificate No. 5543/2024 FRN: P1985KR14800
FRN: P1985KR14800
120 Swiggy Limited Annual Report 2024-25 121
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Annexure-5 SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity
Business Responsibility and 1.
2.
Corporate Identity Number (CIN) of the Listed Entity
Name of the Listed Entity
L74110KA2013PLC096530
Swiggy Limited
Sustainability Report 3.
4.
Year of incorporation
Registered office address
2013
No. 55, Sy No. 8-14, Ground Floor, I&J Block, Embassy Tech Village, Outer
Ring Road, Devarbisanahalli, Bengaluru 560 103, Karnataka, India
5. Corporate address No. 55, Sy No. 8-14, Ground Floor, I&J Block, Embassy Tech Village, Outer
MD & Group CEO’s Message Ring Road, Devarbisanahalli, Bengaluru 560 103, Karnataka, India
6. E-mail secretarial@swiggy.in
7. Telephone 080 - 68422422
8. Website www.swiggy.com
9. Financial year for which reporting is being done 1st April 2024 to 31st March 2025
10. Name of the Stock Exchange(s) where shares are listed 1. National Stock Exchange of India Limited (NSE)
This is the beginning of a 2. BSE Limited
long-term journey – one where 11. Paid-up Capital INR 228.65 Crore
we will keep raising the bar, 12. Name and contact details (telephone, email address) of Ms. Amrita Sarna
the person who may be contacted in case of any queries Email: sustainability@swiggy.in, secretarial@swiggy.in
shaped by strong governance, on the BRSR report Phone: 080 - 68422422
collaboration, and the belief 13. Reporting boundary Standalone Basis*
that every decision, big or 14. Name of assurance provider KPMG Assurance and Consulting Services LLP
small, should move us closer 15. Type of assurance obtained Limited Assurance on BRSR Core indicators. Refer to the Independent
Practitioner’s Limited Assurance Report for the list of Identified
to building a responsible and Sustainability Information (ISI) covered under the assurance.
resilient Swiggy. *For more details, refer to our response to Question 18
II. Products/services
Sriharsha Majety
16. Details of business activities (accounting for 90% of the turnover):
MD & Group CEO
S. No. Description of Main Activity Description of Business Activity % of Turnover of the Entity
1 Information Service Activities Other information service activities 100%
17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
At Swiggy, we’ve always believed that real progress comes We’ve also spent this year laying the groundwork for the S. No. Product/Service NIC Code % of Total Turnover Contributed
from the choices we make every day – often small, often future – strengthening governance, building robust systems,
1 Food Delivery, Restaurant Discovery, 63999 100%
quiet, but always intentional. Whether it’s helping our and embedding sustainability into how we think, design, Quick Commerce, etc.
delivery partners thrive, empowering local entrepreneurs, and grow. The challenges ahead will be complex and will
or reducing the environmental footprint of our operations, evolve as our ecosystem grows. From improving visibility
these consistent efforts - our “little lifts” - add up to lasting across our supply chain to creating new opportunities for III. Operations
change. They remind us that meaningful impact is rarely partners, the road ahead will demand constant innovation 18. Number of locations where plants and/or operations/offices of the entity are situated:
about dramatic gestures; it’s about doing the right things, and deeper collaboration. Location Number of Plants Number of Offices* Total
repeatedly and at scale.
National - 4 4
What gives me confidence is the shared intent across
International - - -
It is with this spirit that I share Swiggy’s first Business Swiggy to treat sustainability with the same rigour and
Responsibility and Sustainability Report (BRSR) for innovation that define our business. This is the beginning
*As of 31 March 2025, Swiggy has presence in 61 offices (a mix of co-working spaces and leased offices), of which four key offices – each housing
FY 2024-25. This has been a foundational year in our of a long-term journey – one where we will keep raising over 75 employees – collectively accounting for more than 75% of Swiggy’s workforce and core infrastructure. These offices define the environmental
sustainability journey – one where we moved from intent the bar, shaped by strong governance, collaboration, and reporting boundary, determined by materiality, operational control, and contextual relevance, and reflect Swiggy’s flexible, people-centric
to structured action, launching our 2030 Sustainability the belief that every decision, big or small, should move us workplace model. For select environmental metrics, data from a representative office has been systematically extrapolated to comparable
Goals across climate action, community upliftment, closer to building a responsible and resilient Swiggy. locations within the defined boundary. Unless otherwise stated, social, financial, and governance indicators cover all permanent employees of
Swiggy Limited (standalone).
and responsible business practices. These goals are not
parallel to our growth ambitions; they are integral to how As we look ahead, this belief will continue to guide us – true
we build Swiggy for the long term, proving that scale and to our purpose of delivering unparalleled convenience,
responsibility can strengthen each other when pursued responsibly.
with clarity and intent.
122 Swiggy Limited Annual Report 2024-25 123
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19. Markets served by the entity: b. Differently abled employees*:
a. Number of locations Male Female
Particulars Total
Locations Number No. % No. %
National (No. of States) 35 (28 states and 7 Union Territories) Permanent employees 19 19 100% 0 0%
International (No. of Countries) - Total differently abled employees 19 19 100% 0 0%
*As part of its commitment to fostering an inclusive workplace, Swiggy circulated a voluntary disability disclosure form for its permanent employees
b. What is the contribution of exports as a percentage of the total turnover of the entity? during the reporting period.
Not applicable.
21. Participation/Inclusion/Representation of women:
c. A brief on types of customers Females
Total (A)
Swiggy (standalone) serves a wide and diverse set of customers through its core business verticals — food delivery, No. (B) % (B/A)
restaurant discovery, table reservations, quick commerce, and curated events. For the purpose of this Business Board of Directors 10 1 10%
Responsibility and Sustainability Report (BRSR), and within the defined reporting boundary, the term ‘Customers’ refers
Key Management Personnel 3 0 0%
to the following two groups:
1. End Customers (Platform Users): 22. Turnover rate for permanent employees and workers:
Individuals who engage with Swiggy’s platform to: FY 2022-23
FY 2024-25 FY 2023-24
(Turnover rate in the year
(Turnover rate in current FY*) (Turnover rate in previous FY*)
Order food, beverages, and other daily essentials for home delivery prior to the previous FY*)
Male Female Total Male Female Total Male Female Total
Discover and explore restaurants through user-generated reviews, ratings, photos, and
curated recommendations Permanent Employees 33.60% 32.11% 33.37% 57.82% 55.67% 57.47% 54.35% 46.49% 53.12%
*The above attrition figures include employee exits from our frontline roles — primarily in sales and entry-level positions in store and warehouse
Book tables and make payments while dining out
management — which constitute a significant portion of overall attrition.
This customer base spans a broad demographic - across age groups, income levels, and geographies - drawn Talent Attraction & Retention
by Swiggy’s ease of access, diverse offerings, and reliable service.
At Swiggy, our people strategy is designed to attract high-intent, future-ready talent and retain it through purpose-driven
2. Restaurant Partners and Entrepreneurs: culture, continuous growth, and a strong employee experience.
This group comprises: We drive quality hiring at scale through structured, tech-enabled processes, role clarity, and a candidate-first approach —
ensuring speed, consistency, and brand advocacy. Diversity, equity, and inclusion are embedded across levels and markets.
Restaurants, cloud kitchens, entrepreneurs, and other organisations that collaborate with Swiggy to expand
We continue to strengthen our early talent pipeline through national campus programmes, internships, and management
their business reach
trainee initiatives.
Partners leveraging the platform for enhanced visibility, customer engagement, and brand building
Retention is equally critical. In a fast-paced environment like ours, preserving institutional knowledge and internal leadership
Businesses utilising Swiggy’s logistics infrastructure for efficient, last-mile delivery depth is a business priority. We invest in:
Swiggy’s ecosystem enables hundreds of thousands of partners to connect with new audiences, scale operations, Recognition programmes that celebrate excellence, innovation, and values
and deliver quality experiences to end users. Learning journeys and defined career tracks that enable internal mobility
IV. Employees Inclusive benefits spanning health, parenthood, pet care, and learning
20. Details as at the end of Financial Year
Together, these efforts drive continuity, reduce attrition, and reinforce Swiggy’s position as a preferred employer in India’s
a. Employees (including differently abled)*: digital economy.
Male Female Others*
Particulars Total V. Holding, Subsidiary and Associate Companies (including joint ventures)
No. % No. % No. %
Employees 23. (a) Names of holding/subsidiary/associate companies/joint ventures
Permanent 4,488 3,633 80.95 855 19.05 3 - The details of Swiggy Limited’s wholly-owned subsidiaries, company-controlled trust, step-down subsidiary,
Total employees** 4,488 3,633 80.95 855 19.05 3 - associate company, and subsidiary of associate are provided in the Notes to the Standalone Financial Statements
(Pages 336 and 337), which form a part of Swiggy’s Annual Report for FY 2024-25.
*As part of its commitment to building an inclusive workplace, Swiggy conducted a voluntary, anonymous self-identification gender survey during
the reporting period. For FY 2024-25, the total number of permanent employees stood at 4,488, including three individuals who self-identified as
‘others’. However, given the anonymity of disclosures and the absence of such data in the previous reporting period, it is not feasible to present
disaggregated information for the ‘others’ category across subsequent social performance indicators.
**For the purpose of BRSR reporting, Swiggy classifies delivery partners as a key component of its value chain. While they are not defined as
employees or workers under prevailing regulations, their contribution remains central to our operations. Consequently, disclosures pertaining to
delivery partners are included under value chain-related sections of this report, unless explicitly stated otherwise.
124 Swiggy Limited Annual Report 2024-25 125
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VI. CSR Details 26. Overview of the entity’s material responsible business conduct issues
24. (i) Whether CSR is applicable as per Section 135 of Companies Act, 2013: Please indicate material responsible business conduct and sustainability issues pertaining to environmental and
While Swiggy has duly constituted a CSR Committee and formulated a CSR Policy in compliance with statutory social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to
requirements, the provisions related to mandatory CSR spending are not applicable for FY 2024-25 based on the adapt or mitigate the risk along with its financial implications, as per the following format:
financial thresholds prescribed under Section 135 of the Companies Act, 2013. Indicate
Material Financial
whether Rationale for identifying the risk/ In case of risk, approach to
For more details on Swiggy’s sustainability commitments and programmes, please refer to pages 42 to 47 of the issue
risk or opportunity adapt or mitigate
implications of the
Annual Report. identified risk or opportunity
opportunity
Social: Opportunity Delivery partners form the backbone of Swiggy’s Swiggy has a comprehensive partner- Positive
(ii) Turnover: INR 8,796.48 Crore
Delivery platform ecosystem. Ensuring their well-being is first approach to advance the safety, Investing in partner
(iii) Net worth: INR 12,009.68 Crore Partner Well- both a moral imperative and a strategic opportunity security, and dignity of its delivery well-being reduces
being to strengthen platform resilience, build trust, and partners, while preserving their attrition, improves
attract and retain a motivated value chain. As autonomy and flexibility. Key initiatives service consistency,
VII. Transparency and Disclosures Compliances regulatory frameworks evolve and stakeholder under the flagship Delivering Safely and enhances brand
expectations around gig welfare rise, proactive programme include: equity, resulting in
25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible investment in partner safety, security, and socio- improved operational
Business Conduct: economic inclusion is crucial. Health & Accident Insurance: efficiency and long-
Delivery partners are covered term value creation.
FY 2024-25 FY 2023-24 Swiggy views partner well-being as central to under robust schemes that include
Grievance redressal Current Financial Year Previous Financial Year delivering consistent service quality, ensuring personal accident coverage, 24*7
Stakeholder operational continuity, and reinforcing our identity teleconsultation services for mental and
mechanism in place Number of Number of
group as a responsible corporate citizen. physical well-being, medical insurance,
(Yes/No) Number of complaints Number of complaints
from whom extending to spouses and up to two
(If Yes, then provide complaints pending complaints pending
complaint is Remarks Remarks
web-link for grievance filed during resolution filed during resolution children, disability and death benefits.
received
redressal policy) the year at close of the year at close of Swiggy bears 100% of the premium
the year the year costs. All female delivery partners are
eligible for maternity support, including
Communities* Yes: Link 1 1 Includes complaints 0 0 Includes complaints wellness cover and medical aid.
registered before registered before
judicial authorities judicial authorities On-Road Emergency Support: An
in-app SOS feature enables partners
Investors Yes: Link 169 0 0 0
(other than Includes Includes to trigger real-time alerts in case of
shareholders) complaints filed complaints filed accidents or distress, connecting them
with NSE and BSE with NSE and BSE to 24*7 on-ground support. We have
Shareholders Yes: Link 0 0 0 0 tied up with Dial 4242 to provide pan
Employees Yes: Link 2 2 Includes complaints 0 0 Includes complaints India ambulance support which is free
and workers registered before registered before of cost.
judicial authorities judicial authorities
Weather Resilience Measures: In
Customers# Yes: Link 34 97 Includes complaints 29 65 Includes complaints recognition of weather-related
registered before registered before vulnerabilities, Swiggy provides delivery
judicial authorities judicial authorities partners with high-quality weather-
Value Chain Yes: Link 1 18 Includes complaints 10 26 Includes complaints appropriate gear, including raincoats,
Partners$ registered before registered before windbreakers, and jackets. Partners
judicial authorities judicial authorities also receive real-time weather alerts
and advisories, enabling informed
Others Yes: Link 1 9 Includes complaints 3 10 Includes complaints decision-making.
registered before registered before
judicial authorities judicial authorities Harassment Redressal & Partner
Protection: Swiggy enforces a zero-
*Communities refer to groups of people and social ecosystems that are directly or indirectly impacted by Swiggy’s operations, presence, or value
tolerance policy against any form of
chain — whether economically, socially, or environmentally.
abuse, discrimination, or harassment
— including from customers, restaurant
#
Swiggy’s Customers include two core groups: partners, or fellow partners. The
Platform End Users who use Swiggy to order food and other essentials, explore restaurants, and book tables. redressal mechanism is prompt,
partner-sensitive, and includes the right
Restaurant Partners and Entrepreneurs who leverage the platform to grow their reach and serve end users. to refuse service in unsafe situations.
Swiggy’s Value Chain Partners include:
$ Safety Training & Awareness: Delivery
partners undergo customised and
Delivery Partners, vernacular road safety trainings
through periodic workshops. These are
Suppliers, Vendors, and conducted in partnership with traffic
Other Business Partners who enable our services through logistics, technology, and operational support. departments and local authorities
to instil best practices and reduce
accident risk.
Rest & Recovery Infrastructure: Swiggy
is committed to scaling partner resting
points across major delivery zones to
ensure partners have access to safe,
hygienic spaces for rest, hydration, and
recharging during long shifts in extreme
weather conditions.
126 Swiggy Limited Annual Report 2024-25 127
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Indicate Indicate
Financial Material Financial
Material issue whether Rationale for identifying the risk/ In case of risk, approach to whether Rationale for identifying the risk/ In case of risk, approach to adapt
implications of the issue implications of the
identified risk or opportunity adapt or mitigate risk or opportunity or mitigate
risk or opportunity identified risk or opportunity
opportunity opportunity
Performance Recognition & Incentives: Environmental: Opportunity Swiggy’s efforts in driving circularity — across Swiggy is implementing a multi-pronged Positive
Through structured reward programmes Delivering plastic reduction, responsible packaging, food circularity strategy, with focussed Swiggy’s circular
and recognition platforms, Swiggy Circular waste minimisation, and surplus food redistribution interventions across the value chain: economy efforts
encourages safety adherence, service Change — represent a strategic opportunity to drive reduce long-term
Plastic Reduction & Offsetting:
excellence, and partner loyalty with responsible consumption. These initiatives compliance costs
Swiggy has successfully reduced and/
benefits that include incentives, partenr strengthen brand equity, foster trust among and regulatory risks
or offset 100% of plastic used in its
ratings, and community celebration stakeholders, and build deeper partnerships while enhancing
direct operations in 2025, through a
events. across the value chain. operational efficiency.
combination of reuse, recycling, and
They also drive
Environmental: Opportunity Greenhouse gas (GHG) emissions from operational Swiggy recognises the urgency of Positive/Negative At the same time, early action on circularity sustainable packaging.
brand differentiation,
Reducing & Risk energy consumption and last-mile deliveries pose addressing climate risks through Proactive climate supports compliance with evolving regulations
Sustainable Packaging Adoption: We are improving customer
Emissions a material risk to Swiggy’s long-term resilience. proactive mitigation and long-term action enables long- such as Extended Producer Responsibility
targeting a 100% transition to responsible loyalty and access
Responsible business practices, in compliance with transition strategies. Our approach term cost efficiencies, (EPR), converting regulatory preparedness into
packaging by 2030 for restaurant to capital from
evolving regulatory norms, are critical to long- is anchored in both ambition and investor confidence, competitive advantage. As consumer awareness
partners, with continued awareness, sustainability-aligned
term business success. Climate change-induced accountability. We have committed to and access to green and expectations around sustainability rise,
planned incentives, and solution investors and partners.
disruptions — such as extreme weather events — achieving a 100% low-carbon delivery financing. Swiggy’s leadership in this space also reinforces
partnerships.
also threaten logistics, delivery partner safety, and fleet and 100% renewable electricity customer loyalty and future-proofs the business.
Inaction, on the other
service continuity. usage across direct operations by 2030, Customer Nudges for Waste Reduction:
hand, may lead to
aligning with global best practices Features such as cutlery opt-out
At the same time, climate action presents a regulatory penalties,
and India’s net-zero trajectory. This empower users to minimise waste
strategic opportunity for innovation, cost savings, service disruptions, and
transition is being operationalised — driving impact at scale through
and sustainable growth. Transitioning to a low- reputational risk.
through a multi-pronged strategy: behavioural design.
carbon operating model can unlock operational
efficiencies, enhance brand value, and create new Fleet Electrification: We are scaling the Waste Minimisation: We are aiming
pathways to green markets, financing, and long- use of electric vehicles (EVs) across our to reduce perishable waste in direct
term competitiveness. delivery fleet by enabling access to and operations by 25% year-on-year, enabled
affordability of EVs for delivery partners through improved inventory processes
through ecosystem partnerships and and automation.
incentives.
Surplus Food Redistribution: Through
Eco Saver Mode: A feature within our partnerships with NGOs and food
platform that promotes order batching recovery networks, Swiggy is working to
and route optimisation to reduce trips, redistribute 100 million meals by 2030,
lower last-mile emissions, and improve turning surplus into a high-impact social
delivery efficiency. intervention.
Governance: Risk As a leading digital platform, Swiggy manages Swiggy adopts a proactive, multi- Negative
Tech-Enabled Route Optimisation: Our
Data Privacy & a high volume of daily transactions involving layered approach to safeguard digital Cyber incidents could
proprietary algorithms continuously
Cyber Security customer, partner, and business data. Ensuring infrastructure and user data: result in significant
evolve to improve last-mile efficiency,
the confidentiality, integrity, and availability of financial losses due to
reduce idle time, and minimise carbon Advanced Encryption Protocols: End-to-
this information is essential to maintaining smooth business disruption,
intensity. end encryption ensures
operations and trusted relationships across our legal liabilities,
secure transmission and storage of
Renewable Energy Integration: We ecosystem. customer attrition, and
sensitive data.
are progressively shifting to renewable reputational damage.
With the evolving digital landscape and growing
energy sources particularly in locations Threat Detection & Response: Real-time Ongoing investments
regulatory focus on data protection, strong
under our direct operational control to monitoring and AI-driven threat detection in cybersecurity
cybersecurity and privacy practices have become
reduce emissions. systems enable early identification and infrastructure and
a core enabler of responsible growth, operational
neutralisation of training help mitigate
In parallel, Swiggy is working towards continuity, and stakeholder confidence.
cyber risks. these risks, protecting
enhancing its climate preparedness. Swiggy’s revenue,
Together, these measures lay the Vulnerability Assessments & Penetration brand equity, and
foundation for a salient, climate- Testing: Regular security audits compliance standing.
conscious operating model that aligns and ethical hacking simulations are
Swiggy’s business growth with its conducted to identify and fix system
environmental responsibility. weaknesses.
Compliance & Governance: Swiggy aligns
with global best practices and evolving
data protection laws (e.g., India’s DPDP
Act), supported by robust internal policies.
Cyber Awareness Training: Employees
undergo regular information security and
cyber hygiene training to prevent social
engineering and insider threats.
Third-Party Risk Management: Vendors
and partners handling sensitive data
are subject to strict security checks and
compliance protocols.
128 Swiggy Limited Annual Report 2024-25 129
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Indicate Indicate
Material Financial Material Financial
whether Rationale for identifying the risk/ In case of risk, approach to adapt whether Rationale for identifying In case of risk, approach to
issue implications of the issue implications of the
risk or opportunity or mitigate risk or the risk/opportunity adapt or mitigate
identified risk or opportunity identified risk or opportunity
opportunity opportunity
ISO 27001: Swiggy is ISO 27001 certified, Social: Opportunity Swiggy’s ability to create Swiggy has adopted a multi-stakeholder approach to value Positive
affirming our commitment to implementing Inclusive and long-term stakeholder value creation, focussed on empowerment, equity, and long-term Strategic investment in
industry-leading information security Empowered depends on an inclusive and sustainability across its workforce and partner ecosystem: partner and workforce
controls to safeguard stakeholder data Value Network future-ready value network — For Delivery Partners: empowerment drives
and uphold user trust. spanning its workforce, delivery higher retention,
partners, restaurant partners, Insurance coverage including accident and health platform reliability,
small business owners, and benefits for over 18 lakh partners during the year stakeholder trust, and
These safeguards are aligned with
Swiggy’s broader sustainability goal other business-linked partners. Road safety and emergency response trainings regulatory alignment –
of strengthening data privacy and Together, they form the SOS button and ambulance services across cities resulting in sustained
operational and reputational operational efficiency,
cybersecurity as enablers of long-term Weather-appropriate safety gear and rest points
backbone of the platform. brand strength, and
resilience and trust.
Flexible work models with fair, transparent earnings paid long-term value
Social: Opportunity Swiggy’s food delivery platform is built on a Swiggy has launched Swiggy Seal – Food Positive Empowering this network out daily creation.
through inclusive policies,
Food Integrity diverse network of restaurant and cloud kitchen Integrity Certification to systematically Improved food Mental wellness and financial literacy support
skilling, and growth-oriented
partners, enabling unmatched culinary diversity raise quality and hygiene standards standards reduce interventions presents a
and access across the country. This scale also across its restaurant ecosystem. the risk of financial For Restaurant & Small Business Partners:
strategic opportunity to build
presents a meaningful opportunity — to raise the Developed with FSSAI-recognised audit losses from customer resilience, social capital, and Access to hygiene and food quality certifications
bar on food integrity and quality at a national agencies and informed by over 7 million claims and regulatory competitive differentiation in the Responsible packaging enablement (opt-out, guidance,
level. By proactively guiding and supporting verified customer reviews, the certification penalties, while platform economy. facilitating vendor identification)
partners through structured food integrity goes beyond compliance — embedding enhancing brand Tools for digital visibility, performance analytics, and
programmes, Swiggy can enhance customer trust, a culture of continuous improvement. The equity and customer business growth
reduce quality variability, and drive long-term Seal is dynamic, merit-based, and can retention. Onboarding and advisory support to scale responsibly
differentiation in a market where accountability is be revoked in case of lapses, reinforcing
becoming a key purchase driver. credibility and accountability. For Swiggy’s workforce:
Structured career pathways, internal mobility,
As part of its broader sustainability goals, and skilling
Swiggy aims to confer the Seal on 1
Inclusive workplace policies and equitable benefits
million partners by 2030 and already has
2,95,000 Seal accredited restaurants in its Personalised well-being wallet offering flexible,
ecosystem. employee-led welfare choices
Leadership development and mentorship
By proactively embedding food integrity
DE&I and culture-building programmes rooted in trust
into its platform ecosystem, Swiggy not and ownership
only mitigates reputational and regulatory
risks — it builds competitive advantage, Ecosystem-Wide Interventions:
enhances equity, and deepens Swigstree Brigade: Financial Literacy for Gig Workers
stakeholder trust across the value chain. Swiggy partnered with the National Stock Exchange
(NSE) to deliver a financial literacy programme for
Governance: Opportunity Robust corporate governance and active Swiggy is institutionalising strong Positive
delivery partners, with a special focus on women. The
Strong corporate citizenship are fundamental to Swiggy’s governance through: Strong governance programme covers budgeting, investments, and capital
Corporate long-term success in a rapidly evolving regulatory, improves investor markets. Swiggy has also committed to onboarding
Board-level oversight, supported
Governance social, and digital environment. confidence, reduces 1 lakh female delivery partners by 2030 and annually
by Audit and Risk Committees that
risk exposure, and recognises top performers through the Swigstree
Strong governance frameworks enable sound provide strategic direction and Brigade.
enhances Swiggy’s
decision-making, effective risk oversight, and independent guidance.
attractiveness as
ethical conduct — building stakeholder trust, Swiggy Skills: Under its flagship programme Swiggy
A formal Enterprise Risk Management a public company. Skills, Swiggy has partnered with the Ministry of Skill
enhancing resilience, and positioning the
(ERM) framework that maps, monitors, Effective corporate Development & Entrepreneurship (MSDE) to offer
company for responsible, sustainable growth.
and mitigates risks across strategic, citizenship deepens online skilling and certifications via the Skill India
As regulatory expectations heighten, governance
operational, compliance, and community goodwill, Digital Hub. The initiative currently supports over 5
excellence becomes a core differentiator. lakh delivery partners, 4 lakh restaurant partners,
reputational domains. enhances employee
At the same time, corporate citizenship and partner along with individuals trained through Sector Skill
A centralised compliance engagement, and Councils, providing not just skill development but also
offers a strategic lever to create shared
management system to ensure helps future-proof the employment opportunities and internships across
value — deepening community engagement, Swiggy’s value chain. Swiggy aims to empower over one
timely and consistent adherence to brand in a trust-driven
strengthening brand affinity, and reinforcing million individuals by 2030, fostering stronger and more
applicable laws and internal controls. economy.
Swiggy’s social licence to operate. sustainable livelihoods.
A strengthened whistleblower
She The Change: Inaugurated in 2024 by Finance
mechanism that upholds Minister Nirmala Sitharaman, the first edition of She The
transparency, protects confidentiality, Change celebrated women entrepreneurs in the F&B
and ensures responsive action on sector, recognising 50,000+ women-run restaurants
misconduct. generating 3,00,000+ jobs. By providing visibility,
resources, and growth opportunities, the initiative is a
Ongoing investments in ethical step towards Swiggy’s goal of empowering 1,00,000
leadership and capacity-building women across its ecosystem.
across functions to nurture a culture
of integrity, accountability, and Entrepreneurship Support: Partnering with 100+ startups
in climate, logistics, and circularity to unlock innovation
compliance.
and job creation.
130 Swiggy Limited Annual Report 2024-25 131
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SECTION B: MANAGEMENT AND PROCESS DISCLOSURES P1 P2 P3 P4 P5 P6 P7 P8 P9
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting 2. Whether the entity has translated the policy into Y Y Y Y Y Y Y Y Y
the NGRBC Principles and Core Elements. procedures. (Yes/No)
3. Do the enlisted policies extend to your value chain Y Y Y Y Y Y Y Y Y
1. a. Whether your entity’s policy/policies cover each principle and its core elements of the NGRBCs.
partners? (Yes/No)
(Yes/No)
Swiggy’s adherence to the National Guidelines on Responsible Business Conduct (NGRBC) is reflected in a set of 4. Name of the national and international codes/certifications/labels/standards adopted by your entity
policies that address all nine principles and their core elements. These policies reinforce Swiggy’s commitment and mapped to each principle.
to ethical, inclusive, and sustainable business practices. The company’s Code of Conduct guides employee and
NGRBC
stakeholder behaviour, supported by domain-specific policies that ensure responsible operations across the Name of the policy Aligned Code/Standard/Relevant
Principles
value chain. The summary below outlines the most relevant policies aligned with each NGRBC principle as part
Anti-Bribery and Anti-Corruption UN Convention Against Corruption, UNGC Principle 10, OECD Anti-Bribery P1, P7
of Swiggy’s BRSR disclosures. Policy Convention, UK Bribery Act, US FCPA
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Board Diversity Policy ILO Convention C111 (Non-Discrimination), UNGC Principle 6, IFC Corporate P1, P8
Governance Guidelines
Anti-Bribery and Anti-Corruption Policy
Code of Conduct for Directors & OECD Principles of Corporate Governance, IFC Corporate Governance P1, P7, P9
Board Diversity Policy
Senior Management Guidelines, UNGC Principles 1 & 10
Childcare and Parental Policy
Code of Conduct Policy UNGC Principles 1–10, UNGPs, OECD Guidelines, Universal Declaration of Human P1, P2, P3,
Code of Conduct for Directors and Senior Management Rights P4, P5, P6,
P7, P8, P9
Code of Conduct Policy
Code of Conduct to Regulate OECD Principles of Corporate Governance (Transparency & Market Integrity), P1, P4
Code of Conduct to Regulate Monitor and Report Trading by Insiders
Monitor and Report Trading by IOSCO Principles
Compassionate Policy Insiders
Conflict of Interest Policy Conflict of Interest Policy OECD Guidelines for Multinational Enterprises, UNGC Principle 10, UNGPs P1, P7
Corporate Social Responsibility Policy CSR Policy Companies Act 2013 (Schedule VII), UNGC Principle 1 & 8, UN SDGs P4, P6, P8
Data Breach Policy Data Breach Policy ISO 27001, ISO 27701, NIST Cybersecurity Framework, IT Act 2000 (SPDI Rules), P2, P4, P9
Discrimination and Harassment Prevention Policy GDPR
Diversity, Equity, and Inclusion Policy Discrimination & Harassment ILO Convention C100 (Equal Remuneration), ILO C111 (Discrimination), UNGC P3, P4, P5, P8
Prevention Policy Principle 6
Dividend Distribution Policy
Diversity, Equity and Inclusion Policy OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, P3, P4, P5, P8
Employee Flexi Benefit Plan ILO Declaration on Fundamental Principles at Work (1996), UN Global Compact,
Environmental Policy Rights of Person with Disabilities Act 2016, ILO Convention No. 111
Health and Safety Policy Dividend Distribution Policy OECD Principles of Corporate Governance (Equitable Treatment of Shareholders) P4
Human Rights Policy Environmental Policy ISO 14001 (Environmental Management), GHG Protocol, Indian Environment Laws P2, P6, P9
(EPA 1986, PWMR 2016, E-waste Rules), UN SDGs
IT Security Policy
Health & Safety Policy ISO 45001:2018, ILO Occupational Safety Conventions, India’s National Policy on P2, P3, P4, P5,
Learning and Development Wallet
Safety, Health & Environment at Workplace, Local labour laws P9
Nomination and Remuneration Policy
Human Rights Policy UNGPs, ILO Core Conventions, Universal Declaration of Human Rights, OECD P2, P3, P4, P5,
Pet Adoption Leave Policy Guidelines for Multinational Enterprises on Responsible Business Conduct, P8, P9
Physical and Environmental Security Procedure Factories Act, 1948, POSH, Child Labour Act
Prevention of Sexual Harassment Policy IT Security Policy ISO 27001, NIST Cybersecurity Framework, CIS Controls P9
Privacy Policy Nomination and Remuneration OECD Principles of Corporate Governance, IFC Corporate Governance P1
Policy Guidelines, ILO Convention C100
Procedure for Fair Disclosure of Unpublished Price Sensitive Information
POSH Policy POSH Act 2013 (India), ILO Convention C190 (Violence & Harassment), CEDAW, P3, P4, P5
Related Party Transaction Policy UNGPs
Supplier Code of Conduct Privacy Policy ISO 27701, IT Act 2000, GDPR, OECD Guidelines on Privacy & Transborder P4, P9
Stakeholder Management and Grievance Redressal Policy Data Flows
Sustainable Sourcing Policy Procedure for Fair Disclosure of UPSI IOSCO Principles (Market Transparency), OECD Principles of Corporate P4
Governance
Whistleblower Policy
Related Party Transaction Policy OECD Guidelines for Corporate Governance, UNGC Principle 10 P1
b. Has the policy been approved by the Board? (Yes/No) Supplier Code of Conduct UNGPs, OECD Guidelines for Multinational Enterprises on Responsible Business P2, P3, P4, P5,
Conduct, ILO Fundamental Principles & Rights at Work, Indian Prevention of P6, P9
Yes. Corruption Act, Labour laws, Environment laws
Stakeholder Management and OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, P3, P4, P5, P6,
c. Web Link of the Policies, if available Grievance Redressal Policy AA1000 Stakeholder Engagement Standard P7, P8, P9
Policies aligned with these principles are accessible on Swiggy’s website under the ‘Investor Relations’ section, Sustainable Sourcing Policy OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, P2, P3, P4, P5,
within the ‘Corporate Governance’ subsection. Certain internal policies, given their operational or employee- UNGPs, ILO Core Conventions, Sedex/SMETA Guidelines, India’s National P6, P9
Guidelines on Responsible Business Conduct (NGRBC)
specific nature, are available exclusively on Swiggy’s internal employee portal.
Whistleblower Policy UN Convention Against Corruption, UNGC Principle 10, OECD Guidelines for P1, P4, P5, P7,
Link to Policies Multinational Enterprises P8, P9
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5. Specific commitments, goals and targets set by the entity with defined timelines, if any. 6. Advancing Delivery Partner Safety and Well-Being
As part of its long-term sustainability roadmap, Swiggy has identified eight strategic focus areas at the group level that anchor 6.1 Delivering Safely: Enhance delivery partner welfare and safety through targeted measures and reduce adverse incidents by
its approach to responsible growth. These areas reflect Swiggy’s commitment to creating measurable impact across environmental, 10% annually.
social, and governance dimensions. In alignment with this framework, Swiggy has set clear and ambitious goals to be achieved
by 2030. Swiggy continues to prioritise delivery partner well-being through a combination of safety interventions, financial protection,
recognition programmes, and community-building efforts in partnership with the local administration that foster a more resilient
Swiggy’s 2030 Sustainability Goals
and inclusive platform economy.
1. Reducing Emissions 7. Excellence in Corporate Governance
1.1 Low Carbon Fleet: Transition to a 100% electric vehicle (EV) delivery fleet by 2030, enabling zero-emission deliveries. 7.1 Great Governance: Champion ethical leadership and conscious business practices to build trust, drive sustainable growth,
1.2 Clean Energy: Shift to 100% renewable energy in direct operations by 2030, leveraging sustainable solutions.
and deliver enduring stakeholder value.
Swiggy recognises that decarbonising last-mile logistics and internal operations is essential to long-term business resilience. Governance excellence remains core to Swiggy’s value creation strategy. With strong board oversight, proactive risk
Its efforts span accross electrification of the delivery fleet, increasing clean energy adoption, and enhancing route and energy management, and embedded compliance systems, the company is committed to long-term stakeholder trust and ethical,
efficiency - all aimed at reducing Scope 1 and 2 emissions and supporting India’s climate transition. responsible growth.
2. Delivering Circular Change 8. Accelerating Digital Sustainability
2.1 Plastic Circularity: Ensure all plastic from direct operations is reduced or offset through reuse and recycling initiatives by 2025. 8.1 Data Privacy and Security: Continue to invest in encryption and privacy controls, maintaining high standards for all
2.2 Sustainable Packaging: Facilitate 100% of our restaurant partners to transition to responsible packaging alternatives by 2030. customer and partner data systems.
8.2 Sustainable Technology: Achieve at least a 50% reduction in IT-related emissions by 2030 through energy-efficient
2.3 Minimising Waste: Reduce perishable waste in our direct operations by 25% year-on-year through improved processes and
infrastructure, increased renewable energy adoption, and sustainable IT practices.
automation in our value chain.
8.3 Swiggy for Good: Harness the power of technology and innovation to create sustainable, scalable solutions that address
2.4 Addressing Hunger: Leverage our value network and strategic partnerships to distribute 100 million meals by 2030.
environmental and social challenges.
Swiggy is advancing circularity through targeted interventions in packaging, waste minimisation, and redistribution of surplus
As a digital-first platform, Swiggy is embedding sustainability into its tech backbone. By minimising digital emissions, fortifying data
food. These efforts are complemented by our commitment to responsible consumption and community nutrition, reinforcing our
security, and leveraging innovation for societal good, Swiggy aims to lead responsibly in a digital age.
broader transition to a circular economy.
For more details on Swiggy’s sustainability commitments and programmes, please refer to pages 42 to 47 of the Annual Report.
3. Nurturing Networks and Communities
6. Performance of the entity against the specific commitments, goals and targets along-with reasons in case the
3.1 Thriving Farms & Cooperatives: If it grows here, it comes from here - ensuring every locally available harvest is 100% same are not met.
indigenously sourced by 2025, uplifting farmers and strengthening regional economies.
Swiggy announced its 2030 Sustainability Goals in March 2025, establishing a long-term sustainability vision anchored in
3.2 Responsible Sourcing: Ensure 100% of our value chain partners adhere to a Responsible Sourcing Code by 2030. eight focus areas. This milestone marks FY 2024-25 as our baseline year where intent meets structure, and ambition translates
into measurable action. These 2030 goals reflect Swiggy’s commitment to building a more resilient, inclusive, and sustainable
3.3 Little Lifts: Enhance urban experiences in 5 major cities by 2030, bringing communities together and supporting welfare ecosystem for all stakeholders. Beginning next year, we will report progress against each goal, enabling transparent and consistent
initiatives. performance tracking.
Swiggy aims to build resilient supply chains rooted in local sourcing, partner responsibility, and shared prosperity. Our For more details on Swiggy’s sustainability commitments and programmes, please refer to pages 42 to 47 of the Annual Report.
programmes are designed to uplift farming communities, improve traceability, and make every day urban experiences more
enjoyable and community driven. Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges,
4. Enriching Livelihoods & Building an Inclusive Workforce targets and achievements
4.1 Skilling & Employment: Upskill, reskill, and facilitate participation of over 1 million individuals in our value chain by 2030, with FY 2024-25 marked a foundational year for sustainability at Swiggy. We moved from intent to action with the announcement of
programmes like Swiggy Skills. our 2030 Sustainability Goals spanning climate action, circular packaging, delivery partner welfare, and inclusive growth. Early
initiatives under these goals are already demonstrating that scale and responsibility can reinforce each other when approached
4.2 Fostering Entrepreneurship: Accelerate solutions for climate action, circularity, and delivery logistics by collaborating with with clarity and intent.
100 startups by 2030.
This year was as much about setting ambition as building the foundation — embedding sustainability into how we think, design,
4.3 She The Change: Empower 1,00,000 women in Swiggy’s value chain by 2030, including entrepreneurs, delivery partners, and
and grow, so it becomes integral to the way Swiggy operates. The road ahead will demand deeper visibility across our supply
employees.
chain, stronger collaboration with partners, and constant innovation. What gives me confidence is the shared belief across Swiggy
4.4 Inclusive Growth: Build a thriving, inclusive environment where individuals feel empowered to bring their authentic selves to that progress comes from making every choice count ensuring growth and responsibility move forward together.
work, driving greater diversity and representation.
That belief will continue to guide us as we build Swiggy into an institution that delivers not just at speed and scale, but with intent
Swiggy believes inclusive growth is a strategic lever for innovation and scale. By creating opportunities across its ecosystem – and conscience - true to our purpose of delivering unparalleled convenience, responsibly.
especially for women, small entrepreneurs, and frontline partners – the company seeks to build a skilled, future-ready, and
representative workforce aligned with its purpose. Sriharsha Majety
Managing Director and Group CEO, Swiggy Limited
5. Promoting Culinary Diversity and Food Integrity
5.1 Culinary Legacy: Celebrate culinary diversity, homegrown products, traditional cuisines and help 100 local brands scale
geographically by 2030.
5.2 Quality & Trust: Confer 1 million partners with a distinction, like Swiggy Seal, by 2030 to uphold safety, hygiene, and quality
standards.
Swiggy is committed to celebrating India’s culinary heritage while raising the bar on food integrity and quality. Through
programmes like the Swiggy Seal and support for local brands, Swiggy aims to build a trusted, vibrant food ecosystem rooted in
integrity and innovation.
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8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURE
policy (ies).
Sriharsha Majety, Managing Director and Group CEO, Swiggy Limited Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is
Ethical, Transparent and Accountable.
9. Does the entity have a specified Committee of the Board/Director responsible for decision making on
sustainability related issues?
(Yes/No). If yes, provide details.
Yes. Swiggy has broadened the mandate of its existing CSR Committee to formally include sustainability, thereby constituting the
Sustainability and CSR Committee — a dedicated Board-level committee responsible for providing strategic direction and oversight
on sustainability matters.
This Committee is a cornerstone of Swiggy’s Sustainability governance architecture. It aligns sustainability priorities with Swiggy’s
long-term business strategy and stakeholder expectations, embeds sustainability considerations into decision-making at the
highest level, monitors progress towards enterprise-wide sustainability goals, and ensures the integrity and transparency of
disclosures.
In accordance with its charter, the Committee meets at least twice a year to discharge its responsibilities.
Composition of the Committee:
1. Sriharsha Majety – Chairman (Managing Director & Group CEO) Integrity is not just about
2. Anand Kripalu – Member (Non-Executive Chairman and Independent Director) avoiding what is wrong; it is
3. Suparna Mitra – Member (Independent Director)
about inspiring confidence in
For more information on Swiggy Sustainability Governance framework, please refer to page 43 of the Annual Report.
every stakeholder that Swiggy
10. Details of Review of NGRBCs by the Company:
will always choose what is
Indicate whether review was
right for the long run. That
Subject for Review
undertaken by Director/Committee of
Frequency (Annually/Half-yearly/
Quarterly/Any other – please specify
confidence is our greatest
the Board/Any other Committee
asset - and the reason people
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against above policies The Company’s Senior Management On a continuous basis
trust us with their business, their
and follow-up action regularly reviews organisational data, and their livelihoods.
performance against various policies.
Updates on the outcomes of these Rahul Bothra
reviews, particularly on material aspects, Chief Financial Officer
are shared with the Board and relevant
Board Committees.
Compliance with statutory
requirements of relevance to the
The Company complies with all applicable statutory and regulatory requirements.
principles, and rectification of any
non-compliances At Swiggy, integrity is not just a compliance requirement - it provide clear guidance, set unambiguous expectations, and
is the foundation of how we think, act, and grow. We believe empower our people to make decisions that consistently
11. Has the entity carried out P1 P2 P3 P4 P5 P6 P7 P8 P9
independent assessment/ that doing the right thing consistently, even when no one is uphold our values.
N** N** Y* ISO N** N** Y* ISO N** N** Y***
evaluation of the working of its 45001: 14001 ISO
watching, is essential to earning the trust of our employees,
policies by an external agency? 2018 27001 partners, customers, and regulators. Strong governance is at the heart of this approach. We hold
(Yes/No). If yes, provide the ourselves accountable to the highest standards because
name of the agency Our commitment goes beyond following rules; it is about we understand that trust is earned over time and lost in a
* for Swiggy HO, certified by BSI building a culture where ethical behaviour is second nature, moment. Whether it is how we engage with our partners,
** Although formal third-party assessments were not undertaken during the reporting year, Swiggy remains committed to high standards of and every decision reflects transparency and fairness. We manage data, or report to our Board, our intent is to ensure
accountability and transparency. In line with this, the company conducted comprehensive internal evaluations of key policies to ensure continued want our people to feel empowered to raise concerns, that every action strengthens the credibility we have built
compliance, effectiveness, and responsible governance across its operations. challenge practices that do not align with our values, and with our stakeholders.
*** Certified by TÜV SÜD South Asia Private Limited for Swiggy Limited. take ownership for doing what is right.
Integrity at Swiggy is therefore not a standalone programme
12. If answer to question (1) above is “No” i.e., not all Principles are covered by a policy, reasons to be stated: A robust suite of policies, including our Code of Conduct - it is part of our identity. By embedding honesty,
Not applicable. and allied frameworks on anti-bribery, anti-corruption, responsibility, and openness into everything we do, we are
and conflict of interest, plays an integral role in ensuring building a business that people can believe in, today and
good governance across the organisation. These policies for the future.
136 Swiggy Limited Annual Report 2024-25 137
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Essential Indicators 4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available,
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year: provide a web-link to the policy.
Total number of Topics/principles %age of persons in respective Yes. Swiggy is committed to maintaining the highest standards of integrity, transparency, and ethical conduct in all its
Segment training and awareness covered under the training category covered by the business dealings. As part of this commitment, Swiggy has instituted a comprehensive Anti-Bribery and Anti-Corruption
programmes held and its impact awareness programmes (ABAC) Policy, which is embedded within its overarching Code of Conduct.
Board of Directors 1 BRSR Principles, Business, 100% The policy applies to all employees (permanent, contractual, or temporary), directors, consultants, suppliers, and third
Industry, and Governance
parties across Swiggy’s value chain. It explicitly prohibits any form of bribery, kickbacks, facilitation payments, or corrupt
Key Managerial Personnel 1 BRSR Principles, Business, 100% practices — whether offered or received — while conducting business on behalf of Swiggy.
Industry, and Governance
Employees other than BoD and KMPs* 41* BRSR Principles, POSH, 100% The ABAC framework is aligned with key domestic and global statutes, including the Prevention of Corruption Act,
Infosec, Code of Conduct 1988, Bhartiya Nyaya Sanhita, 2023, Prevention of Money Laundering Act, 2002, UK Bribery Act, U.S. Foreign Corrupt
Practices Act, Central Vigilance Commission Act, 2003, and the Lokpal and Lokayukta Act, 2013, wherever applicable.
*Unique trainings/learning modules.
Swiggy’s policy mandates:
2. Details of fines/penalties/punishment/award/compounding fees/settlement amount paid in proceedings (by
the entity or by directors/KMPs) with regulators/law enforcement agencies/judicial institutions, in the financial Zero tolerance towards bribery or corruption in any form
year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in
Annual employee declarations and periodic ABAC training
Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the
entity’s website): Robust controls to detect and deter violations
Monetary Disciplinary action, including termination, in case of breaches
Name of the regulatory/ Has an appeal
NGRBC Amount
enforcement agencies/ Brief of the Case been preferred? The purpose of the policy is to ensure Swiggy is not directly or indirectly involved in any activity that may amount to
Principle (In INR)
judicial institutions (Yes/No) bribery, facilitation payments, or corruption – even inadvertently.
Penalty/Fine Principle 3 Profession Tax Officer 7,59,86,8113 The Profession Tax Officer assessed a Yes
Link to Policy
Department of GST demand of INR 7,59,86,813 against
Pune, Maharashtra Swiggy, based on an erroneous
interpretation that classifies Delivery 5. Number of Directors/KMPs/employees against whom disciplinary action was taken by any law enforcement
Executives as employees of the agency for the charges of bribery/corruption.
company, rather than as independent
FY 2024-25 FY 2023-24
gig workers. Current Financial Year Previous Financial Year
Settlement - Directors 0 0
Compounding fee - KMPs 0 0
Employees 0 0
Non-Monetary
Name of the regulatory/enforcement Has an appeal been
6. Details of complaints with regard to conflict of interest:
NGRBC Principle Brief of the Case
agencies/judicial institutions preferred? (Yes/No) FY 2024-25 FY 2023-24
Imprisonment - Current Financial Year Previous Financial Year
Punishment - Number Remarks Number Remarks
Number of complaints received in relation to issues of Conflict of Interest of 0 - 0 -
3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary the Directors
or non-monetary action has been appealed. Number of complaints received in relation to issues of Conflict of Interest of 0 - 0 -
the KMPs
Name of the regulatory/enforcement agencies/
Case Details
judicial institutions
7. Provide details of any corrective action taken or underway on issues related to fines/penalties/action taken by
Swiggy contested this assessment before the Appellate Authority, maintaining Profession Tax Officer, Department of GST Pune, regulators/law enforcement agencies/judicial institutions, on cases of corruption and conflicts of interest.
that Delivery Executives operate as independent contractors engaged on a Maharashtra
principal-to-principal basis. As such, they do not fall within the purview of the Not applicable.
Profession Tax under the Maharashtra State Tax on Professions, Trades, Callings
and Employments Act (PTRC Act). 8. Number of days of accounts payables ((Accounts payable *365)/Cost of goods/services procured) in the following
format:
Swiggy maintains that its engagement model is in full compliance with
applicable legal and regulatory frameworks governing platform work and gig FY 2024-25 FY 2023-24
economy practices. A stay order on the demand has been successfully secured Current Financial Year Previous Financial Year
on 30.06.2025, and the matter is currently pending adjudication before the Number of days of accounts payable 52 35
Appellate Authority.
138 Swiggy Limited Annual Report 2024-25 139
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9. Open-ness of business Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along with
loans and advances & investments, with related parties, in the following format:
FY 2024-25 FY 2023-24
Parameter Metrics
Current Financial Year Previous Financial Year
Concentration of a. Purchases from trading houses as % of total purchases Not applicable Not applicable
Purchases*
b. Number of trading houses where purchases are made from Not applicable Not applicable
c. Purchases from top 10 trading houses as % of total Not applicable Not applicable
purchases from trading houses
Concentration of a. Sales to dealers/distributors as % of total sales Not applicable Not applicable
Sales*
b. Number of dealers/distributors to whom sales are made Not applicable Not applicable
c. Sales to top 10 dealers/distributors as % of total sales to Not applicable Not applicable
dealers/distributor
Share of RPTs in a. Purchases (Purchases with related parties/Total Purchases) 12.96% 8.84%
b. Sales (Sales to related parties/Total Sales) 0.0018% 0.01%
Responsible delivery goes
c. Loans & advances (Loans & advances given to related 100% 100%
parties/Total loans & advances) beyond operational excellence;
d. Investments (Investments in related parties/Total 55.27% 10.56% it is about shaping habits
Investments made)
and expectations. When
*Swiggy operates as a technology-enabled platform focussed on food delivery and restaurant discovery. Given the nature of its services, Swiggy
does not engage with trading houses or dealers in the course of its business operations.
consumers choose Swiggy,
they choose quality, a reduced
Leadership Indicators environmental footprint, and
2. Does the entity have processes in place to avoid/manage conflict of interests involving members of the Board? (Yes/
an ecosystem that uplifts the
No) If yes, provide details of the same.
Yes. Swiggy Limited has instituted robust processes to avoid and manage conflicts of interest involving members of
people we interact with -
the Board. directly and indirectly. Our role
Rohit Kapoor is to make the right choice the
The company has adopted a Code of Conduct for Directors and Senior Management, which lays down a high standard
of ethical governance. In line with this Code:
CEO – Food Marketplace easiest one so that, over time,
doing what’s better for people
Conflict of Interest Disclosure & Prohibition: Directors and Senior Management Personnel are required to avoid
any situation where their personal interests may conflict with those of the Company. They must not derive personal and the planet becomes second
gain at the expense of Swiggy’s interests, directly or indirectly. Any such conflicts, whether actual or potential, are nature for everyone.
required to be promptly disclosed.
Annual Affirmation of Compliance: All Directors and Senior Management Personnel must provide a written
affirmation of compliance with the Code annually. Any deviations or violations are required to be reported to the
Chairman of the Board and the Compliance Officer.
At Swiggy, convenience and responsibility go hand in hand. This is not just a business obligation; it is a non-negotiable
Oversight and Governance: The implementation of this Code is jointly overseen by the Compliance Officer, Chief
How we deliver is as important as what we deliver, and every for the future. Every innovation - whether in packaging,
Human Resources Officer, and the Head – Assurance & Business Advisory, who ensure its continued relevance, alignment
choice we make must be safe, sustainable, and fair to the logistics, or sourcing - reflects our belief that growth must
with regulatory requirements, and enforcement across leadership.
people and communities we serve. be inclusive and mindful of its impact on people and the
Periodic Review & Board Oversight: The Code is reviewed periodically and updated in accordance with evolving planet. By embedding sustainability and safety into our
legal frameworks and governance best practices. Compliance with the Code is also disclosed in the Annual Report. Our ambition is to shape an ecosystem where sustainability culture and partnerships, we aim to build a platform people
is not a trade-off but seamlessly built into every experience. trust - not just for unparalleled convenience, but for the
This framework ensures that Swiggy’s leadership upholds the highest standards of integrity, transparency, and fiduciary We are committed to raising the bar, enabling partners assurance that every order contributes to a better and more
responsibility in line with stakeholder expectations. to adopt responsible practices, and using technology to responsible tomorrow.
make the responsible choice simpler and more accessible
Link to Policy for everyone.
140 Swiggy Limited Annual Report 2024-25 141
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Essential Indicators 3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
environmental and social impacts of product and processes to total R&D and capex investments made by the Although Swiggy does not manufacture the products sold via its platform, it is committed to driving circularity across
entity, respectively. its operations and partner ecosystem. To safely reclaim, reuse, recycle, or dispose of end-of-life materials, Swiggy has
Current Financial Year Previous Financial Year Details of improvements in environmental and social impacts implemented the following processes:
R&D - - Swiggy’s technology-driven product enhancements reflect
a. Plastics (including packaging)
Capex - - commitment to sustainable consumption, partner well-being, and
responsible platform design, aligned with Swiggy’s ESG priorities. Collection & Segregation: All plastic packaging used in Swiggy’s direct operations (e.g., insulated bags, courier
These investments are directed towards technologies and process pouches) is collected and segregated at source.
innovations that deliver measurable environmental and social
outcomes. Authorised Recycling Partnerships: Segregated plastics are handed over to BBMP- and CPCB-authorised
recyclers, who process them into certified recycled pellets.
Key product enhancements enabled through these investments
include: Offset & Reduction Targets: Swiggy has achieved a 100% reduction or offset of its direct-use plastics in FY 2024-
Swiggy Skills – digital skilling platform for delivery partners. 25 and will continue to scale reuse and recycling initiatives. By 2030, all restaurant partners will be supported to
transition to responsible, plastic-free packaging alternatives.
Swiggy Seal – tech-enabled food integrity and hygiene certification
for restaurant partners.
b. E-Waste
Eco Saver – intelligent order batching system reducing carbon
emissions. Certified Processors: E-waste is aggregated centrally and transferred to Envirokare Recycling Solutions Pvt. Ltd.,
which operates licensed dismantling and recycling facilities in compliance with the E-Waste (Management &
Cutlery Opt-Out – consumer-facing tech feature to reduce single-
Handling) Rules, 2022.
use plastic.
Swiggy x Sulabh – improving access to sanitation infrastructure for
Full-Chain Traceability: Every disposal batch is tracked via a manifest system to ensure material is processed in
delivery partners. an environmentally controlled manner.
App Inclusivity Features – full VoiceOver (iOS) and TalkBack
c. Other Waste (Organic & Dry)
(Android) support, making the platform accessible to customers with
vision and motor impairments. Organic Waste Management: Wet waste from cafeterias and pantries in Swiggy HO is processed on-site using
These targeted investments support initiatives focussed on Organic Waste Converters (OWC), converting food scraps into compost for landscaping. Surplus organic residue
sustainability, partner welfare, hygiene, skill-building, and is sent to partnered piggery farms — supporting a closed-loop model.
responsible consumption.
Dry Waste Recycling: Paper, cardboard, and other dry recyclables are handed off to state municipal-authorised
dry-waste vendors for sorting, baling, and onward recycling.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Swiggy has adopted a Sustainable Sourcing Policy that sets forth robust environmental, social, and ethical Zero-Landfill Aspiration: Through these combined measures, 100% of Swiggy HO’s operational waste streams are
standards for its value chain including suppliers, vendors. This policy establishes a formal framework for integrating diverted from landfill, supporting our “zero-waste-to-landfill” principle.
responsible sourcing practices across Swiggy’s diverse value chain covering packaging, logistics, food supply, and
technology partners. This reflects Swiggy’s broader 2030 goals - to eliminate or offset all operational plastics by 2025, reduce perishable
waste by 25% annually, and embed responsible sourcing and circularity across the entire value chain.
The policy includes:
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes/No). If yes, whether the
Supplier Code of Conduct: Value chain partners are expected to adhere to Swiggy’s Supplier Code of
waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control
Conduct, promoting human rights, ethical labour, and environmental stewardship. Boards? If not, provide steps taken to address the same.
Assessments: In the long term, the policy aims to ensure that value chain partners are periodically
No, Extended Producer Responsibility (EPR) is not applicable to Swiggy Limited. (standalone).
evaluated on labour practices, health and safety, environmental impact, and business ethics — aligned
with global standards. c. Spending on measures towards well-being of employees in the following format
Capacity Building: Swiggy is working towards institutionalising regular training and engagement
FY 2024-25 FY 2023-24
programmes to equip value chain partners with knowledge and tools to improve their sustainability Current Financial Year Previous Financial Year
performance. Cost incurred on well-being measures of permanent employees as a % of total 0.66% 0.78%
revenue of the company*
Swiggy has also committed to ensuring 100% of its value chain partners adhere to a Responsible Sourcing Code *Swiggy takes a holistic and outcomes-driven approach to employee well-being, investing in programmes that promote health, mental and
by 2030 financial well-being, learning, inclusion, and everyday support at work. The reported costs toward employee well-being cover a range of essential
enablers, including medical insurance, training and upskilling, structured employee engagement, and workplace amenities that support daily
productivity and comfort. These also include staff welfare initiatives designed to address evolving employee needs, strengthen team cohesion,
b. If yes, what percentage of inputs were sourced sustainably? and foster a safe, inclusive work environment.
Not applicable for the reporting year. Swiggy’s Sustainable Sourcing Policy was formalised in FY 2024-25. A
baseline assessment and measurement framework will be undertaken in the upcoming year, with progress reported
in subsequent disclosures.
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Principle 3: Businesses should respect and promote the well-being of all employees, including those in their Essential Indicators
value chains 1. a. Details of measures for the well-being of employees.
% of employees covered by
Category Health insurance Accident Insurance Maternity benefits Paternity benefits Day care facilities
Total
No. % No. % No. % No. % No. %
Permanent employees
Male 3,633 3,633 100% 3,633 100% 0 0% 3,633 100% 2,213 61%
Female 855 855 100% 855 100% 855 100% 0 0% 662 77%
Total 4,488 4,488 100% 4,488 100% 855 19.05% 3,633 80.95% 2,875 64%
2. Details of retirement benefits, for Current FY and Previous Financial Year.
FY 2024-25 FY 2023-24
Current Financial Year Previous Financial Year
Benefits No. of employees Deducted and No. of employees Deducted and
covered as a % of deposited with the covered as a % of deposited with the
Well-being is not a programme; total employees authority (Y/N/N.A.) total employees authority (Y/N/N.A.)
it is a mindset we’ve nurtured PF 100% Y 100% Y
Gratuity 100% Y 100% Y
over a decade. At Swiggy, ESI 3% Y 12% Y
this culture has been built Other - - - -
through countless small but 3. Accessibility of workplaces
meaningful actions — checking Are the premises/offices of the entity accessible to differently abled employees and workers, as per the requirements
in on colleagues, celebrating of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in
this regard.
milestones, and ensuring every
Swiggy is committed to fostering an inclusive and accessible workplace that upholds the dignity and well-being of all
part of our value chain feels
employees, including individuals with disabilities.
respected and supported.
Our headquarters, Swiggy HO – located at Embassy TechVillage (ETV) and home to over 67% of our workforce — is fully
Girish Menon When people feel genuinely compliant with the requirements of the Rights of Persons with Disabilities Act, 2016.
Chief Human Resources Officer cared for, they don’t just deliver The facility has been thoughtfully designed to offer barrier-free access across all key areas, including entrances,
better outcomes — they shape restrooms, workstations, and emergency exits. We have also made significant investments in accessibility infrastructure
the culture and trust that make to accommodate employees with locomotive and wheelchair needs. Accessibility features include step-free entry
points, ramps with handrails and anti-skid flooring, restrooms built to accessibility standards, elevators equipped with
Swiggy stronger every day. Braille signage and audio cues, and high-contrast, clearly marked floor signage for easy navigation.
Swiggy continues to assess accessibility across its broader office network and remains committed to enhancing
infrastructure to create a more inclusive environment for all.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide
At Swiggy, the well-being of our people employees, delivery enabled, and diversity and inclusion are woven into how we
a web-link to the policy.
partners, and value chain participants is central to how we hire, develop, and lead.
build and grow. We believe that a thriving workforce is one Yes. Swiggy is committed to providing equal opportunity to all individuals and fostering a diverse, inclusive, and non-
where safety, inclusion, and opportunity are not optional We see well-being as a shared responsibility. From building discriminatory work environment, in line with the Rights of Persons with Disabilities Act, 2016.
benefits but fundamental rights. equitable workplaces to creating safer and more dignified
Swiggy’s commitment to equal opportunity is embedded across multiple people policies that together form a
conditions for delivery partners, we are committed to raising
comprehensive framework for inclusive employment practices:
Our ambition is to create a workplace and ecosystem where the standards of care and support across our ecosystem.
every individual feels valued, supported, and empowered to Because when our people thrive, they create lasting value – The Diversity, Equity & Inclusion (DE&I) Policy explicitly affirms Swiggy’s commitment to ensuring fair and merit-
succeed. This means fostering a culture where mental and not just for Swiggy, but for the communities and customers based hiring, progression, and workplace participation for all, including persons with disabilities. It also outlines
physical well-being are prioritised, career growth is actively we serve. provisions for reasonable accommodation and inclusive infrastructure.
The Discrimination & Harassment Prevention Policy reinforces zero tolerance for any form of bias, harassment, or
exclusion, creating a safe and respectful workplace for everyone.
The Code of Conduct for Employees sets expectations of fairness, ethical conduct, and respect for diversity, and
mandates non-discrimination across all levels of engagement.
These policies collectively uphold the principle of equal opportunity and establish clear mechanisms to prevent
discrimination, promote accessibility, and support the participation of persons with disabilities across Swiggy’s workforce.
Link to Policies
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5. Return to work and Retention rates of permanent employees that took parental leave. 7. Membership of employees in association(s) or Unions recognised by the listed entity:
Permanent employees FY 2024-25 FY 2023-24
Gender Current Financial Year Previous Financial Year
Return to work rate Retention rate Category
Total employees in Total employees in
Male 83.03% 70.45% % %
respective category respective category
Female 98.25% 70.83%
Permanent Employees 4,488 0 4,144 0
Total 86.94% 70.54%
Male 3,633 0 3,434 0
Female 855 0 710 0
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
workers? If yes, give details of the mechanism in brief.
8. Details of training given to employees:
Category Yes/No (If Yes, then give details of the mechanism in brief)
FY 2024-25 FY 2023-24
Permanent Yes. Current Financial Year Previous Financial Year
Workers Swiggy has instituted a comprehensive grievance redressal mechanism for employees and workers through Category On Health & Safety On Skill On Health & Safety On Skill
Other than its Stakeholder Management and Grievance Redressal Policy, which outlines structured procedures for raising, Measures Upgradation Measures Upgradation
Total Total
Permanent investigating, and resolving grievances in a timely and confidential manner.
Workers No. % No. % No. % No. %
Key features of the mechanism include:
Permanent Permanent Employees
Multiple access channels: Grievances may be submitted via a dedicated email ID (grievances@swiggy.in)
Employees Male 3,633 3,633 100% 3,633 100% 3,434 3,434 100% 3,434 100%
Time-bound resolution: All grievances are acknowledged within 48 hours and resolved within 14 days, depending
855 855 100% 855 100%
Other than Female 710 710 100% 710 100%
on complexity.
Permanent Total 4,488 4,488 100% 4,488 100% 4,144 4,144 100% 4,144 100%
Employees Fair and transparent process: Grievances are reviewed by a designated team, with thorough investigation and
regular communication of outcomes to the concerned individuals.
9. Details of performance and career development reviews of employees:
Confidentiality and non-retaliation: Swiggy maintains strict confidentiality and ensures there is no retaliation
against any employee or worker raising a concern in good faith. FY 2024-25 FY 2023-24
Category Current Financial Year Previous Financial Year
Training and awareness: Regular training is provided to internal teams to sensitise them to the grievance handling
process and ensure consistent, empathetic resolution. Total No. % Total No. %
Governance: Oversight by Business Assurance & ERM, Legal, and HR teams. Permanent Employees
Male 3,633 3,633 100% 3,434 3,434 100%
This mechanism is further reinforced by Swiggy’s Code of Conduct, DE&I Policy, POSH Policy, Whistleblower Policy, and
Discrimination & Harassment Prevention Policy, which collectively uphold the organisation’s commitment to a safe, Female 855 855 100% 710 710 100%
inclusive, and responsive work environment. Total 4,488 4,488 100% 4,144 4,144 100%
Harassment, including Sexual Harassment:
10. Health and safety management system:
Concerns relating to sexual harassment at the workplace are addressed through the Internal Complaints Committee
(ICC), constituted under the POSH Act. Employees can write directly to icc@swiggy.in. The process ensures a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/
confidentiality, timely redressal, and non-retaliation. No). If yes, what is the coverage of such a system?
Discrimination or Workplace Bias: Yes, Swiggy has implemented a formal Health and Safety Policy that aligns with ISO 45001:2018 and India’s
Swiggy’s DE&I and Anti-Discrimination Policies reaffirm the company’s zero-tolerance stance towards any form of National Policy on Safety, Health, and Environment at the Workplace. The policy is designed to promote a safe,
workplace discrimination or bias. These policies establish clear principles for fostering an inclusive, respectful, and healthy, and inclusive work environment for all stakeholders associated with Swiggy. It spans across locations and
equitable work environment, while outlining accessible avenues for redressal. Employees can raise concerns through networks, and key features include clearly defined health and safety SOPs across locations, internal safety audits
their manager, HR Business Partner, or escalate further as per the defined grievance hierarchy.
and incident reporting mechanisms, mandatory contractual clauses, on-ground health and wellness infrastructure
Additionally, Swiggy PRISM – a thoughtfully curated, virtual safe space – offers community, conversation, and quiet (doctor-on-call, ambulance access, etc.).
reflection for those who navigate the world differently in identity, lived experience, or perspective. It reflects Swiggy’s
ongoing commitment to embracing diversity not just in policy, but in culture and practice. b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine
Ethical Misconduct & Policy Violations: basis by the entity?
The Whistleblower Policy provides secure, independent, and anonymous channels to report violations of the Code of Swiggy has established structured processes to identify work-related hazards and manage risks on both routine
Conduct, ethical misconduct, or reputational risks. Complaints can be made via: and non-routine bases, led by the Admin and Human Resources (HR) teams. For routine operations, potential
Toll-free number: 1800-102-6969 risks are identified through regular workplace checks, safety reviews, and ongoing feedback from employees
Web portal: https://swiggy.integritymatters.in and frontline staff. These processes help monitor physical infrastructure, occupational health factors, and general
Email: swiggy@integritymatters.in workplace safety across corporate offices and partner-facing facilities. In the case of non-routine activities - such
as office relocations, infrastructure upgrades, or event-based operations - risks are identified in advance through
Or by writing to the Chairman of the Audit Committee at chairman.ac@swiggy.in
collaborative planning between Admin, HR, and relevant teams to ensure necessary safeguards are in place.
Grievances Related to Work Conditions or Internal Services: Employee inputs, incident reports, and internal grievance mechanisms also support continuous identification and
Concerns related to HR policies, work conditions, or unresolved workplace issues can be escalated through: resolution of safety-related concerns, helping Swiggy maintain a safe and responsive work environment.
“Voice of Employees” (voe@swiggy.in) — directly reviewed by the CHRO
grievances@swiggy.in — an apex channel, for all grievances c. Whether you have processes for workers to report the work-related hazards and to remove themselves from
such risks. (Y/N)
Swiggy continuously reviews these mechanisms to ensure they remain accessible, responsive, and aligned with
regulatory standards and employee expectations. Yes, Swiggy has instituted a robust safety incident reporting and redressal mechanism accessible to employees,
workers, and value network. Concerns can be raised confidentially through designated internal channels, with
a structured escalation matrix to relevant teams and governance bodies for timely resolution. Furthermore, our
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commitment to health and safety extends beyond the workplace to our broader value chain - at the heart of 24*7 On-Site Medical Support:
which are our delivery partners. They are encouraged to self-assess risks and are fully supported in withdrawing At our headquarters in Embassy TechVillage (ETV), we provide 24*7 medical room access, a stationed ambulance, and
from any unsafe situations without fear of reprisal. While dedicated, stakeholder-specific channels are in place, a tie-up with Manipal Hospital for emergency care. The premises also include a dedicated Mothers’ Room and are
Swiggy’s Stakeholder Management and Grievance Redressal Policy also provides an overarching grievance fully equipped for medical emergencies. Regular health check-ups and wellness screenings are organised throughout
mechanism accessible to all stakeholders through the designated email address: grievances@swiggy.in the year.
d. Do the employees/workers of the entity have access to non-occupational medical and healthcare services? Mental Wellness & Holistic Health:
(Yes/No) Swiggy provides access to licensed mental health professionals and confidential counseling services. Employees
Yes, Swiggy’s workforce has access to a range of non-occupational medical and healthcare services designed can also benefit from Employee Assistance Programmes (EAPs), yoga sessions, ergonomics workshops, and nutrition
to support their overall well-being. Swiggy places high importance on the health of its employees and has awareness drives that promote holistic well-being.
implemented comprehensive facilities and programmes, including:
Safety Training & Emergency Preparedness:
A fully staffed, on-site medical room operational 24*7 Fire alarms, smoke detectors, sprinkler systems, extinguishers, and marked emergency exits are installed across all major
A dedicated ambulance available round the clock offices. Emergency evacuation maps are displayed, and regular drills and first-aid training sessions are conducted to
ensure preparedness. CCTV surveillance and access control systems further enhance physical security.
Access to hospitals for emergency and extended care services
Incident Reporting & Hazard Management:
A dedicated Mothers’ Room to support nursing and maternal health needs, available in most of our high
footfall offices Swiggy has established a structured mechanism to report and redress safety incidents across its offices and ecosystem.
Employees and other stakeholders are encouraged to voice their concerns regarding unsafe work situations
Beyond immediate medical care, employees and workers are covered under medical and accident insurance without retaliation.
policies, which may also be extended to eligible family members. Routine health check-ups are facilitated to
Inclusive & Supportive Workplace Policies:
monitor wellness, alongside preventive care initiatives such as yoga sessions, mental health consultations, and
wellness workshops. 24*7 telehealth services are also available to employees, ensuring accessible medical support Our Diversity, Equity, and Inclusion Policy, Discrimination and Harassment Prevention Policy, and Code of Conduct
across all locations. uphold fairness, accessibility, and dignity at work. The ETV office is fully compliant with the Rights of Persons with
Disabilities Act, 2016, offering step-free access, Braille signage, accessible restrooms, and other features that make
This integrated approach reflects Swiggy’s commitment to creating a safe, healthy, and inclusive work environment the space barrier-free and inclusive.
that proactively supports the physical and mental well-being of its people.
Work-Life Balance & Support Programmes:
11. Details of safety related incidents, in the following format: Swiggy offers compassionate leave, sabbatical options, and a Childcare & Parental Policy that includes maternity,
paternity, adoption leave and pet adoption policy. Tenure milestone benefits and career break programmes are
FY 2024-25 FY 2023-24 designed to support life stages and recognise employee commitment.
Safety Incident/Number Category
Current Financial Year Previous Financial Year
Lost Time Injury Frequency Rate (LTIFR) Employees 0 0 Learning & Financial Wellness:
(per one million-person hours worked) Workers 0 0 Each employee receives an annual Learning & Development wallet to pursue professional skilling through platforms of
Employees 0 0 their choice or focus on personal development. These offerings are complemented by round the year physical, mental,
Total recordable work-related injuries
Workers 0 0 and financial wellness sessions.
Employees 0 0 Together, these people-first measures form the foundation of Swiggy’s commitment to building a resilient, safe, and
No. of fatalities
Workers 0 0 nurturing work environment for all.
High consequence work-related injury or ill-health Employees 0 0
(excluding fatalities) 13. Number of complaints on the following made by employees.
Workers 0 0
FY 2024-25 FY 2023-24
Current Financial Year Previous Financial Year
12. Describe the measures taken by the entity to ensure a safe and healthy workplace. Number of complaints made
Pending Pending
by employees Filed during Filed during
Swiggy is deeply committed to fostering a safe, healthy, and inclusive workplace for all employees and workers, resolution at Remarks resolution at Remarks
the year the year
extending this ethos across our value chain, including delivery partners. Our approach is anchored in proactive risk the end of year the end of year
management, comprehensive physical and mental health support, robust well-being initiatives, and a culture of Working Conditions 0 0 - 0 0 -
continuous improvement. Health & Safety 0 0 - 0 0 -
Health Coverage & Insurance: 14. Assessments for the year
All employees at Swiggy are covered under Personal Accident and Term Life Insurance policies. In addition, both % of your plants and offices that were assessed (by entity or statutory
Assessments for the year
authorities or third parties)
employees and their dependents are protected under a comprehensive Group Medical Insurance policy. To further
Health and safety practices While formal third-party assessments were not undertaken during the reporting
support employee well-being, we offer access to voluntary top-ups, parental medical insurance, and add-on
year, Swiggy acknowledges the importance of institutionalising external
benefits such as Hospicash and zero deduction cover - all available through a flexi-benefit plan enabled by our evaluations to strengthen accountability and transparency. The company
insurance provider. Working conditions has already laid the groundwork through an internal Health and Safety
Management System and has prioritised structured assessments on health,
Beyond our workforce, our delivery partners are also covered with industry leading accident insurance ensuring their safety, and working conditions as part of its agenda for the upcoming year.
safety and protection on the job.
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks/concerns arising from assessments of health & safety practices and workings conditions.
Not applicable.
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Leadership Indicators Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees
(Y/N) (B) Workers (Y/N).
a. Yes, Swiggy extends a comprehensive and compassionate support framework to the families of its workforce
in the unfortunate event of death. For employees, this includes life and accident insurance coverage, financial
assistance, continued medical insurance for dependents, funeral support, education assistance for children,
relocation support, and accelerated settlement of dues. Wherever applicable, ESOP benefits are also extended
to the beneficiary. These measures reflect Swiggy’s commitment to the well-being and dignity of its people and
their families.
b. Yes, for workers covered under contractual or third-party arrangements, Swiggy ensures compliance with
applicable laws regarding life and accident insurance. Additionally, in line with our commitment to fairness and
equity, we are actively working with partners and vendors to promote better social protection and insurance
coverage for all workers in our value chain.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited
by the value chain partners.
Some of our best ideas have
Swiggy adopts a structured and proactive approach to ensure statutory compliance across its value chain. All vendor
agreements include explicit contractual clauses requiring partners to comply with applicable tax laws, including timely
come from simply listening.
deduction and deposition of statutory dues. Stakeholders often know what
works – and what doesn’t –
As part of our vendor onboarding process, we conduct comprehensive due diligence, including verification of regulatory
registrations, past compliance track records, and financial standing. Partners with a demonstrated history of regulatory long before we do, and
adherence are prioritised for engagement. engaging with them openly has
This framework enables Swiggy to uphold high standards of compliance and accountability across its consistently led us to better,
extended ecosystem. faster solutions. When people
see their feedback translate
3. Provide the number of employees/workers having suffered high consequence work related injury/ill-health/
fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable into real change, trust deepens,
employment or whose family members have been placed in suitable employment: Lakshmi Nandan Reddy Obul brand affinity grows, and the
No. of employees/workers that are Whole-time Director and willingness to innovate together
Head of Innovation
Total no. of affected employees/workers
rehabilitated and placed in suitable
employment or whose family members have
becomes far stronger.
been placed in suitable employment
FY 2024-25 FY 2023-24 FY 2024-25 FY 2023-24
Current Financial Year Previous Financial Year Current Financial Year Previous Financial Year
Employees No high consequence work related injury/ill-health/fatalities were recorded for our employees and
workers in FY 2024-25 and FY 2023-24.
At Swiggy, listening to and acting on stakeholder feedback opportunities for communities, we strive to ensure that every
is central to how we build trust and create long-term value. interaction creates value and strengthens relationships.
We believe that meaningful engagement is not a one-time
exercise but a continuous dialogue – one that shapes how We recognise that our success is deeply intertwined with
we grow, innovate, and respond to the needs of those who the success of those we work with. By respecting diverse
are part of our ecosystem. perspectives, staying open to concerns, and translating
feedback into tangible action, we aim to reinforce trust
Over the years, we have built this culture of responsiveness with every decision we make. This is how we continue to
by making engagement transparent, inclusive, and insight- build a platform where growth is not only shared but shaped
led. Whether it is co-creating solutions with partners, together with those who are part of our journey.
improving experiences for customers, or enabling greater
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Essential Indicators Leadership Indicators
1. Describe the processes for identifying key stakeholder groups of the entity. 1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
Swiggy adopts a structured and principle-driven approach to stakeholder identification, as outlined in its approved social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
Stakeholder Management and Grievance Redressal Policy. The process involves a systematic evaluation of both actual At Swiggy, the consultation process between stakeholders and the Board on economic, environmental, and social
and potential stakeholders based on two primary criteria: topics is anchored in our enterprise-wide Materiality Assessment, which serves as a structured mechanism to identify
a. the degree of influence the stakeholder group has on Swiggy’s ability to create and sustain value, and and prioritise the sustainability issues most relevant to our stakeholders and business.
b. the extent to which Swiggy’s operations, decisions, or business conduct impact the stakeholder group. This process includes:
This dual-lens assessment is applied through an influence-impact matrix, enabling Swiggy to map and prioritise Stakeholder Engagement: Through surveys, interviews, and focussed group discussions with key stakeholder cohorts
stakeholders across its value chain and ecosystem. Based on this assessment, the key stakeholder groups identified including employees, delivery partners, restaurant partners, suppliers, investors, and communities we capture diverse
by the company include employees and workers, and value chain partners including delivery partners, customers (end perspectives on emerging risks, expectations, and priorities.
users and restaurant partners), suppliers and vendors, investors and shareholders, communities where Swiggy operates.
Dual Lens: We apply a dual framework that considers both the impact of Swiggy’s operations on stakeholders and
the environment (inside-out) and the influence of stakeholder issues on Swiggy’s ability to generate value (outside-in).
This identification process is reviewed periodically, especially during materiality assessments, to ensure it reflects
evolving stakeholder dynamics, business priorities, and regulatory requirements. It forms the foundation for Swiggy’s Functional Inputs and Sustainability & CSR Steering Team: Stakeholder insights are further supplemented by inputs
stakeholder engagement and grievance redressal mechanisms, ensuring that stakeholder voices are considered in from internal subject matter experts and business leaders. The synthesised materiality matrix is reviewed and validated
key decision-making processes. by Swiggy’s Sustainability & CSR Steering Team which includes senior leaders across key functions.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder Board-Level Oversight: The validated materiality outcomes and stakeholder concerns are then formally presented
group. to the Board and/or designated Board committees (as relevant), enabling them to exercise oversight and integrate
stakeholder-aligned sustainability priorities into the company’s strategy, risk management, and disclosures.
Identified Channels of communication Frequency of
as Vulnerable (Email, SMS, Newspaper, engagement Purpose and scope of engagement By embedding this consultation feedback loop within our governance structure, Swiggy ensures that the voices of
Stakeholder
& Marginalised Pamphlets, Advertisement, (Annually/Half yearly/ including key topics and concerns stakeholders meaningfully inform leadership decisions on economic, environmental, and social matters.
Group
Group Community Meetings, Notice Quarterly/others – raised during such engagement
(Yes/No) Board, Website), Other please specify)
2. Whether stakeholder consultation is used to support the identification and management of environmental, and
Communities No CSR Programmes, Grievance Continuous/Ongoing Focussed on community development
social topics (Yes/No). If so, provide details of instances as to how the inputs received from stakeholders on these
Redressal Channels, Media, initiatives, local employment
Website, etc. generation, welfare programmes, topics were incorporated into policies and activities of the entity.
and prompt resolution of community Yes. Swiggy actively engages with key stakeholders including customers, delivery partners, restaurant partners,
grievances.
employees, and communities to inform the identification and prioritisation of environmental and social topics. These
Investors No Investor Conferences, Quarterly Continuous/Ongoing Sharing regular updates on financial consultations are embedded into our periodic materiality assessments and regular business feedback loops, helping
Results, Annual General performance, growth strategy, risk
shape strategic programmes and on-ground initiatives.
Meetings (AGM), Annual management, and governance
Reports, Website, Grievance practices; addressing investor queries
Redressal Channels, etc. and concerns. Inputs received through these interactions have directly contributed to the development of high-impact initiatives
including but not limited to:
Shareholders No Shareholder Meetings, Continuous/Ongoing Providing timely information on
Quarterly Results, Phone, company performance, strategic Eco Saver: Co-created with insights from customers, delivery partners, and restaurant partners, Eco Saver is an
E-mails, Annual Reports, developments, dividend policies, and
intelligent order batching system that reduces single-trip inefficiencies. By optimising multiple deliveries along the
Website, Grievance Redressal governance updates; addressing
Channels, etc. shareholder concerns. same route, it enhances delivery partner productivity, reduces emissions, and contributes to our broader climate goals
Employees No E-mails, Internal Continuous/Ongoing Enhancing workforce well-being while maintaining speed and reliability for customers.
and Workers Communications, Townhalls, through structured learning & Swiggy Seal: Developed in collaboration with restaurant partners, Swiggy has launched the Swiggy Seal – Food
Trainings, Employee Surveys, development programmes, health
Intranet, Website, Grievance and safety measures, transparent Integrity Certification to systematically raise quality and hygiene standards across its restaurant ecosystem. Developed
Redressal Channels, etc. communication on policies, and with FSSAI-recognised audit agencies and informed by over 7 million verified customer reviews, the certification goes
career growth opportunities; beyond compliance - embedding a culture of continuous improvement. The Seal is dynamic, merit-based, and can
fostering engagement through be revoked in case of lapses, reinforcing credibility and accountability. This initiative reflects our shared commitment
feedback and surveys.
to food integrity and was directly informed by rising customer expectations post-COVID, alongside the restaurants’
Customers No Swiggy App, Website, Surveys, Continuous/Ongoing Ensuring reliable service delivery and
efforts to strengthen consumer trust.
(End-users & Social Media, E-mails, SMS, platform functionality; communicating
Restaurant Grievance Redressal Channels, policy changes, product Swiggy x Sulabh: Our partnership with Sulabh International emerged from community and partner feedback advocating
Partners) etc. improvements, and promotional
for more dignified and accessible sanitation options for delivery partners. This programme has enabled access to
updates; resolving issues related
to orders, refunds, and customer hygienic restroom facilities in high-footfall delivery zones, ensuring the well-being and dignity of delivery partners.
experience.
Swiggy Serves: Swiggy, through its flagship initiative Swiggy Serves, has set an ambitious goal of donating 100 million
Value Chain No Delivery Partner App, E-mails, Continuous/Ongoing Driving sustainable and ethical meals by 2030. A significant part of this will be achieved in partnership with the Robin Hood Army (RHA), which is
(Delivery Website, SMS, Grievance practices, ensuring safe working
Partners and Redressal Channels, etc. conditions, enabling capacity building,
Suppliers) and learning opportunities, and
addressing operational or contractual
concerns promptly.
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expected to contribute 50 million meals. Already active in 171 cities, the partnership leverages technology-driven food Principle 5: Businesses should respect and promote human rights
redistribution to bridge the gap between surplus food and those facing hunger.
Swiggy Pawlice: Launched in April 2024, Swiggy Pawlice helps reunite lost pets with their owners through the Swiggy
app. Users can report missing pets, and Swiggy’s 5.2 lakh+ delivery partners help stay alert while on their routes. When
a reported pet is spotted, Swiggy facilitates communication between the partner and pet owner, supporting timely
reunions. The initiative reflects Swiggy’s commitment to community welfare and compassionate engagement.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/
marginalised stakeholder groups.
Swiggy is committed to inclusive growth by ensuring that vulnerable and marginalised communities meaningfully
benefit from its platform. Our engagement approach prioritises active listening and responsive action across
stakeholder groups.
People instantly recognise when
For delivery partners, Swiggy has implemented structured grievance redressal mechanisms, including the Voice of DE
platform, dedicated helplines, and support centres. In collaboration with Sulabh International, we’ve also installed
they are treated with fairness
accessible sanitation facilities in high-delivery zones to address hygiene and dignity concerns. - and they remember just as
deeply when they are not. In
Swiggy actively fosters workplace inclusion for the LGBTQIA+ community through sensitisation sessions and the PRISM
ERG, which offers a safe space for peer support. The Swigstree ERG similarly empowers women employees through
a platform as diverse as ours,
community building and open feedback channels. Further, our flea market platform promotes Pride-led and women- every interaction signals what
led businesses, enhancing visibility and economic opportunity. we stand for. When fairness
We support small-scale entrepreneurs including local and regional vendors from disadvantaged backgrounds -
and respect are practised
through simplified onboarding, targeted outreach, and capacity-building efforts. consistently - whether within
teams or across our value chain
All stakeholders, including those from marginalised groups, have access to Swiggy’s Code of Conduct, Whistleblower,
and Anti-Harassment Policies, which are designed to be accessible, responsive, and non-retaliatory. This structured Girish Menon - it changes behaviour. People
and inclusive approach reflects Swiggy’s commitment to uplifting communities and enabling equitable access to the Chief Human Resources Officer speak up more, expect better,
digital economy. and hold themselves to higher
standards. That is the real
impact we want to create: an
ecosystem where dignity is not
just offered, but expected by
everyone involved.
At Swiggy, respecting human rights begins with a simple creating mechanisms where concerns can be raised freely
belief: every individual connected to our platform deserves to and addressed transparently.
be treated with dignity, fairness, and respect. As a platform
We recognise that this is not a goal with a finish line.
that touches millions of lives, we view this responsibility as
Respecting and promoting human rights is a continuous
fundamental to how we create trust, enable opportunity, and
effort – one where we will keep investing, challenging
build an ecosystem that people can rely on with confidence.
ourselves, and addressing gaps as they emerge. Real
This belief has shaped how we operate over the years. We progress, for us, is measured not by policies alone but by
have worked to embed fairness and inclusion into the very how people experience our platform every day by whether
design of our systems - so that equal access, safe working they feel valued, heard, and assured that their rights are
conditions, and respectful engagement are not exceptions, protected. Respecting human rights is not only about
but the norm. It also means holding ourselves and those avoiding harm; it is about enabling people to participate
we work with to the same high standards, encouraging with dignity, to aspire, and to grow. That is how we believe
partners and suppliers to adopt responsible practices, and opportunity and respect must go hand in hand.
154 Swiggy Limited Annual Report 2024-25 155
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Essential Indicators 5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
1. Employees who have been provided training on human rights issues and policy(ies) of the entity, in the following Swiggy follows a robust and inclusive Stakeholder Management and Grievance Redressal Policy designed to uphold
format: dignity, equity, and justice for all stakeholders employees, workers, and value chain partners. This framework is guided
by our commitment to non-retaliation, confidentiality, and timely resolution.
FY 2024-25 FY 2023-24
Current Financial Year Previous Financial Year
Category Multiple Reporting and Redressal Channels:
No. of employees No. of employees
Total % Total %
covered covered Sexual Harassment:
Permanent employees 4,488 4,488 100% 4,144 4,144 100% All employees, including third-party workers, can report sexual harassment directly to the Internal Complaints
Total employees 4,488 4,488 100% 4,144 4,144 100% Committee (ICC) via icc@swiggy.in, with strict adherence to timelines under the POSH Act. The ICC conducts
neutral and confidential investigations.
2. Details of minimum wages paid to employees, in the following format:
Discrimination, Ethical Violations & Human Rights Concerns:
FY 2024-25 FY 2023-24 Such matters can be raised confidentially under the Whistleblower Policy through swiggy@integritymatters.in
Current Financial Year Previous Financial Year
with the option for anonymity. These are escalated to the Whistleblower Committee, which includes an external
Category Equal to More than Equal to More than member for impartiality.
Total Minimum Wage Minimum Wage Total Minimum Wage Minimum Wage
No. % No. % No. % No. % Workplace Issues and Escalations:
Permanent Employees Employees may raise unresolved concerns via Voice of Employees (VoE) at voe@swiggy.in, directly reviewed by
Total 4,488 - - 4,488 100% 4,144 - - 4,144 100% the Head of HR and leadership.
Male 3,633 - - 3,633 100% 3,434 - - 3,434 100% Value Chain Grievances:
Female 855 - - 855 100% 710 - - 710 100% While dedicated grievance channels exist for key stakeholder groups, Swiggy’s Stakeholder Management and
Grievance Redressal Policy also provides an apex grievance mechanism for all stakeholders via the designated
3. Details of remuneration/salary/wages, in the following format*: email ID: grievances@swiggy.in. This central channel is equipped to address and appropriately redirect concerns
a. Median remuneration/wages: across the value chain, reinforcing Swiggy’s commitment to fairness and accountability.
Male Female Ongoing Awareness and Capacity Building:
Median remuneration/ Median remuneration/
Mandatory trainings on Code of Conduct (includes Discrimination & Harassment, and Human Rights), POSH, are
salary/wages of salary/wages of
Number Number conducted regularly across all levels.
respective category respective category
(In INR) (In INR) Policies are made accessible via the internal portal and/or external platforms including our website and shared
Board of Directors (BoD) periodically to reinforce awareness.
Refer to the Directors’ Report
Key Managerial Personnel
Permanent Employees other than BoD and KMP* 2410 14,33,366 485 13,51,429 Swiggy’s grievance redressal mechanisms are integrated into broader sustainability governance and support periodic
*Excludes prerequisites on ESOPs reporting, oversight, and continuous improvement.
Link to Policies
b. Gross wages paid to females as % of total wages paid by the entity, in the following format:
6. Number of Complaints on the following made by employees:
FY 2024-25 FY 2023-24
Current Financial Year Previous Financial Year FY 2024-25 FY 2023-24
Gross wages paid to females as % of total wages 16.30% 15.24% Current Financial Year Previous Financial Year
Nature of Complaint Pending Pending
Filed during Filed during
Resolution at Remarks Resolution at Remarks
4. Do you have a focal point (Individual/Committee) responsible for addressing human rights impacts or issues the year the year
the end of year the end of year
caused or contributed to by the business? (Yes/No)
Sexual Harassment 6 0 7 0
Yes. Swiggy has established dedicated governance structures and focal points to identify, prevent, and address actual Discrimination at Workplace 0 0 0 0
or potential human rights impacts across its operations and value chain.
Child Labour 0 0 0 0
- -
The Internal Complaints Committee (ICC) oversees matters related to workplace sexual harassment in accordance Forced Labour/Involuntary Labour 0 0 0 0
with the POSH Act, ensuring a safe and respectful environment. Wages 0 0 0 0
The Whistleblower Committee, set up under the Whistleblower Policy, is empowered to independently investigate Other Human Rights related Issues 0 0 0 0
and act on reports of human rights violations, ethical misconduct, and breaches of Swiggy’s Code of Conduct.
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
The Stakeholder Management Committee, detailed in the Stakeholder Management and Grievance Redressal Act, 2013, in the following format*:
Policy, is tasked with addressing complaints from internal and external stakeholders.
FY 2024-25 FY 2023-24
The DE&I Council, anchored in the DE&I Policy, serves as an advisory and escalation body for inclusion-related Current Financial Year Previous Financial Year
grievances, including issues of discrimination or systemic bias. Total Complaints reported under Sexual Harassment of Women at Workplace 6 7
(Prevention, Prohibition and Redressal) Act, 2013 (POSH)
Together, these structures form a distributed but coordinated framework to uphold human rights principles across Complaints on POSH as a % of female employees/workers 0.76% 0.85%
Swiggy’s ecosystem. Complaints on POSH upheld 4 5
Link to Policies * for Swiggy’s entire workforce including permanent employees, other than permanent employees, permanent workers, and other than permanent workers
156 Swiggy Limited Annual Report 2024-25 157
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8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases. 9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Swiggy is committed to fostering a workplace where every individual feels safe, respected, and empowered to raise Yes. While Swiggy’s business agreements may not always refer to “human rights” explicitly, all contracts with value
concerns without fear of retaliation. To uphold this commitment, the company has instituted robust safeguards through chain partners contain binding clauses requiring adherence to the law of the land including applicable labour laws,
approved internal policies that prohibit discrimination and harassment in any form - whether based on gender, sexual equality, non-discrimination, and occupational safety laws that form the backbone of human rights in India.
orientation, caste, religion, disability, age, or other protected characteristics.
Further, Swiggy’s Code of Conduct, which applies to its employees, and value chain including delivery partners,
Clear Policy Frameworks and Definitions suppliers, vendors, and contractors, reinforces its commitment to fundamental rights such as dignity at work, freedom
from discrimination or harassment, and the right to a safe workplace.
Swiggy’s Discrimination & Harassment Prevention Policy covers all forms of non-sexual harassment, including bullying,
intimidation, exclusion, and caste-, class-, or identity-based microaggressions. The POSH Policy specifically addresses This expectation of ethical and lawful conduct is also extended through our Supplier Code of Conduct and Stakeholder
sexual harassment at the workplace, in compliance with the Prevention of Sexual Harassment Act, 2013. Management and Grievance Redressal Policy, ensuring that rights-related concerns can be raised and addressed
across the value chain.
Dedicated Redressal Committees
Internal Complaints Committee (ICC): Handles all sexual harassment complaints and is constituted in accordance 10. Assessments of the year
with the law. It ensures confidentiality and fair hearing.
% of your plants and offices that were assessed
Stakeholder Management Committee: Established under the Stakeholder Management and Grievance Redressal (by entity or statutory authorities or third parties)
Policy, it addresses non-sexual complaints related to harassment, discrimination, or any violation of dignity at work. Child labour While formal third-party assessments were not undertaken
Forced/involuntary labour during the reporting year, Swiggy acknowledges the importance
Ethics & Integrity Team/Ombudsperson: Investigates anonymous or escalated complaints, especially those
Sexual harassment of institutionalisation external evaluations to strengthen
involving senior leaders or systemic issues. accountability and transparency. The company has already laid
Discrimination at workplace the groundwork through robust policies, governance frameworks
Confidential Reporting Channels & Whistleblower Mechanism Wages and has prioritised structured assessments on human rights as
part of its agenda for the upcoming year.
Multiple secure, confidential, and accessible reporting avenues are available: Others
icc@swiggy.in for POSH-related concerns (city-specific IDs also exist)
11. Provide details of any corrective actions taken or underway to address significant risks/concerns arising from the
voe@swiggy.in (Voice of Employees) for workplace culture and HR-related concerns assessments at Question 10 above.
Swiggy’s Whistleblower Portal (https://swiggy.integritymatters.in) for anonymous, third-party-enabled reporting Not applicable.
While dedicated grievance channels exist for key stakeholder groups, Swiggy’s Stakeholder Management and Leadership Indicators
Grievance Redressal Policy also provides an apex grievance mechanism for all stakeholders via the designated email 3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of
ID: grievances@swiggy.in. This central channel is equipped to address and appropriately redirect concerns across Persons with Disabilities Act, 2016?
the value chain, reinforcing Swiggy’s commitment to fairness and accountability. All complaints are treated with strict Swiggy is deeply committed to fostering a workplace that is inclusive, accessible, and respectful of the rights and
confidentiality and objectivity, and access is restricted to those directly involved in investigation and resolution. dignity of all employees, including persons with disabilities. In line with this commitment, our headquarters at Embassy
TechVillage (ETV) — which accounts for over 67% of Swiggy’s total employee base — has been designed and maintained
Anti-Retaliation Safeguards in full compliance with the accessibility standards outlined under the Rights of Persons with Disabilities Act, 2016.
Swiggy explicitly prohibits retaliation against any individual who raises a concern, files a complaint, or participates in
an investigation be it formal or informal. Any form of punitive action (transfer, denial of promotion, demotion, verbal The campus reflects thoughtful integration of universal design principles, ensuring seamless and barrier-free access
threats, or subtle exclusion) is considered a policy breach and attracts disciplinary consequences. to all major functional areas including building entrances, common areas, workspaces, washrooms, cafeterias, and
emergency exits. Key accessibility features include:
Secure Documentation & Protection of Identity
Step-free entryways and automated doors to enable smooth navigation;
All complaints are documented and stored separately by the HR or Ethics & Integrity. Details of a complaint are never
entered into an employee’s personnel file unless a breach is formally substantiated. Records are securely maintained Ramps equipped with handrails and anti-skid flooring to support mobility aid users;
with restricted access. Restrooms built to accessibility standards, including grab bars and sufficient turning radius for people with
wheelchair and locomotive needs;
Integration with DE&I Goals
Elevators with tactile buttons, Braille signage, and audio assistance, making vertical movement easier for
Swiggy’s approach to grievance redressal is closely aligned with its broader Diversity, Equity, and Inclusion (DE&I)
individuals with visual impairments; and
mandate. All redressal data is reviewed for systemic patterns, which then inform culture-building and policy
evolution efforts. Clear, high-contrast signage throughout the premises to aid navigation for all users, including those with low
vision or cognitive disabilities.
Awareness, Training & Culture Building
Mandatory onboarding sessions on harassment and discrimination policies Recognising that accessibility is an ongoing journey rather than a one-time intervention, Swiggy continues to evaluate
its broader office footprint across India to identify and address infrastructural or procedural gaps. We are progressively
Trainings, POSH awareness and scenario-based learning modules working towards enhancing accessibility across all office locations, guided by employee feedback, inclusive design
Targeted leadership workshops on inclusive behaviour and accountability experts, and evolving best practices.
Townhalls and resource sharing to reinforce safe reporting norms
Through these efforts, Swiggy strives to ensure that every workspace across the organisation reflects our values of
Link to Policies equity, dignity, and opportunity for all.
158 Swiggy Limited Annual Report 2024-25 159
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Principle 6: Businesses should respect and make efforts to protect and restore the environment Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
FY 2024-25 FY 2023-24
Parameter
Current Financial Year Previous Financial Year
From renewable sources (GJ)
Total electricity consumption (A) 2,807.52 3,166.10
Total fuel consumption (B) 0 0
Energy consumption through other sources (C) 0 0
Total energy consumed from renewable sources (A+B+C) 2,807.52 3,166.10
From non-renewable sources (GJ)
Total electricity consumption (D) 2,129.53 1,513.27
Total fuel consumption (Diesel + LPG) (E) 0 0
Energy consumption through other sources (F) 0 0
Sustainability at scale needs the Total energy consumed from non-renewable sources (D+E+F) 2,129.53 1,513.27
Total energy consumed (A+B+C+D+E+F) (GJ) 4,937.05 4,679.37
same mindset we bring to building Energy intensity per rupee of turnover (Total energy consumed/Revenue from 0.06 0.07
great products and solutions that operations) (GJ per INR million)
Energy intensity per rupee of turnover adjusted for Purchasing Power Parity 1.16 1.52
are simple, intuitive, and designed (PPP) (Total energy consumed/Revenue from operations adjusted for PPP)
to work seamlessly across millions Energy intensity in terms of physical output (GJ/FTE (Full Time Equivalent)) 4,986.92 4,726.64
of interactions. The real challenge Energy intensity (optional) Energy consumption/area (GJ per square feet) 0.01 0.01
is to reimagine the systems behind Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency.
our platform not by adding green
Yes, limited assurance has been carried out by KPMG Assurance and Consulting Services LLP.
layers to existing processes, but
by redesigning how deliveries 2. Does the entity have any sites/facilities identified as designated consumers (DCs) under the Performance, Achieve
Sriharsha Majety move, how networks are optimised, and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT
scheme have been achieved. In case targets have not been achieved, provide the remedial action taken,
MD & Group CEO and how resources flow, so that if any.
efficiency and sustainability Not applicable. Swiggy does not own or operate any manufacturing or energy-intensive industrial facilities that fall
reinforce each other. When that under the scope of the Perform, Achieve and Trade (PAT) Scheme administered by the Bureau of Energy Efficiency (BEE).
As a technology-enabled platform, Swiggy’s operations are not classified as Designated Consumers (DCs) under the
happens, the impact goes beyond PAT framework.
reducing our own footprint; it can
influence how the entire ecosystem 3. Provide details of the following disclosures related to water, in the following format:
operates and that’s what excites Parameter
FY 2024-25 FY 2023-24
Current Financial Year Previous Financial Year
us at Swiggy. Water withdrawal by source (in kilolitres)
(i) Surface water 0 0
(ii) Groundwater 0 0
(iii) Third-party water 9,377 10,913.49
For Swiggy, sustainability is not a parallel track to growth What makes this effort meaningful is its ability to create (iv) Seawater/desalinated water 0 0
it is central to how we imagine the future of convenience. ripple effects. The solutions we invest in whether climate- (v) Others (Purchased Drinking Water) 264.51 254.22
As one of India’s largest platforms, we recognise the friendly packaging, cleaner mobility, or waste recovery Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 9,642.49 11,167.71
responsibility and influence we have in shaping how infrastructure – are designed to be scalable and to inspire 9,642.49
Total volume of water consumption (in kilolitres) 11,167.71
commerce flows through cities and we are determined to adoption across the value chain. By making sustainable
Water intensity per rupee of turnover (Total water consumption/Revenue from 0.11 0.18
use that scale to drive change that extends well beyond practices easier and more accessible for partners, suppliers,
operations) (kilolitres per INR million)
our own operations. and consumers, we aim to raise collective standards for
Water intensity per rupee of turnover adjusted for Purchasing Power Parity 2.26 3.62
environmental responsibility. (PPP) (Total water consumption/Revenue from operations adjusted for PPP)
Our approach is anchored in redesigning systems, not just
Water intensity in terms of physical output (KL/FTE (Full Time Equivalent)) 9,739.89 11,280.51
offsetting outcomes. This means building a logistics network Environmental stewardship for us is about constantly testing
Water intensity (optional) – Total water consumption/area (kilolitres per square feet) 0.03 0.03
that steadily shifts towards low-carbon mobility, expanding new ideas, improving what already exists, and collaborating
renewable energy use across facilities, and accelerating with innovators who can push the boundaries further. Our
the adoption of sustainable materials and plastic-free ambition is clear: to set the benchmark for responsible Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)
packaging. Waste is treated not as an inevitable by- delivery in India and to prove that the convenience economy If yes, name of the external agency.
product but as a resource – recovered, recycled, and can, and should, be built on principles that respect the Yes, limited assurance has been carried out by KPMG Assurance and Consulting Services LLP.
repurposed to move closer to a truly circular system. planet as much as they serve its people.
160 Swiggy Limited Annual Report 2024-25 161
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4. Provide the following details related to water discharged 7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following
format:
FY 2024-25 FY 2023-24
Parameter
Current Financial Year Previous Financial Year FY 2024-25 FY 2023-24
Parameter Unit
Water discharge by destination and level of treatment (in kilolitres) Current Financial Year Previous Financial Year
(i) To Surface water Total Scope 1 emissions (Break-up of the GHG into CO2, Metric tonnes of CO2 107.28 90.11
- No treatment CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
- With treatment – please specify level of treatment Total Scope 2 emissions (Break-up of the GHG into CO2, Metric tonnes of CO2 350.76 229.98
CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
(ii) To Groundwater
Not applicable. Swiggy’s corporate headquarters Total Scope 1 and Scope 2 emission intensity per rupee Metric tonnes of CO2/ 0.01 0.01
- No treatment of turnover (Total Scope 1 and Scope 2 GHG emissions/ turnover in rupees
is housed within the Platinum LEED - certified
- With treatment – please specify level of treatment Embassy Tech Village (ETV) campus in Bengaluru Revenue from operations) million
(iii) To Seawater - a facility that exemplifies global best practices Total Scope 1 and Scope 2 emission intensity per rupee Metric tonnes of CO2/ 0.11 0.10
- No treatment in environmental sustainability and green building of turnover adjusted for Purchasing Power Parity (PPP) turnover in rupees
standards. Purpose-built to minimise ecological million adjusted for PPP
- With treatment – please specify level of treatment impact, the campus integrates advanced
Total Scope 1 and Scope 2 emission intensity in terms of Metric tonnes of CO2/ 462.67 323.32
(iv) Sent to third parties infrastructure and sustainable water management
physical output (tCO2e/FTE (Full Time Equivalent) FTE
- No treatment systems to ensure zero wastewater discharge.
Swiggy is working to replicate these benchmarks Total Scope 1 and Scope 2 emission intensity – (Total Metric tonnes of CO2/ 0.00136 0.00095
- With treatment – please specify level of treatment Scope 1 + Scope 2 emissions/Area) area in square foot
across its other facilities.
(v) Others
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)
- No treatment
If yes, name of the external agency.
- With treatment – Tertiary treatment
Total water discharged (in kilolitres) Yes, limited assurance has been carried out by KPMG Assurance and Consulting Services LLP.
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N) 8. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
If yes, name of the external agency.
Yes, Swiggy has implemented a suite of initiatives aimed at reducing GHG emissions across its operations, with a
Yes, limited assurance has been carried out by KPMG Assurance and Consulting Services LLP. particular focus on sustainable deliveries, packaging, and intelligent logistics. These initiatives are aligned with Swiggy’s
broader sustainability goals and contribute meaningfully to emissions reduction:
5. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation. Reducing Emissions
Swiggy’s corporate headquarters – housing over 67% of its permanent workforce and nearly 70% of its infrastructure – Low Carbon Fleet
is located within Embassy Tech Village (ETV), a Platinum LEED-certified campus in Bengaluru. This modern, Swiggy has undertaken an ambitious goal to transition to a 100% electric delivery fleet by 2030. Towards this end,
sustainability-forward facility exemplifies global best practices in green building design, energy efficiency, and Swiggy has partnered with third-party electric vehicle (EV) and allied service providers to accelerate this transition:
environmental responsibility.
EV Deployment and Infrastructure Support: Improved accessibility and affordability of EVs and charging
Designed to minimise ecological footprint, ETV integrates advanced infrastructure and sustainable water management infrastructure across key delivery hubs.
systems, including a high-efficiency Sequential Batch Reactor (SBR) Sewage Treatment Plant (STP) that enables zero Impact: These efforts led to a reduction of 710.69 tCO2e in FY 2023-24 and 4,483 tCO2e in FY 2024-25.
wastewater discharge. All wastewater generated on-site is scientifically treated and reused across critical functions –
including flushing and sanitation, HVAC (heating, ventilation, and air conditioning) operations, landscaping, and garden Last-mile Optimisation
maintenance. This closed-loop system significantly reduces freshwater consumption and demonstrates Swiggy’s
commitment to embedding environmental stewardship into its daily operations. Responding to stakeholder interest in operational efficiency and climate action, Eco Saver is an intelligent batching
feature that optimises routing by clubbing multiple orders.
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format: Impact: In FY 2024-25 alone, Eco Saver has facilitated approximately 30 million deliveries resulting in a reduction
FY 2024-25 FY 2023-24 of over 500 tonnes of CO2 emissions.
Parameter Units
Current Financial Year Previous Financial Year
NOx Tonnes 0.25 0.39 Clean Energy
SOx Tonnes 0.05 0.07
Swiggy is committed to transitioning to 100% renewable electricity in its direct operations by 2030, by adopting
Particulate Matter (PM) Tonnes 0.15 0.21 sustainable and energy-efficient solutions. Swiggy’s corporate headquarters at Embassy TechVillage (ETV), Bengaluru
Persistent Organic Pollutants (POP) Tonnes Not applicable Not applicable housing over 67% of our permanent workforce and 75% of our operational infrastructure embodies our commitment to
Volatile Organic Compounds (VOC) Tonnes Not applicable Not applicable building a sustainable operational backbone. ETV’s LEED O&M v4.1 Platinum certification by the U.S. Green Building
Hazardous Air Pollutants (HAP) Tonnes Not applicable Not applicable Council (USGBC) stands as a benchmark in energy efficiency, water conservation, and waste management. Notably,
Others - Carbon Monoxide Tonnes 0.10 0.16 65% of the electricity used at our corporate headquarters is sourced from renewables. Guided by this standard,
Others - Non Methyl Hydro Carbon Tonnes 0.05 0.06 Swiggy is committed to progressively transitioning its infrastructure and operations towards similarly high-performing,
environmentally responsible facilities.
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency.
No.
162 Swiggy Limited Annual Report 2024-25 163
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Delivering Circular Change Waste Management at Swiggy: Swiggy’s corporate headquarters is located at the Embassy TechVillage (ETV) campus, a
Minimising Waste LEED Platinum-certified facility recognised for its industry-leading sustainability performance. All waste, excluding e-waste,
generated at Swiggy HO is managed centrally by Embassy through a comprehensive, compliance-led, and environmentally
Swiggy is committed to reducing perishable waste in direct operations by 25% year-on-year through improved responsible system.
processes and automation in its value chain.
Waste Segregation at Source: ETV has implemented 100% waste segregation at source across all operational areas,
Swiggy has launched multiple initiatives to address the emissions associated with packaging production and ensuring that wet (organic), dry (recyclable), and e-waste are systematically sorted and routed through dedicated,
waste, that consequently affect emissions positively.
compliant channels.
Cutlery Opt-Out Feature: By empowering users to skip cutlery by default, Swiggy avoids unnecessary manufacturing,
packaging, and transport of single-use plastic items. Within a week of introducing the feature, approximately 96% Organic Waste Management: A portion of organic waste - including food waste generated from cafeterias and pantries
of orders had cutlery opt-out enabled, significantly reducing waste across our delivery ecosystem. – is treated on-site using Organic Waste Converters (OWCs). These systems convert waste into compost, which is then
reused within the campus for landscaping and horticulture, supporting a closed-loop waste-to-resource model. A
9. Provide details related to waste management by the entity, in the following format: significant portion of the organic waste is also diverted to piggery farms, enabling further reuse through responsible
animal feed applications.
FY 2024-25 FY 2023-24
Parameter
Current Financial Year Previous Financial Year
Total Waste generated (in metric tonnes)
Dry and Recyclable Waste: Dry waste, such as paper, packaging materials, and plastics, is carefully segregated and
handed over to BBMP-authorised vendors and recyclers. This ensures maximum material recovery, regulatory compliance,
Plastic waste (A) 11.51 9.16
and minimal environmental impact.
E-waste (B) 3.71 6.30
Bio-medical waste (C) 0 0 Zero-Waste-to-Landfill Aspiration: The ETV campus has adopted a zero-waste-to-landfill philosophy, actively working to
Construction and demolition waste (D) 0 0 ensure that all waste generated is either reused, recycled, or composted - eliminating the need for landfill disposal entirely.
Battery waste (E) 0 0
Radioactive waste (F) 0 0 Responsible E-Waste Disposal: Swiggy has partnered with Envirokare Recycling Solutions Pvt. Ltd. for e-waste collection
Other Hazardous waste. Please specify, if any. (G) 0 0 and processing. All e-waste is managed in strict accordance with applicable central, state, and pollution control board
Oil Filters 0 0
regulations, including the E-Waste (Management & Handling) Rules, 2022 issued by the Ministry of Environment, Forest &
Climate Change.
Used Oil 0 0
STP Sludge 0 0
Highlights:
Oil Cotton Rags 0 0
100% of Swiggy HO’s waste was either recycled, reused, or composted
Other Non-hazardous waste generated (H)
Metal scraps 0 0 No hazardous, biomedical, construction, or demolition waste was generated
Rubber 0 0
Paper 0 0
Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency.
Solid waste (Organic: Food and drink waste) 40.06 41.12
Solid waste (Dry waste) 24.47 23.24
Yes, limited assurance has been carried out by KPMG Assurance and Consulting Services LLP.
Total (A + B + C + D + E + F + G + H) 79.74 79.82
10. Briefly describe the waste management practices adopted in your establishment. Describe the strategy adopted
Waste intensity per rupee of turnover (Total waste generated/Revenue from 0.0009 0.0013
by your company to reduce usage of hazardous and toxic chemicals in your products and processes and the
operations)
practices adopted to manage such wastes.
Waste intensity per rupee of turnover adjusted for Purchasing Power Parity (PPP) 0.02 0.03
Swiggy adopts a comprehensive, ecosystem-wide approach to waste management – minimising environmental
Waste intensity in terms of physical output (Tonnes/FTE (Full Time Equivalent)) 80.55 80.63
impact while driving operational efficiency and responsible consumption.
Waste intensity (optional) – (Total waste/Area) - in Tonnes per sf 0.0002 0.0002
For each category of waste generated, total waste recovered through recycling, Restaurant Waste Management & Food Recovery
re-using or other recovery operations (in metric tonnes)
Category of waste As a platform connecting over 4,00,000 restaurant partners, Swiggy promotes responsible food waste handling aligned
(i) Recycled 35.99 32.39 with industry best practices. Through Swiggy Serves, we’ve enabled structured food donation and redistribution efforts,
(ii) Re-used 37.88 38.07
redirecting surplus food to communities in need.
(iii) Other recovery operations 0 0 Packaging Waste Reduction at Scale
Total 73.87 70.46
Swiggy introduced the cutlery opt-out model to minimise waste in food deliveries. By default, customers do not
For each category of waste generated, total waste disposed by receive disposable cutlery with their orders unless they explicitly request it. Cutlery Opt-Out Feature: Within a week of
nature of disposal method (in metric tonnes)
introducing the feature, approximately 96% of orders had cutlery opt-out enabled, significantly reducing waste across
Category of waste
our delivery ecosystem.
(i) Incineration 0 0
(ii) Landfilling 0 0
(iii) Other disposal operations (Composting) 2.17 3.04
Total 2.17 3.04
164 Swiggy Limited Annual Report 2024-25 165
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Office Waste Management Note: Indicate if any independent assessment/evaluation/assurance has been carried out by an external agency? (Y/N)
If yes, name of the external agency.
At Swiggy’s corporate offices – particularly our LEED Platinum-certified headquarters at Embassy TechVillage –
we implement: No.
Segregation at Source: Waste is segregated into organic, recyclable, and non-recyclable categories at the point 2. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
of generation. details of significant direct & indirect impact of the entity on biodiversity in such areas along with prevention and
Awareness and Engagement: Internal programmes are conducted to promote responsible consumption and remediation activities.
waste disposal practices. Not applicable, as Swiggy does not operate in any ecologically sensitive areas.
Organic Waste Management: Food and organic waste from cafeterias and pantries is processed on-site using
3. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
Organic Waste Converters (OWCs) to generate compost for in-campus landscaping. Additionally, a portion is efficiency, or reduce impact due to emissions/effluent discharge/waste generated, please provide details of the
responsibly diverted to piggery farms for use as animal feed. same as well as outcome of such initiatives, as per the following format:
Recyclable Waste Handling: Dry and recyclable waste – including paper, packaging materials, and plastics – is Initiative Details Outcome
systematically segregated and transferred to BBMP-authorised vendors, ensuring regulatory compliance, material Low Carbon Fleet Swiggy has set an ambitious goal to transition to a 100% EV delivery partners have grown 7x in the last year.
recovery, and reduced environmental impact. electric delivery fleet by 2030, making zero-emission These efforts led to a reduction of 710.69 tCO2e in
delivery a core part of its operational infrastructure. With FY 2023-24 and 4,483 tCO2e in FY 2024-25. Eco
E-waste disposal through government-authorised vendors, ensuring compliance with CPCB guidelines and safe a network of over 5.2 lakh delivery partners, the company Saver has facilitated approximately 30 million
material handling. is actively shaping the future of sustainable urban logistics deliveries resulting in a reduction of over 500 tonnes
in India. Its ecosystem-driven strategy focusses on access, of CO2 emissions.
affordability, and adoption – partnering with 50+ OEMs,
Minimal Hazardous and Toxic Waste Profile fleet operators, financiers, and charging infrastructure
players to make EVs accessible across all Tier-1 and most
As a technology-led platform, Swiggy’s operations involve no direct usage of hazardous or toxic chemicals in
Tier-2 cities. Delivery partners now have access to 70+
products or processes. That said, we maintain rigorous controls to ensure: EV models, flexible rental plans, and battery-swapping
solutions. Swiggy is also investing in digital infrastructure,
Any incidental waste is identified, tracked, and safely disposed of.
integrating real-time battery swap locators, rental booking
We remain compliant with all applicable environmental laws. APIs, and EV education directly within its app. To drive
behavioural change, Swiggy runs app-led campaigns,
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife vendor incentives, and on-ground activations, making EV
adoption easier for its delivery partners. Swiggy is also
sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where piloting models where bulk (XL) orders are fulfilled entirely by
environmental approvals/clearances are required, please specify details in the following format: electric fleets. In July 2024, Swiggy launched Eco Saver – a
Not applicable, as Swiggy does not operate in ecologically sensitive areas. feature within our platform that promotes order batching
and route optimisation to reduce redundant trips, lower
last-mile emissions, and improve delivery efficiency.
12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in
Cutlery Opt-out Swiggy introduced the cutlery opt-out model to minimise Within a week of introducing the feature,
the current financial year:
waste in food deliveries. By default, customers do not approximately 96% of orders had cutlery opt-out
Not applicable. In FY 2024-25, Swiggy did not undertake any projects that warranted mandatory Environmental receive disposable cutlery with their orders unless they enabled, significantly reducing waste across our
Impact Assessments (EIA) under applicable environmental laws and regulations, including the EIA Notification, 2006 explicitly request it. This nudge has helped change user delivery ecosystem.
behaviour and significantly reduce plastic consumption
issued under the Environment (Protection) Act, 1986. The nature of Swiggy’s operations - centred around digital
across millions of deliveries. Swiggy is committed to
platforms and service-based logistics – does not involve industrial development, large-scale infrastructure, or land- achieving a 100% transition to responsible and sustainable
use changes that typically necessitate such assessments. packaging alternatives across its restaurant partner network
by 2030, reinforcing its long-term vision for waste reduction
13. Is the entity compliant with the applicable environmental law/regulations/guidelines in India; such as the Water and environmental stewardship.
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment Protection Act Operational and Swiggy is committed to transitioning to 100% renewable Swiggy’s corporate headquarters at Embassy
and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format: Environmental electricity in its direct operations by 2030, by adopting TechVillage (ETV), Bengaluru – housing over 67% of
Excellence sustainable and energy-efficient solutions. our permanent workforce and 70% of our operational
Yes, Swiggy Ltd. is compliant with all the applicable environmental law/regulations/guidelines, in India, which are infrastructure — embodies our commitment to
relevant to service-based entities. building a sustainable operational backbone.
ETV’s LEED O&M v4.1 Platinum certification by the
Leadership Indicators U.S. Green Building Council (USGBC) stands as a
benchmark in energy efficiency, water conservation,
1. Please provide details of total Scope 3 emissions & its intensity, in the following format*:
and waste management. Notably, 65% of the
FY 2024-25 FY 2023-24 electricity used at our corporate headquarters is
Parameter Unit
Current Financial Year Previous Financial Year sourced from renewables. Guided by this standard,
Total Scope 3 emissions (Break-up of the GHG Metric tonnes of CO2 4,99,111.66 3,82,840.68 Swiggy is committed to progressively transitioning its
into CO2, CH4, N2O, HFCs, PFCs, SF6, NF3) infrastructure and operations towards similarly high-
performing, environmentally responsible facilities.
Total Scope 3 emissions per rupee of turnover Metric tonnes of CO2/turnover in 0.000007833 0.000004352
INR million Swiggy Serves Swiggy, through its flagship initiative Swiggy Serves, has set Already active in 171 cities, the partnership leverages
an ambitious goal of donating 100 million meals by 2030. A technology-driven food redistribution to bridge the
Total Scope 3 emission intensity (optional) – Metric tonnes of CO2/area in 1.664 1.203
(Total Scope 3/Area) square foot significant part of this will be achieved in partnership with gap between surplus food and those facing hunger.
the Robin Hood Army (RHA), which is expected to contribute
*Swiggy’s Scope 3 emissions have been calculated in accordance with the GHG Protocol and cover the emission categories such as purchase 50 million meals.
goods, capital goods, waste generated in operations, business travel, employee commute and end-of-life treatment.
166 Swiggy Limited Annual Report 2024-25 167
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4. Does the entity have a business continuity and disaster management plan? Give details in 100 words/web link. Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a
Yes. Swiggy has established a comprehensive Business Continuity and Disaster Recovery (BCDR) framework to ensure manner that is responsible and transparent
uninterrupted operations and service reliability. The framework leverages Amazon Web Services (AWS) infrastructure
within a single region, utilising multiple Availability Zones (AZs) to provide high availability, built-in fault tolerance, and
rapid recovery from localised disruptions.
Swiggy’s Business Continuity and Disaster Recovery (BCDR) Framework
Multi-AZ Architecture:
Critical workloads are deployed across multiple AWS Availability Zones, each with independent power, cooling, and networking.
This architecture minimises service disruptions and ensures redundancy in the event of infrastructure failure.
Data Protection & Backup:
Swiggy enables continuous backups and point-in-time recovery for critical systems. Key services such as Amazon RDS and
Amazon EKS are configured with cross-AZ failover mechanisms to reduce the risk of data loss and ensure business continuity.
Good policy is built when
business realities and societal
Defined Recovery Objectives: priorities meet. Our role is to
Recovery Time Objective (RTO): Established to minimise acceptable downtime. bring ground-level insights,
Recovery Point Objective (RPO): Defined to limit data loss to an acceptable threshold. backed by data, to help design
Both parameters are aligned with business-critical priorities to ensure operational resilience.
regulations that actually work in
practice — protecting livelihoods,
Risk Assessment & Business Impact Analysis: encouraging entrepreneurship,
Swiggy conducts regular risk assessments to identify potential threats — ranging from natural disasters and technical failures and allowing the platform
to human errors. Business Impact Analyses are performed to prioritise recovery efforts and allocate resources effectively
based on risk exposure.
economy to grow responsibly.
Phani Kishan Addepalli When advocacy is transparent
This BCDR strategy ensures that Swiggy is well-prepared to maintain continuity of essential services, protect customer Chief Growth Officer and solutions-focussed, it
trust, and respond swiftly to disruptions.
creates an ecosystem where
Link to Policy innovation and inclusion can
move forward together.
At Swiggy, we see policy advocacy as an opportunity to design social security systems for gig workers or participating
help shape the future of the platform economy in a way in conversations on sustainability and digital innovation, we
that balances innovation with inclusion. The regulations that aim to enable progressive regulations that are practical,
govern our sector influence millions of livelihoods and set the scalable, and future-ready.
framework for how entrepreneurship and responsible growth
can thrive — and we recognise the responsibility that comes Policy advocacy for us is about shaping outcomes, not
with having a voice in that dialogue. just participating in conversations. Regulations around
the platform economy are evolving fast, and our role is to
Our approach is collaborative and evidence-led. We bring data, real-world perspectives, and workable solutions
engage with policymakers, industry associations, and to the table — openly and constructively. By focussing on
peer platforms to share data-backed insights and ground what works in practice, we aim to influence policies that
realities, contributing to frameworks that balance workforce protect livelihoods, encourage entrepreneurship, and allow
welfare with economic opportunity. Whether it is helping the platform economy to grow responsibly and inclusively.
168 Swiggy Limited Annual Report 2024-25 169
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Essential Indicators Principle 8: Businesses should promote inclusive growth and equitable development
1. a. Number of affiliations with trade and industry chambers/associations.
Swiggy was affiliated with and participated in discussions with three industry bodies during the reporting period
i.e., FY 2024-25.
b. List the top 10 trade and industry chambers/associations (determined based on the total members of such a
body) the entity is a member of/affiliated to.
S.
Name of the trade and industry chambers/associations Reach of trade and industry chambers/associations
No.
1 NASSCOM (National Association of Software and Service Companies) National
2 Startup Policy Forum National
3 India Plastics Pact (IPP) National
The real power of a platform lies
2. Provide details of corrective actions taken or underway on any issues related to anti-competitive conduct by the in how many doors it can open
entity, based on adverse orders from regulatory authorities.
for others. Growth becomes
There were no adverse orders or findings related to anti-competitive conduct issued against Swiggy by any regulatory
authority during the reporting period. As a result, no corrective actions were necessitated or undertaken. Swiggy remains
meaningful when a small
committed to operating in full compliance with applicable competition laws and upholding fair market practices in all business can hire more people,
its business operations. when a regional supplier can
Leadership Indicators reach new markets, or when a
1. Details of public policy positions advocated by the entity: first-generation entrepreneur
Whether
gains the confidence to scale.
Frequency of Review by
S. Method resorted for
information
Board (Annually/Half
Web Those ripple effects matter
Public policy advocated available in the Link, if
No. such advocacy
public domain?
yearly/Quarterly/Others
available Amitesh Jha because they outlast individual
– please specify)
(Yes/No) CEO – Instamart transactions — they create
1 Inputs on social security
provisions for gig and
Swiggy, along with other industry
stakeholders, participated as a
Yes – Press
Release
stronger local economies and
platform workers special invitee to the Committee communities that grow with
constituted by the Ministry of
Labour & Employment, Government of
you. That’s the kind of impact
India to recommend a Social Security we want Swiggy to stand for.
Framework for platform workers under
the Code on Social Security, 2020.
2 Feedback on the Draft Provided formal inputs to the Yes – NASSCOM
Karnataka Platform-Based Labour Department, Government Feedback
Gig Workers (Social Security of Karnataka through industry
and Welfare) Bill, 2024 consultations coordinated with At Swiggy, inclusive growth is not just about expanding Driving inclusion also means supporting those who have
ecosystem stakeholders. our business footprint — it is about ensuring that the historically been underrepresented. Through initiatives that
3 Feedback on the Draft Submitted inputs to the Labour Yes – NASSCOM opportunities we create benefit everyone connected to encourage women-led, youth-led, and community-based
Telangana Gig and Platform Department, Government of Feedback our ecosystem. As a platform that supports entrepreneurs, businesses, we aim to build capacity, confidence, and
Workers Bill, 2025 Telangana, in collaboration with other partners, and small businesses across the country, we see our economic independence for those who are often left out of
ecosystem stakeholders. growth as meaningful only when it translates into economic formal growth opportunities.
4 Feedback on the Draft Provided inputs to the Labour Yes – NASSCOM participation, local employment, and community resilience.
Jharkhand Platform-Based Department, Government of Feedback True impact, for us, is measured by how our growth enables
Gig Workers (Registration Jharkhand, as part of industry Over the years, we have focussed on strengthening local shared progress. By creating transparent systems, responding
and Welfare) Bill, 2024 consultations with other stakeholders. value chains and creating pathways for smaller players to local community needs, and designing programmes
to grow. By sourcing locally, and building long-term that support long-term economic participation, we want
relationships with MSMEs, cooperatives, regional suppliers, to ensure that the success of our platform translates into
and producer networks, we are helping strengthen domestic stronger livelihoods, resilient communities, and a more
supply chains and expand economic participation beyond equitable distribution of value across the ecosystem.
large urban centres. Our partnerships are designed to be
enablers — providing access, visibility, and opportunities
that many small businesses would otherwise struggle to find.
170 Swiggy Limited Annual Report 2024-25 171
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Essential Indicators Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year.
Not applicable. During FY 2024-25, Swiggy did not undertake any projects that triggered mandatory Social Impact
Assessments (SIA) under applicable legislations. The nature of Swiggy’s operations does not involve land acquisition
or development activities requiring such assessments.
However, Swiggy proactively integrates stakeholder feedback into the design and implementation of its social impact
initiatives to ensure they are inclusive, equitable, and responsive to community needs.
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by
your entity, in the following format:
Not applicable. Swiggy did not undertake any projects during the reporting period that required Rehabilitation and
Resettlement (R&R) under applicable laws or regulatory mandates. As a digital platform, Swiggy’s business model does
not involve large-scale infrastructure development or land acquisition that would trigger R&R obligations.
3. Describe the mechanisms to receive and redress grievances of the community.
The best technology disappears
Swiggy has institutionalised a structured, transparent, and accessible grievance redressal framework to address
concerns raised by community stakeholders, including customers, restaurant partners, delivery executives, employees, into the experience - it makes
and local communities impacted by its operations. the right things feel effortless.
The grievance mechanism is governed by Swiggy’s Stakeholder Management and Grievance Redressal Policy, which What excites us is solving for
outlines a tiered resolution process, timelines for redressal, and clear channels for escalation. Community members scale in a way that builds better
can lodge grievances through multiple formal channels — such as customer service portals, written communication, habits by design: how choices
or helpline numbers. For issues involving ethical conduct, safety, or misconduct, Swiggy’s Whistleblower Policy allows
for confidential or anonymous reporting through a secure platform, with protection against retaliation and oversight are presented, how information
from an independent committee. The Internal Complaints Committee (ICC) further addresses grievances related to is surfaced, how systems nudge
POSH, while other specialised redressal teams handle operational complaints or partner-related issues.
behaviour without feeling
Delivery partners, a key stakeholder group, can raise grievances through an integrated support system within the intrusive. If we can make
Swiggy app, which offers real-time chat, call-back options, and tracking of grievance status. All complaints are
Madhusudhan Rao responsibility feel intuitive,
monitored for closure within defined service-level timelines and reviewed periodically for trends, escalation, or policy-
level interventions. Swiggy also proactively engages with local communities through its social-impact programmes and Chief Technology Officer millions of individual decisions
partnerships, gathering feedback during programme design and implementation. Swiggy ensures that community well- shift automatically - and that’s
being remains a priority through responsive grievance redressal and ethical engagement practices. While dedicated,
when real change compounds.
stakeholder-specific channels are in place, Swiggy’s Stakeholder Management and Grievance Redressal Policy also
provides an overarching grievance mechanism accessible to all stakeholders through the designated email address:
grievances@swiggy.in. These mechanisms ensure fairness, transparency, and continuous improvement, reinforcing
Swiggy’s commitment to inclusive growth and responsible corporate citizenship.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
At Swiggy, every consumer interaction is an opportunity alternatives are built to make better choices simple and
FY 2024-25 FY 2023-24 to build trust and influence behaviours that are better for intuitive. Transparency in communication, secure digital
Parameter
Current Financial Year Previous Financial Year
individuals, communities, and the ecosystem. We believe infrastructure, and reliable grievance redressal systems
Directly sourced from MSMEs/small producers 6.10% 7.21% that convenience and responsibility are not opposing ensure that consumer confidence is upheld at every step.
Directly from within India 98.92% 98.37% fores – done right, they strengthen each other by making
sustainable choices a natural part of the experience. But the real impact goes beyond individual orders. By
5. Job creation in smaller towns – disclose wages paid to persons employed (permanent employees) in the following shaping how people choose, what they expect, and the
locations, as % of total wage cost: Our focus has been to integrate responsibility into the standards they hold the ecosystem to, we aim to make
FY 2024-25 FY 2023-24 very design of the consumer journey. Features that responsible consumption a defining feature of convenience.
Location
Current Financial Year Previous Financial Year nudge sustainable behaviour, strengthen food integrity, Every interaction on our platform is a chance to raise the bar
Rural 0 0 and promote better-for-you and better-for-the-planet – not just for Swiggy, but for the industry at large.
Semi-urban 0.0043% 0
Urban 1.4822% 1.35%
Metropolitan 98.51% 98.65%
*The definitions of rural, semi-urban, urban, and metropolitan cities have been adopted in accordance with the Reserve Bank of India’s (RBI) classification system.
172 Swiggy Limited Annual Report 2024-25 173
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Essential Indicators 6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback. essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls;
penalty/action taken by regulatory authorities on safety of products/services.
Swiggy serves two key customer groups, as described in Section-A, Q19(c):
During the reporting period, no incidents were recorded that required corrective action in relation to advertising
End-users of the platform: Swiggy has a multi-channel support system in place to collect and respond to queries,
practices, cybersecurity and data privacy of customers, product recalls, or penalties/actions by regulatory authorities
complaints, and feedback from end-users. These channels include the in-app support section, email, social media concerning product or service safety. The delivery of essential services is not applicable to Swiggy’s business operations
platforms, and app store ratings and reviews. For order-related issues, end-users can also access live support via in the reporting period. Swiggy continues to maintain strong governance practices and robust internal mechanisms to
chat or call to resolve concerns in real time. Post-resolution feedback is collected after each supported interaction monitor and address any emerging concerns.
to assess satisfaction levels and identify areas for improvement. Insights from this feedback are analysed to enhance
user experience and implement necessary corrective measures. 7. Provide the following information relating to data breaches:
Restaurant partners: Swiggy enables its restaurant partners to raise queries and provide feedback through the Swiggy
a. Number of instances of data breaches: 0
Partner App, email, and social media platforms. For order-related issues, partners can also access live support via chat b. Percentage of data breaches involving personally identifiable information of customers: Not applicable
or call to resolve concerns in real time. Feedback is gathered post-resolution and reviewed to improve service quality
and partner engagement. c. Impact, if any, of the data breaches: Not applicable
While dedicated stakeholder-specific channels are in place, Swiggy’s Stakeholder Management and Grievance During the reporting period, Swiggy did not experience or report any data breaches. This reflects the effectiveness
Redressal Policy also provides an overarching grievance mechanism accessible to all stakeholders through the of its data privacy and information security framework, which is underpinned by an ISO 27001-certified Information
designated email address: grievances@swiggy.in. Security Management System. The Company has established protocols for incident reporting and response to ensure
any data breaches, if they occur, are promptly addressed, impacts mitigated, and recurrence risks minimised through
2. Turnover of products and/services as a percentage of turnover from all products/service that carry information corrective and preventive actions.
about:
Process for Managing, Addressing, and Mitigating Data Breaches
Parameter As a percentage to total turnover
Swiggy maintains a robust framework for data security, with established protocols to detect, respond to, and mitigate
Environmental and social parameters relevant to the product
data breaches. Our approach ensures swift containment, regulatory compliance, and minimal disruption to stakeholders.
Safe and responsible usage Not applicable In the event of a breach, we follow structured procedures for incident logging, risk assessment, stakeholder notification,
Recycling and/or safe disposal and root cause analysis. Preventive controls, regular audits, and employee training further strengthen our resilience
and commitment to data protection.
3. Number of consumer complaints in respect of the following:
FY 2024-25 FY 2023-24 Leadership Indicators
Current Financial Year Previous Financial Year 1. Channels/platforms where information on products and services of the entity can be accessed (provide web link,
Pending Remarks Pending Remarks if available).
Received Received
resolution resolution
during during the Swiggy’s products and services are accessible through multiple digital platforms, ensuring seamless access for
at end of at end of
the year year consumers and partners across India. Key access channels include:
year year
Data privacy 0 0 Includes complaints 0 0 Includes complaints Swiggy Website: www.swiggy.com
0 0 registered before judicial registered before judicial
Advertising 0 0
authorities by end users authorities by end users Swiggy Mobile App: Available on both iOS and Android platforms via:
Cyber-security 0 0 and restaurant partners 0 0 and restaurant partners
Google Play Store: Swiggy - Food & Grocery Delivery
Delivery of essential services - - Not applicable - - Not applicable
Apple App Store: Swiggy - Food & Grocery Delivery
Restrictive Trade Practices 1 1 Includes complaints 0 0 Includes complaints
Unfair Trade Practices 12 45 registered before judicial 13 35 registered before judicial
authorities by end users authorities by end users Social Media Platforms:
Other 26 81 and restaurant partners 29 66 and restaurant partners
Instagram: Swiggy India | Swiggy (Employees) | Swiggy (Delivery Partners)
4. Details of instances of product recalls on account of safety issues: Facebook: Swiggy
LinkedIn: Swiggy
Number Reasons for recall
Twitter (X): Swiggy
Voluntary recalls
Not applicable YouTube: Swiggy
Forced recalls
5. Does the entity have a framework/policy on cyber security and risks related to data privacy? (Yes/No) If available, These channels provide customers, delivery partners, and restaurant partners with streamlined access to Swiggy’s
provide a web-link of the policy. services, updates, and support.
Yes, we have established standards across various domains, including information security, privacy, payment card 2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
security, and data localisation. As part of these standards, we conduct risk assessments and impact analyses,
Swiggy actively educates consumers on the safe and responsible use of its platform through clear in-app communication.
implement cybersecurity policies and controls, manage Third-Party Risk Management (TPRM), provide training and
Real-time order updates, transparent delivery timelines, and an intuitive Help Section provide guidance on cancellations,
awareness programmes, and ensure continuous monitoring and detection through SIEM. We also have protocols in
refunds, and issue resolution. Customer safety is further supported by dedicated teams that address concerns related
place for responding to cybersecurity incidents.
to delivery partner conduct or emergencies.
Link to IT Security Policy
174 Swiggy Limited Annual Report 2024-25 175
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To promote informed and sustainable consumption, Swiggy has implemented the following initiatives:
Independent Practitioners’ Limited Assurance Report
Eco Saver: In July 2024, Swiggy launched Eco Saver - a feature within our platform that promotes order batching and
route optimisation to reduce redundant trips, lower last-mile emissions, and improve delivery efficiency. Eco Saver
has facilitated approximately 30 million deliveries resulting in a reduction of over 500 tonnes of CO2 emissions.
To the Board of Directors of Swiggy Limited
Cutlery Opt-Out: Swiggy introduced the cutlery opt-out model to minimise waste in food deliveries. By default,
customers do not receive disposable cutlery with their orders unless they explicitly request it. This nudge has helped Assurance report on sustainability disclosures in the Business Responsibility and Sustainability Reporting
change user behaviour and significantly reduced plastic consumption across millions of deliveries. Within a week of (BRSR) Core Format.
introducing the feature, approximately 96% of orders had cutlery opt-out enabled, significantly reducing waste across
Assurance report on the sustainability disclosures in the Business Responsibility and Sustainability Reporting (BRSR) Core
our delivery ecosystem.
Format1 (called ‘Identified Sustainability Information’ (ISI) of Swiggy Limited (the ‘Company’) for the period from 1 April 2024
Swiggy Seal: Aimed at strengthening food integrity and hygiene, Swiggy has launched the Swiggy Seal – Food Integrity to 31 March 2025. The ISI is included in the Business Responsibility and Sustainability Reporting of the Company for the
Certification to systematically raise quality and hygiene standards across its restaurant ecosystem. Developed with period from 1 April 2024 to 31 March 2025.
FSSAI-recognised audit agencies and informed by over 7 million verified customer reviews, the certification goes
beyond compliance — embedding a culture of continuous improvement. The Seal is dynamic, merit-based, and can Opinion
be revoked in case of lapses, reinforcing credibility and accountability.
We have performed an assurance engagement on the Identified Sustainability Information (ISI) as detailed in the table below:
Guilt-Free Offerings: Through its Guilt-Free category, Swiggy promotes healthier consumption by curating meals that
are lower in calories, sugar, and fat, or prepared using natural and organic ingredients — supporting customers in Identified Sustainability
Period subject to
making informed, mindful dietary choices. Information (ISI) subject Reporting criteria
assurance
to assurance
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services. BRSR Core (refer Annexure 1) 1 April 2024 to - Regulation 34(2)(f) of the Securities and Exchange Board of
Swiggy, as a digital platform facilitating hyperlocal deliveries, operates a technology-enabled model that is integral 31 March 2025 India (SEBI) Listing Obligations and Disclosure Requirements
to urban convenience but is not currently classified as an ‘essential service’ under the Essential Services Maintenance (SEBI LODR)
Act, 1981. However, during exceptional circumstances such as the COVID-19 pandemic, food and grocery delivery
- Guidance notes for BRSR format issued by SEBI
services have been acknowledged by several state and local authorities as essential to maintaining supply continuity.
- World Resource Institute (WRI)/World Business Council for
To mitigate disruption-related risks and ensure transparency, Swiggy has institutionalised the following mechanisms Sustainable Development (WBCSD) Greenhouse Gas (GHG)
to proactively inform consumers in the event of any interruption to services: Protocol (A Corporate Accounting and Reporting Standards)
In-app Notifications & Dynamic Filters: Real-time serviceability updates are integrated within the platform to notify
This engagement was conducted by a multidisciplinary team including assurance practitioners, engineers and environmental
users of delays, service restrictions, or temporary unavailability based on location-specific conditions (e.g., extreme
and social professionals.
weather, civic unrest, government-imposed restrictions).
Automated Communication Channels: Customers receive alerts via push notifications, SMS, and email for any order-
Based on the procedures performed and evidence obtained, nothing has come to our attention to cause us to believe
level disruption or systemic downtime. that the company’s Identified Sustainability Information of the Annual Report relating to BRSR core attributes for the year
ended 31 March 2025, is not prepared, in all material respects, in accordance with the Regulation 34(2)(f) of the Securities
Customer Support Escalation Pathways: A dedicated customer experience team is available 24*7 to respond to service
and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (SEBI LODR) and basis of preparation
queries and proactively communicate on escalated issues.
set out in Section A: Question 13 of the BRSR.
Public Information Dissemination: In the event of significant disruptions, Swiggy leverages broader outreach tools
including its corporate website, social media channels, and regional operations teams to communicate service updates
Basis for conclusion
to consumers and partners.
We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000
These measures ensure timely, accurate, and accessible communication to safeguard customer experience and trust (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information and ISAE 3410, Assurance
during periods of disruption. Engagements on Greenhouse Gas Statements issued by the International Auditing and Assurance Standards Board (IAASB).
Our responsibilities under those standards are further described in the “Our responsibilities” section of our report.
4. Does the entity display product information on the product over & above what is mandated as per local laws?
We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional
(Yes/No/Not Applicable) If yes, provide details in brief? Did your entity carry out any survey with regard to
Accountants (including International Independence Standards) issued by the International Ethics Standards Board for
consumer satisfaction relating to the major products/services of the entity, significant locations of operation of
Accountants (IESBA).
the entity or the entity as a whole? (Yes/No)
Not applicable. Swiggy functions as a technology-enabled service platform that facilitates food delivery, restaurant KPMG Assurance and Consulting Services LLP (the Firm) applies International Standard on Quality Management (ISQM)
discovery, and other hyperlocal services. However, to ensure transparency and support informed consumer choices, 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related
Swiggy enables its restaurant and seller partners to voluntarily disclose relevant product information — including Services Engagements, issued by the IAASB. This standard requires the firm to design, implement and operate a system
ingredients, allergens, and nutritional details — on the platform, wherever applicable. of quality management, including policies or procedures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Swiggy also incorporates a continuous customer feedback loop through its digital interface. One such mechanism is the
in-app chat support rating feature, which captures user satisfaction ratings after each customer service interaction. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
These insights are used internally to drive service improvements and enhance the overall consumer experience.
1
Notified by SEBI vide circular number SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12 July 2023
176 Swiggy Limited Annual Report 2024-25 177
Statutory Reports Statutory Reports
Other information Inherent limitations
Management and the Board of Directors are responsible for the other information. The other information comprises the The preparation of the company’s sustainability information requires the management to establish or interpret the criteria,
information included in the Company’s Annual Report (but does not include the BRSR Core attributes and assurance report make determinations about the relevancy of information to be included, and make estimates and assumptions that affect
thereon). the reported information.
Our limited assurance opinion on the BRSR Core attributes does not cover the other information, and we do not express Measurement of certain amounts and BRSR attributes, some of which are estimates, is subject to substantial inherent
any form of assurance conclusion thereon. measurement uncertainty, for example, GHG emissions, water footprint, and energy footprint. Obtaining sufficient
appropriate evidence to support our opinion/conclusion does not reduce the uncertainty in the amounts and metrics.
In connection with our assurance report of the BRSR Core attributes, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the BRSR Core attributes or our knowledge
Our responsibilities
obtained in the assurance or otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information, we are required to report that fact. We have We are responsible for:
nothing to report in this regard. planning and performing the engagement to obtain a limited assurance about whether the ISI is free from material
misstatement, whether due to fraud or error;
Other matter forming an independent conclusion, based on the procedures we have performed and the evidence we have
The BRSR for the period from 1 April 2023 to 31 March 2024 was not subject to limited/reasonable assurance and we do obtained; and
not express an opinion/conclusion or provide any assurance on such information.
reporting our conclusion to the Board of Directors of the Company.
Our opinion/conclusion is not modified with respect to this matter.
Summary of the work we performed as the basis for our conclusion
We exercised professional judgement and maintained professional skepticism throughout the engagement. We designed
Intended use or purpose and performed our procedures to obtain evidence that is sufficient and appropriate to provide a basis for limited
The ISI and our limited assurance report are intended for users who have reasonable knowledge of the BRSR attributes, the assurance conclusion.
reporting criteria and ISI and who have read the information in the ISI with reasonable diligence and understand that the
ISI is prepared and assured at appropriate levels of materiality. Our procedures selected depended on our understanding of the ISI covered by limited assurance and other engagement
circumstances, and our consideration of areas where material misstatements are likely to arise.
Our opinion is not modified in respect of this matter.
In carrying out our engagement, we:
Management’s responsibilities for Identified Sustainability Information (ISI) assessed the suitability of the criteria used by the company in preparing the information covered by limited assurance;
The management of the company are responsible for: interviewed senior management and relevant staff at corporate and selected locations concerning policies for
designing, implementing and maintaining internal control relevant to the preparation of the Identified Sustainability occupational health and safety, and the implementation of these across the business;
Information that is free from material misstatement, whether due to fraud or error; through enquiries, obtained an understanding of Swiggy Limited’s control environment, processes and information
selecting or developing suitable criteria for preparing the Identified Sustainability Information and appropriately systems relevant to the preparation of the information covered by limited assurance, but did not evaluate the design
referring to or describing the criteria; and of particular control activities, obtain evidence about their implementation or test their operating effectiveness;
preparing/fairly stating/properly calculating the Identified Sustainability Information in accordance with the made enquiries of relevant staff at corporate and selected locations responsible for the preparation of the Information
reporting criteria. covered by limited assurance;
ensuring the reporting criteria is available for the intended users with relevant explanation; undertook one physical site visit to Head office, Bengaluru. We selected this site based on the relative size of the
workforce of this location to the total workforce and area of the office;
establishing targets, goals and other performance measures, and implementing actions to achieve such targets, goals
and performance measures; inspected, at each site visited, a limited number of items to or from supporting records, as appropriate;
responsible for providing the details of the management personnel who takes ownership of the ISI disclosed in the report; applied analytical procedures, as appropriate;
ensuring compliance with law, regulation or applicable contracts; recalculated the information covered by limited assurance based on the criteria; and
making judgements and estimates that are reasonable in the circumstances; evaluated the overall presentation of the information covered by limited assurance to determine whether it is consistent
with the criteria and in line with our overall knowledge of, and experience with, the company’s occupational health
identifying and describing any inherent limitations in the measurement or evaluation of information covered by and safety.
assurance in accordance with the reporting criteria;
preventing and detecting fraud; The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for,
a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement
selecting the content of the ISI, including identifying and engaging with intended users to understand their is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement
information needs; been performed.
informing us of other information that will be included with the ISI;
supervision of other staff involved in the preparation of the ISI.
Those charged with governance are responsible for overseeing the reporting process for the company’s ISI.
178 Swiggy Limited Annual Report 2024-25 179
Statutory Reports Statutory Reports
Exclusions: Annexure-1
Our assurance scope excludes the following and therefore we will not express a conclusion on the same:
Any form of review of the commercial merits, technical feasibility, accuracy, compliance with applicable legislation
Identified Sustainability Information: BRSR Core
for the project, and accordingly we will express no opinion thereon. We will also not be required to verify any of
the judgements and commercial risks associated with the project, nor comment upon the possibility of the financial
projections being achieved. Principle Attribute/Area Parameter/Metric
The Company’s statements that describe the strategy, progress on goals (other than those listed under the scope Principle 1 - E8 Fairness in Engaging with Number of days of accounts payable
Customers and Suppliers
of assurance), expression of opinion, claims, belief, aspiration, expectation, aim to future intention provided by the
Company, and assertions related to Intellectual Property Rights and other competitive issues. Principle 1 - E9 Open-ness of business Concentration of purchases & sales done with trading houses, dealers, and related
parties Loans and advances & investments with related parties
Operations of the Company other than those mentioned in the “Scope of Assurance”.
Principle 3 - E1 c Enhancing Employee Spending on measures towards well-being of employees and workers
Aspects of the BRSR attributes and the data/information (qualitative or quantitative) other than the ISI. Wellbeing and Safety
Principle 3 - E11 Details of safety related incidents (LTIFR, Recordable Injuries, Fatalities, High
Data and information outside the defined reporting period, i.e., 1 April 2024 to 31 March 2025. Consequence Injuries)
Principle 5 - E3 b Enabling Gender Diversity Gross wages paid to females as percentage of total wages paid by the entity
in Business
Principle 5 - E7 Complaints filed under the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013
For KPMG Assurance and Consulting Services LLP
Principle 6 - E1 Energy Footprint Total energy consumption
Sd/- Percentage of energy consumed from renewable sources
Ravi Kant Thakur Energy intensity (per rupee of turnover, per rupee of turnover adjusted for PPP, per
Partner physical output)
Principle 6 - E3 Water Footprint Total water consumption
Date: July 24, 2025
Place: Gurugram Water consumption intensity (per rupee of turnover, per rupee of turnover adjusted
for PPP, per physical output)
Principle 6 - E4 Water Footprint Water Discharge by destination and levels of Treatment
Principle 6- E7 GHG Footprint Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6,
NF3, if available)
Total Scope 2 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs, SF6,
NF3, if available)
GHG Emission Intensity (Scope 1+2) (per rupee of turnover, per rupee of turnover
adjusted for PPP, per physical output)
Principle 6 - E9 Embracing circularity - Provide details related to waste generated by category of waste
waste details
Waste intensity (per rupee of turnover, per rupee of turnover adjusted for PPP,
per physical output)
Each category of waste generated, total waste recovered through recycling,
re-using or other recovery operations
180 Swiggy Limited Annual Report 2024-25 181
Statutory Reports Statutory Reports
Annexure-2 BRSR BRSR
BRSR question GRI indicator
section principle
GRI Content Index Specific commitments, goals and targets set by the entity with defined timelines,
if any.
GRI 3-3-c
GRI 3-3-e-ii
Performance of the entity against the specific commitments, goals and targets GRI 3-3-e-iii
along with reasons in case the same are not met.
BRSR BRSR
BRSR question GRI indicator
section principle Statement by director responsible for the business responsibility report, highlighting GRI 2-22-a
Section A - Corporate Identity Number (CIN) of the Listed Entity sustainability related challenges, targets and achievements (listed entity has GRI 2-12-a
flexibility regarding the placement of this disclosure)
Name of the Listed Entity GRI 2-1-a
Details of the highest authority responsible for implementation and oversight of the GRI 2-13-a-i
Year of incorporation
Business Responsibility policy (ies)
Registered office address
Does the entity have a specified Committee of the Board/Director responsible for GRI 2-9-b
Corporate address GRI 2-1-c decision making on sustainability related issues? (Yes/No). If yes, provide details. GRI 2-9-c-i-viii
E-mail GRI 2-3-d Details of Review of NGRBCs by the Company:
Telephone
Performance against above policies and follow up action
Website
Compliance with statutory requirements of relevance to the principles, and,
Financial year for which reporting is being done GRI 2-3- (a, b) rectification of any non-compliances
Name of the Stock Exchange(s) where shares are listed
Has the entity carried out independent assessment/evaluation of the working of its GRI 2-5-b-i-iii
Paid-up Capital policies by an external agency? (Yes/No). If yes, provide name of the agency.
Name and contact details (telephone, email address) of the person who may be GRI 2-3-d If answer to question (1) above is “No” i.e. not all Principles are covered by a policy,
contacted in case of any queries on the BRSR report reasons to be stated:
Reporting boundary GRI 2-2- (a, c) The entity does not consider the Principles material to its business (Yes/No)
Name of assurance provider
The entity is not at a stage where it is in a position to formulate and implement the
Type of assurance obtained policies on specified principles (Yes/No)
Details of business activities (accounting for 90% of the turnover) GRI 2-6-b-i The entity does not have the financial or/human and technical resources available
Products/Services sold by the entity (accounting for 90% of the entity’s Turnover) GRI 2-6-b-i for the task (Yes/No)
Number of locations where plants and/or operations/offices of the entity are GRI 2-6-b-i It is planned to be done in the next financial year (Yes/No)
situated
Any other reason (please specify)
Number of locations (Markets served by the entity) GRI 2-6-b- (i, iii)
Section C Principle 1 Percentage coverage by training and awareness programmes on any of the GRI 2-17-a
What is the contribution of exports as a percentage of the total turnover of the principles during the financial year: GRI 2-24-a-iv
entity
Details of fines/penalties/punishment/award/compounding fees/settlement GRI 2-27-a-i-ii
A brief on types of customers
amount paid in proceedings (by the entity or by directors/KMPs) with regulators/ GRI 2-27-b-i-ii
Employees and workers (including differently abled) GRI 2-7- (a, b-i, ii) law enforcement agencies/judicial institutions, in the financial year, in the following GRI 2-27-c
Differently abled Employees and workers GRI 2-8-a format (Note: the entity shall make disclosures on the basis of materiality as GRI 2-27-d
GRI 405-1-b-iii specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations)
Participation/Inclusion/Representation of women GRI 405-1-a-i Regulations, 2015 and as disclosed on the entity’s website):
GRI 405-1-b-i Of the instances disclosed in Question 2 above, details of the Appeal/Revision GRI 2-27-a-i-ii
Turnover rate for permanent employees and workers GRI 401-1-b preferred in cases where monetary or non-monetary action has been appealed
Names of holding/subsidiary/associate companies/joint ventures GRI 2-2-(a, b) Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details GRI 2-23-a
Whether CSR is applicable as per section 135 of Companies Act, 2013 GRI 201-1-a-i-ii-iii in brief and if available, provide a web-link to the policy GRI 2-23-c
Turnover (in INR) GRI 3-3-c
GRI 205-1
Net worth (in INR)
Number of Directors/KMPs/employees/workers against whom disciplinary action GRI 205-1
Complaints/Grievances on any of the principles (Principles 1 to 9) under the GRI 2-25-e
was taken by any law enforcement agency for the charges of bribery/corruption: GRI 205-3- (a-d)
National Guidelines on Responsible Business Conduct
Overview of the entity’s material responsible business conduct issues GRI 3-1-a-i-ii Details of complaints with regard to conflict of interest: GRI 2-25-e
GRI 3-1-b GRI 2-15- (a, b)
GRI 3-2-a Provide details of any corrective action taken or underway on issues related to GRI 205-3
GRI 3-3-a fines/penalties/action taken by regulators/law enforcement agencies/judicial
GRI 3-3-d-i-ii institutions, on cases of corruption and conflicts of interest.
GRI 201-2-a
Number of days of accounts payables ((Accounts payable *365)/Cost of goods/
Section B a. Whether your entity’s policy/policies cover each principle and its core elements GRI 2-23-(a, c, d) services procured) in the following format
of the NGRBCs. (Yes/No) GRI 2-11-(a, b)
Open-ness of business Provide details of concentration of purchases and sales
b. Has the policy been approved by the Board? (Yes/No)
with trading houses, dealers, and related parties along with loans and advances &
c. Web Link of the Policies, if available investments, with related parties, in the following format:
Whether the entity has translated the policy into procedures. (Yes/No) GRI 2-24-a-ii Awareness programmes conducted for value chain partners on any of the Principles GRI 2-24-a-iv
GRI 2-10 during the financial year
Do the enlisted policies extend to your value chain partners? (Yes/No) GRI 2-23-e Does the entity have processes in place to avoid/manage conflict of interests GRI 2-10-b-iii
Name of the national and international codes/certifications/labels/standards (e.g. involving members of the Board? (Yes/No) If Yes, provide details of the same GRI 2-15-a
Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustea) standards (e.g. SA
8000, OHSAS, ISO, BIS) adopted by your entity and mapped to each principle.
182 Swiggy Limited Annual Report 2024-25 183
Statutory Reports Statutory Reports
BRSR BRSR BRSR BRSR
BRSR question GRI indicator BRSR question GRI indicator
section principle section principle
Principle 2 Percentage of R&D and capital expenditure (capex) investments in specific Describe the measures taken by the entity to ensure a safe and healthy workplace GRI 3-3-d-i-iii
technologies to improve the environmental and social impacts of product and GRI 403-2-a-i-ii
processes to total R&D and capex investments made by the entity, respectively. GRI 403-9-c-iii
a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) GRI 308-1-a GRI 403-9-d
GRI 403-10-c-iii
b. If yes, what percentage of inputs were sourced sustainably? GRI 414-1-a
Number of Complaints on the following made by employees and workers: GRI 2-25-e
Describe the processes in place to safely reclaim your products for reusing, recycling GRI 3-3-d
and disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste GRI 306-2-a Assessments for the year: Health and safety practices, Working Conditions GRI 3-3-e-i
(c) Hazardous waste and (d) other waste. Provide details of any corrective action taken or underway to address safety- GRI 3-3-d-i-ii
Whether Extended Producer Responsibility (EPR) is applicable to the entity’s related incidents (if any) and on significant risks/concerns arising from assessments GRI 403-9-c-ii-iii
activities (Yes/No). If yes, whether the waste collection plan is in line with the of health & safety practices and working conditions. GRI 403-9-d
Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? GRI 403-10-c-ii-iii
If not, provide steps taken to address the same Does the entity extend any life insurance or any compensatory package in the GRI 401-a-i
Has the entity conducted Life Cycle Perspective/Assessments (LCA) for any of its event of death of (A) Employees (Y/N) (B) Workers (Y/N)
products (for manufacturing industry) or for its services (for service industry)? If yes, Provide the measures undertaken by the entity to ensure that statutory dues have
provide details in the following format? been deducted and deposited by the value chain partners
If there are any significant social or environmental concerns and/or risks arising GRI 3-3- (a, d) Provide the number of employees/workers having suffered high consequence GRI 3-3-d-ii
from production or disposal of your products/services, as identified in the Life Cycle GRI 306-1 workrelated injury/ill-health/fatalities (as reported in Q11 of Essential Indicators
Perspective/Assessments (LCA) or through any other means, briefly describe the GRI 306-2-a above), who have been are rehabilitated and placed in suitable employment or
same along with action taken to mitigate the same whose family members have been placed in suitable employment:
Percentage of recycled or reused input material to total material (by value) used in GRI 301-1 Does the entity provide transition assistance programmes to facilitate continued GRI 404-2-b
production (for manufacturing industry) or providing services (for service industry). GRI 301-2-a employability and the management of career endings resulting from retirement or
Of the products and packaging reclaimed at end of life of products, amount (in GRI 301-2-a termination of employment? (Yes/No)
metric tonnes) reused, recycled, and safely disposed, as per the following format: GRI 301-3-a Details on assessment of value chain partners GRI 414-2-a
Reclaimed products and their packaging materials (as percentage of products sold) GRI 301-1 Provide details of any corrective actions taken or underway to address significant GRI 414-2-d
for each product category. GRI 301-3-a risks/concerns arising from assessments of health and safety practices and working GRI 414-2-e
Principle 3 Details of measures for the well-being of employees: GRI 401-2-a-i-vii conditions of value chain partners.
Details of measures for the well-being of workers: Principle 4 Describe the processes for identifying key stakeholder groups of the entity. GRI 2-29-a-i
Spending on measures towards well-being of employees and workers (including List stakeholder groups identified as key for your entity and the frequency of GRI 3-1-b
permanent and other than permanent) in the following format – engagement with each stakeholder group. GRI 2-29-a-i-iii
Details of retirement benefits, for Current FY and Previous Financial Year GRI-201-3-b-i-iii Provide the processes for consultation between stakeholders and the Board on GRI 2-12-b
GRI 201-3-c economic, environmental, and social topics or if consultation is delegated, how is GRI 2-13- (a, b)
GRI 201-3-d feedback from such consultations provided to the Board. GRI 2-29-a
GRI 201-3-e Whether stakeholder consultation is used to support the identification and GRI 3-1-a-i-ii
Accessibility of workplaces Are the premises/offices of the entity accessible to GRI 3-3 management of environmental, and social topics (Yes/No). If so, provide details GRI 3-1-b
differently abled employees and workers, as per the requirements of the Rights of of instances as to how the inputs received from stakeholders on these topics were
Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the incorporated into policies and activities of the entity.
entity in this regard. Provide details of instances of engagement with, and actions taken to, address the GRI 2-29-a-i-iii
Does the entity have an equal opportunity policy as per the Rights of Persons with GRI 3-3-c concerns of vulnerable/marginalised stakeholder groups.
Disabilities Act, 2016? If so, provide a web-link to the policy. Principle 5 Employees and workers who have been provided training on human rights issues GRI 2-24-a-iv
Return to work and Retention rates of permanent employees and workers that took GRI 401-3 and policy(ies) of the entity, in the following format: GRI 205-2-e
parental leave. GRI 403-5-a
GRI 404-1-a-i-ii
Is there a mechanism available to receive and redress grievances for the following GRI 2-25
GRI 410-1-a
categories of employees and worker? If yes, give details of the mechanism in brief
Details of minimum wages paid to employees and workers, in the following format GRI 202-1- (a, b)
Membership of employees and worker in association(s) or Unions recognised by the GRI 2-30-a
GRI 405-2-a
listed entity GRI 402-1
GRI 407-1 Details of remuneration/salary/wages a. Median remuneration/wages b. Gross GRI 2-19-a-i-v
wages paid to females as % of total wages paid by the entity, in the following GRI 2-21-a
Details of training given to employees and workers GRI 403-5-a
GRI 404-1-a-i format
GRI 404-2-a Do you have a focal point (Individual/Committee) responsible for addressing human GRI 2-13-a-i-ii
rights impacts or issues caused or contributed to by the business? (Yes/No)
Details of performance and career development reviews of employees and workers GRI 404-3- a
Describe the internal mechanisms in place to redress grievances related to human GRI 2-25-b
Health and safety management system: a. Whether an occupational health and GRI 403-1-a
rights issues. GRI 2-25-d
safety management system has been implemented by the entity? (Yes/No). If yes, GRI 403-1-b
GRI 2-25-e
the coverage such system? b. What are the processes used to identify work-related GRI 403-2-a
hazards and assess risks on a routine and non-routine basis by the entity? GRI 403-2-b Number of Complaints on the following made by employees and workers: GRI 2-25-e,
c. Whether you have processes for workers to report the work-related hazards and GRI 403-2-c GRI 406-1-a 5.1,
to remove themselves from such risks. (Y/N) d. Do the employees/workers of the GRI 403-4-a 5.2, 8.7,
entity have access to non-occupational medical and healthcare services? (Yes/No). GRI 403-6-a Complaints filed under the Sexual Harassment of Women at Workplace (Prevention,
Details of safety-related incidents, in the following format: GRI 403-9-a-i-v Prohibition and Redressal) Act, 2013, in the following format:
GRI 403-9-b-i-v Mechanisms to prevent adverse consequences to the complainant in discrimination GRI 2-25-e
GRI 403-10-a and harassment cases
GRI 403-10-b-ii
184 Swiggy Limited Annual Report 2024-25 185
Statutory Reports Statutory Reports
BRSR BRSR BRSR BRSR
BRSR question GRI indicator BRSR question GRI indicator
section principle section principle
Do human rights requirements form part of your business agreements and GRI 2-23-a-iv Is the entity compliant with the applicable environmental law/regulations/guidelines GRI 2-27-a-i-ii
contracts? (Yes/No) GRI 2-23-e in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention GRI 2-27-b-i-ii
GRI 2-23-f and Control of Pollution) Act, Environment Protection Act and rules thereunder (Y/N). If
GRI 2-24-a-iii not, provide details of all such non-compliances, in the following format:
GRI 414 Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): GRI 303-3-b-i-iv
GRI 3-3 For each facility/plant located in areas of water stress, provide the following GRI 303-4-a-i-ii
Assessments for the year (Child labour, Forced/involuntary labour, etc.) information: (i) Name of the area (ii) Nature of operations (iii) Water withdrawal,
consumption and discharge in the following format:
Provide details of any corrective actions taken or underway to address significant GRI 3-3-d-i-ii
risks/concerns arising from the assessments at Question 10 above. Please provide details of total Scope 3 emissions & its intensity, in the following GRI 305-3- (a, b)
Details of a business process being modified/introduced as a result of addressing GRI 2-25- (b, e) format: GRI 305-4- (a-d)
human rights grievances/complaints. GRI 3-3-d-i-ii With respect to the ecologically sensitive areas reported at Question 11 of Essential GRI 304-2-a-i-vi
Details of the scope and coverage of any Human rights due-diligence conducted GRI 3-1-a-i Indicators above, provide details of significant direct & indirect impact of the entity GRI 304-2-b-i-iv
on biodiversity in such areas along with prevention and remediation activities. GRI 304-3-a
GRI 3-3- (a, c, d)
If the entity has undertaken any specific initiatives or used innovative technology or GRI 3-3
Is the premise/office of the entity accessible to differently abled visitors, as per the
solutions to improve resource efficiency, or reduce impact due to emissions/effluent
requirements of the Rights of Persons with Disabilities Act, 2016?
discharge/waste generated, please provide details of the same as well as outcome
Details on assessment of value chain partners (Sexual Harassment, Discrimination at GRI 414-1-a of such initiatives, as per the following format:
workplace, Child Labour, etc.) GRI 414-2-a
Does the entity have a business continuity and disaster management plan? Give
Provide details of any corrective actions taken or underway to address significant GRI 414-2- (d, e) details in 100 words/web link
risks/concerns arising from the assessments at Question 4 above.
Disclose any significant adverse impact to the environment, arising from the value GRI 308-2-c
Principle 6 Details of total energy consumption (in Joules or multiples) and energy intensity, in GRI 302-1-a chain of the entity. What mitigation or adaptation measures have been taken by GRI 308-2-d
the following format: GRI 302-1-b the entity in this regard
GRI 302-1-c-i
GRI 302-1-e Percentage of value chain partners (by value of business done with such partners) GRI 308-1-a
GRI 302-3-a that were assessed for environmental impacts GRI 308-2-a
GRI 302-1-b Principle 7 a. Number of affiliations with trade and industry chambers/associations. GRI 2-28-a
b. List the top 10 trade and industry chambers/associations (determined based
Does the entity have any sites/facilities identified as designated consumers (DCs)
on the total members of such body) the entity is a member of/affiliated to.
under the Performance, Achieve and Trade (PAT) Scheme of the Government of
India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been Provide details of corrective action taken or underway on any issues related to GRI 206-1
achieved. In case targets have not been achieved, provide the remedial action anticompetitive conduct by the entity, based on adverse orders from regulatory GRI 3-3
taken, if any. authorities.
Provide details of the following disclosures related to water, in the following format: GRI 303-1 Details of public policy positions advocated by the entity: GRI 2-28-a
GRI 303-3-a-i-iv GRI 415
Provide the following details related to water discharged:
GRI 303-5-a Principle 8 Details of Social Impact Assessments (SIA) of projects undertaken by the entity GRI 413-1-a-i-iii
Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide GRI 303-1-a based on applicable laws, in the current financial year. GRI 203-1
details of its coverage and implementation. GRI 303-2-a Provide information on project(s) for which ongoing Rehabilitation and Resettlement GRI 413-1-a-iv
Please provide details of air emissions (other than GHG emissions) by the entity, in GRI 305-7-a-i-vii (R&R) is being undertaken by your entity, in the following format GRI 413-2-a
the following format: Describe the mechanisms to receive and redress grievances of the community GRI 3-3
Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its GRI 305-1 GRI 2-25-b
intensity, in the following format: GRI 305-2 GRI 413-1-a-viii
GRI 305-3
Percentage of input material (inputs to total inputs by value) sourced from suppliers: GRI 204-1-a
GRI 305-4
GRI 204-1-b
Does the entity have any project related to reducing Green House Gas emission? If GRI 305-5-a GRI 204-1-c
Yes, then provide details. GRI 305-5-b Job creation in smaller towns – Disclose wages paid to persons employed (including
GRI 305-5-c employees or workers employed on a permanent or non-permanent/on contract
GRI 305-5-d basis) in the following locations, as % of total wage cost
Provide details related to waste management by the entity, in the following format: GRI 306-3-a Provide details of actions taken to mitigate any negative social impacts identified in GRI 3-3-d-i-ii
GRI 306-4-a the Social Impact Assessments (Reference: Question 1 of Essential Indicators above): GRI 413-1-a-iv
GRI 306-4-b-i-iii GRI 203-1
GRI 306-4-c-i-iii
GRI 306-5-a Provide the following information on CSR projects undertaken by your entity in GRI 413-1-a-iv
GRI 306-4-5-i-iii designated aspirational districts as identified by government bodies: GRI 203-1
GRI 306-5-c-i-iv (a) Do you have a preferential procurement policy where you give preference to GRI 3-3
Briefly describe the waste management practices adopted in your establishments. GRI 306-2-a purchase from suppliers comprising marginalised/vulnerable groups? (Yes/No) GRI 203-1
Describe the strategy adopted by your company to reduce usage of hazardous GRI 3-3-c (b) From which marginalised/vulnerable groups do you procure? (c) What GRI 204-1-a
and toxic chemicals in your products and processes and the practices adopted to GRI 3-3-d-i-ii percentage of total procurement (by value) does it constitute?
manage such wastes. Details of the benefits derived and shared from the intellectual properties owned GRI 201-1
If the entity has operations/offices in/around ecologically sensitive areas (such GRI 304-1-a-i-v or acquired by your entity (in the current financial year), based on traditional
as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity knowledge:
hotspots, forests coastal regulation zones etc.) where environmental approvals/ Details of corrective actions taken or underway, based on any adverse order in GRI 3-3-d-i-ii
clearances are required, please specify details in the following format: intellectual property related disputes wherein usage of traditional knowledge is involved
Details of environmental impact assessments of projects undertaken by the entity GRI 304 Details of beneficiaries of CSR Projects: GRI 413-1- a-iv
based on applicable laws, in the current financial year: GRI 413-1-a-ii GRI 203-1
GRI 303-1- (a,c)
186 Swiggy Limited Annual Report 2024-25 187
Statutory Reports Statutory Reports
BRSR BRSR Annexure- 6
BRSR question GRI indicator
section principle
Details of Remuneration of Directors, KMPs and Employees and comparatives
Principle 9 Describe the mechanisms in place to receive and respond to consumer complaints and GRI 2-25- (b, d, e)
feedback. GRI 2-29-a [Pursuant to Section 197(12) and Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
Turnover of products and/services as a percentage of turnover from all products/ GRI 417-1-a-i-v
service that carry information about: GRI 417-1-b
Number of consumer complaints in respect of the following GRI 418-1-a-i-ii (i) & (ii). The ratio of the remuneration of each Director to the median remuneration of the employees of the
GRI 418-1-b Company and percentage increase in remuneration of each Director, Chief Financial Officer and Company
Details of instances of product recalls on account of safety issues GRI 416-2-a-i-iii Secretary for the financial year:
Does the entity have a framework/policy on cyber security and risks related to data GRI 2-23-a
privacy? (Yes/No) If available, provide a web-link of the policy. GRI 2-23-c % increase /
GRI 3-3 (decrease) in the
Ratio to median
GRI 418 Name of Director / KMP and Designation remuneration of
remuneration
Directors/KMP in
Provide details of any corrective actions taken or underway on issues relating to GRI 3-3-d-i-ii
the Financial year
advertising, and delivery of essential services; cyber security and data privacy of
customers; re-occurrence of instances of product recalls; penalty/action taken by Non-Executive Independent Directors
regulatory authorities on safety of products/services. Anand Thirumalachar Kripalu 9.48 (a)
Provide the following information relating to data breaches: a. Number of instances GRI 418-1-a Shailesh V Haribhakti 7.36 Nil
of data breaches b. Percentage of data breaches involving personally identifiable Suparna Mitra 7.36 (a)
information of customers c. Impact, if any, of the data breaches Sahil Barua - -
Channels/platforms where information on products and services of the entity can be GRI 2-6-b-i Executive Directors
accessed (provide web link, if available).
Sriharsha Majety, Managing Director & Group CEO 20.72 (7.02%) (b)
Steps taken to inform and educate consumers about safe and responsible usage of GRI 417 Lakshmi Nandan Reddy Obul, Whole-Time Director & Head of Innovation 21.72 (2.47%) (b)
products and/or services. GRI 3-3
Non-Executive Nominee Directors
Mechanisms in place to inform consumers of any risk of disruption/discontinuation of
Anand Daniel - (c)
essential services.
Ashutosh Sharma - (c)
Does the entity display product information on the product over and above what is GRI 417-1-a-i-v
Roger Clarks Rabalais - (c)
mandated as per local laws? (Yes/No/Not Applicable) If yes, provide details in brief. GRI 417-1-b
Did your entity carry out any survey with regard to consumer satisfaction relating to Sumer Juneja - (c)
the major products/services of the entity, significant locations of operation of the Key Managerial Personnel
entity or the entity as a whole? (Yes/No) Rahul Bothra, Chief Financial Officer 28.61 (14.54%)
M Sridhar, Company Secretary & Compliance officer 5.92 (d)
Notes:
a) Since the remuneration is only for part of the year, the percentage increase in remuneration is not comparable and
hence, not stated.
b) The concerned director was on the Board for FY 2025 only, so the ratio to the median is not comparable and is given
only for the remuneration received for FY 2024-25.
c) Ratio to the median remuneration (excluding perquisite value on exercise of Options under Swiggy ESOP Plans).
d) The Company has not paid any remuneration and sitting fees to the nominee directors of the Company.
e) The concerned KMP was on the employment of the company for part of FY 2025, so % increase / (decrease) in the
remuneration of Directors/KMP in the Financial year is not comparable.
(iii). The percentage increase/(Decrease) in the median remuneration of employees in the FY2024-25: *(3.87)
(iv). The number of permanent employees on the rolls of the Company: Male - 3,633, Female - 855, Others - 3
(v). Average percentiles increase already made in the salaries of employees other than the managerial personnel in
the last financial year and its comparison with the percentile increase in managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
The average increase in salaries of employees other than the managerial personnel in FY 2024-25 was 9.48%. The
percentage increase in the managerial remuneration for the year was 16.67%.
(vi). It is hereby affirmed that the remuneration paid is as per the remuneration policy for Directors, Key Managerial
Personnel and other employees.
*The median decline is influenced by changes in workforce composition over the years.
188 Swiggy Limited Annual Report 2024-25 189
Statutory Reports Statutory Reports
Annexure- 7 Annexure- 8
1. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS &
Annual Report on CSR Activities OUTGO
(A) Conservation of Energy
1.
A brief outline of the Company’s CSR policy: The CSR Policy of the Company focuses on contributing to society Sr. No. Particulars Action
through welfare programs aligned with the Companies Act, 2013.
1. Steps taken or impact on conservation Swiggy has undertaken several measures to enhance efficiency and embed
of energy renewable energy across its operations. These include the promotion of
2. The composition of the CSR Committee: low-emission initiatives, adoption of renewable energy, and optimization
S. No. Name of Director Designation / Nature of Directorship of delivery logistics. The following initiatives were implemented during the
1. Sriharsha Majety Managing Director and Group CEO reporting financial year as part of these efforts:
2. Anand Kripalu Non-Executive, Independent Director a) Renewable Energy: Swiggy’s corporate office at Embassy Tech Village,
3. Suparna Mitra Non-Executive, Independent Director holds a LEED O&M v4.1 (USGBC) Platinum certification and utilizes
solar energy, reducing reliance on conventional electricity sources.
No CSR Committee meetings were conducted by the Company in FY 25.
b) Eco Saver: This initiative batches customer orders to minimize delivery
3. Web-link (s) where composition of CSR Committee, CSR policy and CSR projects approved by the trips, reducing fuel consumption and enhancing operational efficiency.
In FY 2024–25, it led to a reduction of 466 tonnes of CO2 emissions,
board are disclosed on the website of the Company: equivalent to planting approximately 21,175 trees
The weblink for CSR relating activities is https://www.swiggy.com/corporate/investor-relations/disclosures-under- c) Green Deliveries: Swiggy collaborates with third-party electric vehicle
sebi-lodr/ (EV) providers to improve charging infrastructure and support cleaner
last-mile deliveries. These efforts resulted in emission reductions of
4.
Executive summary along with web link of Impact assessment of CSR projects carried out in pursuance of sub-rule 594.47 tCO2e in FY 2023–24 and 4,235.81 tCO2e in FY 2024–25
(3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable: Not applicable d) Cutlery Opt-Out Feature: By allowing customers to opt out of cutlery,
this feature reduces the energy and resources associated with the
5. (a) The average net profit for the last three audited financial years for the purpose of computation of CSR : Nil, due production and transportation of single-use items
to aggregated losses during three preceding financial years.
These initiatives collectively support Swiggy’s objective of improving
(b) Two percent of average net profit of the company as per section 135(5): Not Applicable energy efficiency and reducing its environmental footprint.
(c) Surplus arising out of the CSR projects or programs or activities of the previous financial years: Not Applicable 2. Steps taken by the company for Alternate sources of energy in the form of Renewable Energy are utilized
utilizing alternate sources of energy in ETV Office:
(d) Amount required to be set off for the financial year, if any: Not Applicable including waste generated
a) 76.07% of grid electricity consumed is from renewable energy for FY
(e) Total CSR obligation for the financial year (b+c-d): Not Applicable 2023-24
b) 64.86% of grid electricity consumed is from renewable energy for FY
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project: Not applicable
2024-25
(b) Amount spent in Administrative Overheads: Not applicable, 3. Capital investment on energy Nil
(c) Amount spent on Impact Assessment, if applicable: Not applicable conservation equipment
(d) Total amount spent for the Financial Year [(a)+(b)+(c)]: Not applicable.
(B) Technology Absorption:
(e) CSR amount spent or unspent for the Financial Year: Not applicable.
Sr. No. Particulars Category
(f) Excess amount for set off, if any - Not applicable.
1. Efforts, in brief, made towards technology absorption None
2. Benefits derived as a result of the above efforts, e.g., product improvement, cost reduction, product None
7. (a) Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Year: Not applicable
development, import substitution, etc.
3. In case of imported technology (imported during the last 3 years reckoned from the beginning of None
8.
Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent the financial year), following information may be furnished:
in the Financial Year: Not Applicable a. Details of technology imported None
If yes, enter the number of Capital assets created/ acquired: b. Year of import None
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount c. Whether the technology been fully absorbed None
spent in the Financial Year: Not applicable 4. The expenditure incurred on Research and Development None
9. Specify the reason(s), if the company has failed to spend two percent of the average net profit as per subsection (5) (C) Foreign Exchange Earnings and Outgo
of section 135: - Not applicable
(Amount in ` million)
Financial Year ended Financial Year ended
For and on behalf of the Board of Directors of Swiggy Limited Particulars
March 31, 2025 March 31, 2024
Foreign Exchange Earning (Inflow) - -
Sriharsha Majety Lakshmi Nandan Reddy Obul Foreign Exchange Expenditure (Outflow) 1306.82 1234.22
Managing Director & Group CEO Whole time Director – Head of Innovation
(DIN: 06680073) (DIN: 06686145)
Date: July 25, 2025 Date: July 25, 2025
Place: Bengaluru Place: Bengaluru
190 Swiggy Limited Annual Report 2024-25 191
Financial Statements Financial Statements
Independent Auditor’s Report See Note 2.6 and 22 to consolidated financial statements
The key audit matter How the matter was addressed in our audit
3. Tested the operating effectiveness of IT dependent manual
controls. Further, performed analytical procedures and tested
reconciliations between reports generated from Group’s
To the Members of Swiggy Limited (formerly known as as at 31 March 2025, of its consolidated loss and other internal system with general ledger.
Swiggy Private Limited, Bundl Technologies Private Limited) comprehensive income, consolidated changes in equity 4. Assessed manual journals posted to revenue to identify unusual
and consolidated cash flows for the year then ended. or irregular items.
Report on the Audit of the Consolidated Financial 5. On a sample basis, tested the underlying records including the
Statements Basis for Opinion attributes from the contracts relating to revenue recognition
We conducted our audit in accordance with the Standards and recalculated the revenue amount.
Opinion on Auditing (SAs) specified under Section 143(10) of 6. Assessed the adequacy of disclosures made in the consolidated
We have audited the consolidated financial statements of the Act. Our responsibilities under those SAs are further financial statements in accordance with the applicable
accounting standards.
Swiggy Limited (formerly known as Swiggy Private Limited, described in the Auditor’s Responsibilities for the Audit
Bundl Technologies Private Limited) (hereinafter referred to of the Consolidated Financial Statements section of
as the “Holding Company”), its employee welfare trust and
Impairment of Investment in associate
our report. We are independent of the Group, and its
its subsidiaries (Holding Company, its employee welfare associate in accordance with the ethical requirements See Note 2.12 and 5 to consolidated financial statements
trust and its subsidiaries together referred to as “the that are relevant to our audit of the consolidated financial The key audit matter How the matter was addressed in our audit
Group”), and its associate, which comprise the consolidated statements in terms of the Code of Ethics issued by the The Group has investments in associate amounting to INR 578 In view of the significance of the matter we applied the following
balance sheet as at 31 March 2025, and the consolidated Institute of Chartered Accountants of India and the relevant million as of 31 March 2025. audit procedures in this area, amongst others, to obtain audit
statement of profit and loss (including other comprehensive provisions of the Act, and we have fulfilled our other ethical evidence:
Loyal Hospitality Private Limited (hereinafter referred as “LHPL”),
income), consolidated statement of changes in equity responsibilities in accordance with these requirements. associate of the Group has historically recorded losses which 1. Assessed whether the Group’s impairment assessment
and consolidated statement of cash flows for the year We believe that the audit evidence we have obtained is continued during the current year. LHPL has recorded a loss of INR accounting policies are consistent with the applicable
then ended, and notes to the consolidated financial sufficient and appropriate to provide a basis for our opinion 119 million during the year primarily driven by higher finance costs accounting standards.
due to loans taken by the Group. The Group continues to record its
statements, including material accounting policies and on the consolidated financial statements. share in losses of the associates. Further, the financial statements 2. Evaluated the design, implementation and operating
other explanatory information (hereinafter referred to as and audit report for the associate for the previous year ended 31 effectiveness of the processes and internal controls relating
to impairment of Investments and related disclosures in the
“the consolidated financial statements”). Key Audit Matter(s) March 2024, disclose a material uncertainty with respect to going
consolidated financial statements.
concern and, which requires the Group to assess it for impairment.
Key audit matters are those matters that, in our professional
In our opinion and to the best of our information and Due to the involvement of significant judgements in determining 3. Involved valuation specialists to assess the reasonableness of
judgment, were of most significance in our audit of the the methodology, approach and key assumptions used by the
according to the explanations given to us, the aforesaid the assumptions such as weighted average cost of capital, revenue
consolidated financial statements of the current period. multiple, revenue growth rate and the methodology in estimation of Group.
consolidated financial statements give the information These matters were addressed in the context of our audit recoverable value of the investments, the impairment assessment 4. Assessed the sensitivity of the outcome of the impairment
required by the Companies Act, 2013 (“Act”) in the manner of the consolidated financial statements as a whole, and of the Group’s interest in associate has been considered as a key assessment to a reasonably possible change in key assumptions
so required and give a true and fair view in conformity with in forming our opinion thereon, and we do not provide a audit matter in our audit of consolidated financial statements. such as revenue growth rates, EBIDTA growth rates, terminal
the accounting principles generally accepted in India, of the separate opinion on these matters. growth rates and weighted average cost of capital.
consolidated state of affairs of the Group, and its associate 5. Assessed the adequacy of the disclosures made in the
consolidated financial statements in compliance with the
Revenue Recognition applicable accounting standards.
See Note 2.6 and 22 to consolidated financial statements
Impairment of goodwill
The key audit matter How the matter was addressed in our audit
See Note 2.3 and 4 to consolidated financial statements
The Group provides an e-commerce platform that allows In view of the significance of the matter we applied the following
restaurant and other merchant partners to sell their food, grocery, audit procedures in this area, amongst others, to obtain audit The key audit matter How the matter was addressed in our audit
and other items to users of the platform. The platform is also used evidence: The consolidated financial statements of the Group as at 31 March In view of the significance of the matter we applied the following
to make restaurant reservations and for various other services. 2025 carries goodwill amounting to INR 3,816 million in relation to audit procedures in this area, amongst others, to obtain audit
1. Assessed whether the Group’s revenue recognition policies are
The restaurant and other merchant partners utilize the Group’s consistent with the applicable accounting standards. the CGU - Supply Chain and Distribution and INR 3,149 million in evidence:
platform to provide these goods and services to the users of the relation to the CGU - Out of Home Consumption.
2. Obtained an understanding and evaluated the design, 1. Assessed whether the Group’s impairment assessment
platform on which Group earns commission which is recognised The annual impairment testing of goodwill within such CGU’s accounting policies are consistent with the applicable
as revenue. implementation and tested the operating effectiveness of –
has been considered as a key audit matter considering that the accounting standards.
The Group operates in a highly tech-driven environment with i. the general IT controls, automated controls, and controls assessment process is complex and involves significant judgement
over system generated reports relevant for revenue to estimate the recoverable amount. 2. Evaluated the design, implementation and operating
respect to its platform businesses, where IT systems enable users effectiveness of the processes and internal controls relating to
of platform to place orders in the platform and order fulfillment by recognition by involving internal Information Technology (IT)
specialists. The recoverable amount of the CGUs, which is the value in use has impairment of goodwill and related disclosures in the financial
delivery executives. Accordingly, the Group relies significantly on been derived from discounted forecast cash flow models. These statements.
its IT systems for the performance of its daily operations. ii. controls over reconciliations performed between the models use several assumptions, including estimates of revenue
commission revenue recorded and collections from the growth, EBIDTA growth, terminal growth rates and weighted 3. Assessed the appropriateness of the assumptions applied to
Considering the complexity and numerous IT systems involved, key inputs such as revenue growth rate, EBIDTA growth rate,
and significant volume of data processed by these systems, payment gateway. average cost of capital.
weighted average cost of capital and terminal growth rate.
revenue recognition relating to revenue from platform services has iii. manual journal entry controls to record revenue over Performed sensitivity analysis over key assumptions.
been identified as key audit matter. monthly basis.
192 Swiggy Limited Annual Report 2024-25 193
Financial Statements Financial Statements
See Note 2.3 and 4 to consolidated financial statements As part of an audit in accordance with SAs, we exercise We also provide those charged with governance with a
The key audit matter How the matter was addressed in our audit
professional judgment and maintain professional skepticism statement that we have complied with relevant ethical
throughout the audit. We also: requirements regarding independence, and to communicate
4. Assessed accuracy of Group’s past projections by comparing
historical forecast to actual results. with them all relationships and other matters that may
• Identify and assess the risks of material misstatement reasonably be thought to bear on our independence, and
5. Involved valuation specialists to assess the reasonableness of
of the consolidated financial statements, whether due where applicable, related safeguards.
the valuation by evaluating the assumptions, methodologies,
and approach used by the Group. to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence From the matters communicated with those charged with
6. Verified the adequacy of disclosures made in the consolidated
financial statements in compliance with Ind AS 36. that is sufficient and appropriate to provide a basis governance, we determine those matters that were of
for our opinion. The risk of not detecting a material most significance in the audit of the consolidated financial
misstatement resulting from fraud is higher than for statements of the current period and are therefore the key
Other Information and other irregularities; the selection and application one resulting from error, as fraud may involve collusion, audit matters. We describe these matters in our auditor’s
of appropriate accounting policies; making judgments forgery, intentional omissions, misrepresentations, or report unless law or regulation precludes public disclosure
The Holding Company’s Management and Board of
and estimates that are reasonable and prudent; and the the override of internal control. about the matter or when, in extremely rare circumstances,
Directors are responsible for the other information. The
we determine that a matter should not be communicated
other information comprises the information included design, implementation and maintenance of adequate
• Obtain an understanding of internal control relevant in our report because the adverse consequences of doing
in the Annual report, but does not include the financial internal financial controls, that were operating effectively for
to the audit in order to design audit procedures that so would reasonably be expected to outweigh the public
statements and auditor’s report thereon. The Annual report ensuring the accuracy and completeness of the accounting
are appropriate in the circumstances. Under Section interest benefits of such communication.
is expected to be made available to us after the date of records, relevant to the preparation and presentation of the
143(3)(i) of the Act, we are also responsible for
this auditor’s report. consolidated financial statements that give a true and fair expressing our opinion on whether the company has Other Matter(s)
view and are free from material misstatement, whether due adequate internal financial controls with reference The consolidated financial statements include the Group's
Our opinion on the consolidated financial statements does to fraud or error, which have been used for the purpose of to financial statements in place and the operating share of net loss (and other comprehensive loss) of ` 25.74
not cover the other information and we will not express any preparation of the consolidated financial statements by effectiveness of such controls. million for the year ended 31 March 2025, as considered
form of assurance conclusion thereon. the Management and Board of Directors of the Holding
in the consolidated financial statements, in respect of
Company, as aforesaid. • Evaluate the appropriateness of accounting policies one associate, whose financial statements have not been
In connection with our audit of the consolidated financial used and the reasonableness of accounting estimates audited by us or by other auditor. These unaudited financial
statements, our responsibility is to read the other information In preparing the consolidated financial statements, the and related disclosures made by the Management and statements have been furnished to us by the Management
identified above when it becomes available and, in doing respective Management and Board of Directors of the Board of Directors. and our opinion on the consolidated financial statements, in
so, consider whether the other information is materially companies included in the Group and the Board of Directors so far as it relates to the amounts and disclosures included
inconsistent with the consolidated financial statements or of its associate are responsible for assessing the ability of • Conclude on the appropriateness of the Management in respect of this associate, and our report in terms of sub-
our knowledge obtained in the audit, or otherwise appears each company to continue as a going concern, disclosing, and Board of Directors use of the going concern section (3) of Section 143 of the Act in so far as it relates
to be materially misstated. as applicable, matters related to going concern and using basis of accounting in preparation of consolidated to the aforesaid associate, is based solely on unaudited
the going concern basis of accounting unless the respective financial statements and, based on the audit evidence financial statements. In our opinion and according to
When we read the Annual report, if we conclude that there obtained, whether a material uncertainty exists related
Board of Directors either intends to liquidate the Company the informations and explanations given to us by the
is a material misstatement therein, we are required to to events or conditions that may cast significant
or to cease operations, or has no realistic alternative but Management, these financial statements are not material
communicate the matter to those charged with governance doubt on the appropriateness of this assumption. If
to do so. to the group.
and take necessary actions, as applicable under the we conclude that a material uncertainty exists, we
relevant laws and regulations. are required to draw attention in our auditor’s report
The respective Board of Directors of the companies included Our opinion on the consolidated financial statements, and
to the related disclosures in the consolidated financial our report on Other Legal and Regulatory Requirements
in the Group and the Board of Directors of its associate are
Management's and Board of Directors' Responsibilities statements or, if such disclosures are inadequate, to
responsible for overseeing the financial reporting process below, is not modified in respect of the above matters
for the Consolidated Financial Statements modify our opinion. Our conclusions are based on the
of each company. with respect to financial statements certified by the
The Holding Company’s Management and Board of Directors audit evidence obtained up to the date of our auditor’s Management of the Associate.
are responsible for the preparation and presentation of report. However, future events or conditions may cause
Auditor’s Responsibilities for the Audit of the
these consolidated financial statements in term of the the Group to cease to continue as a going concern. Report on Other Legal and Regulatory Requirements
Consolidated Financial Statements
requirements of the Act that give a true and fair view of the 1. As required by the Companies (Auditor’s Report) Order,
consolidated state of affairs, consolidated profit/ loss and Our objectives are to obtain reasonable assurance about • Evaluate the overall presentation, structure and content
whether the consolidated financial statements as a whole 2020 (“the Order”) issued by the Central Government
other comprehensive income, consolidated statement of of the consolidated financial statements, including the
of India in terms of Section 143(11) of the Act, we
changes in equity and consolidated cash flows of the Group are free from material misstatement, whether due to fraud disclosures, and whether the consolidated financial
give in the “Annexure A” a statement on the matters
including its associate in accordance with the accounting or error, and to issue an auditor’s report that includes statements represent the underlying transactions and
specified in paragraphs 3 and 4 of the Order, to the
principles generally accepted in India, including the Indian our opinion. Reasonable assurance is a high level of events in a manner that achieves fair presentation.
extent applicable.
Accounting Standards (Ind AS) specified under Section 133 of assurance, but is not a guarantee that an audit conducted
the Act. The respective Management and Board of Directors in accordance with SAs will always detect a material We communicate with those charged with governance of
2 A. As required by Section 143(3) of the Act, we report, to
of the companies included in the Group and the Board of misstatement when it exists. Misstatements can arise from the Holding Company and such other entity included in
the extent applicable, that:
Directors of its associate are responsible for maintenance fraud or error and are considered material if, individually or the consolidated financial statements of which we are the
of adequate accounting records in accordance with in the aggregate, they could reasonably be expected to independent auditors regarding, among other matters, the
a. We have sought and obtained all the
the provisions of the Act for safeguarding the assets of influence the economic decisions of users taken on the basis planned scope and timing of the audit and significant audit
information and explanations which to the best
findings, including any significant deficiencies in internal
each company and for preventing and detecting frauds of these consolidated financial statements. of our knowledge and belief were necessary
control that we identify during our audit.
194 Swiggy Limited Annual Report 2024-25 195
Financial Statements Financial Statements
for the purposes of our audit of the aforesaid b. The Group did not have any material foreseeable has come to our notice that has caused • In respect of the accounting software
consolidated financial statements. losses on long-term contracts including derivative us to believe that the representations used by one of its subsidiary company
contracts during the year ended 31 March 2025. under sub-clause (i) and (ii) of Rule 11(e), as for general ledger, which is operated by a
b. In our opinion, proper books of account as required provided under (i) and (ii) above, contain any third party service provider, in the absence
by law relating to preparation of the aforesaid c. There are no amounts which are required to material misstatement. of sufficient and appropriate reporting on
consolidated financial statements have been be transferred to the Investor Education and compliance with audit trail requirements in
kept so far as it appears from our examination Protection Fund by the Holding Company or its e. The Holding Company and its subsidiary the independent auditor’s report of a service
of those books except for the matters stated in subsidiary companies incorporated in India during companies have neither declared nor paid any organization available from 1 April 2024 to 31
the paragraph 2(B)(f) below on reporting under the year ended 31 March 2025. dividend during the year. December 2024, we are unable to comment
Rule 11(g) of the Companies (Audit and Auditors) whether the feature of audit trail (edit log)
Rules, 2014. d (i) The respective management of the Holding f. Based on our examination which included facility was enabled and operated at the
Company and its subsidiary companies, test checks, the Holding Company and its two application level. Further in the absence of
c. The consolidated balance sheet, the incorporated in India whose financial subsidiaries incorporated in India have used independent auditor’s report for said service
consolidated statement of profit and loss statements have been audited represented accounting softwares for maintaining its books organisation from 1 January 2025 to 31 March
(including other comprehensive income), the that, to the best of its knowledge and of account which have a feature of recording 2025, we are unable to comment whether
consolidated statement of changes in equity belief, as disclosed in the Note 46 (v) to audit trail (edit log) facility, and the same has audit trail feature of the said software was
and the consolidated statement of cash flows the consolidated financial statements, been operating throughout the year for all enabled and operated from 1 January 2025
dealt with by this Report are in agreement with no funds have been advanced or loaned relevant transactions recorded in the softwares, to 31 March 2025 for all relevant transactions
the relevant books of account maintained for or invested (either from borrowed funds except that: recorded in the software.
the purpose of preparation of the consolidated or share premium or any other sources or
financial statements. kind of funds) by the Holding Company or • In respect of the accounting softwares used • In respect of the accounting softwares
any of such subsidiary companies to or in by Holding Company for revenue and delivery used by one of its subsidiary company for
d. In our opinion, the aforesaid consolidated financial any other person(s) or entity(ies), including cost process, the feature of audit trail (edit inventory records, which is operated by a
statements comply with the Ind AS specified foreign entities (“Intermediaries”), with log) facility was not enabled at the database third party service provider, in the absence
under Section 133 of the Act. the understanding, whether recorded in level to log any direct data changes. of independent auditor’s report in relation
writing or otherwise, that the Intermediary to controls at service organization, we are
e. On the basis of the written representations shall directly or indirectly lend or invest in • In respect of the accounting softwares unable to comment whether audit trail
received from the directors of the Holding other persons or entities identified in any used by Holding Company and one of its feature of the said software was enabled and
Company as on 01 April 2025 taken on record by manner whatsoever by or on behalf of the subsidiary company for payroll records, which operated throughout the year for all relevant
the Board of Directors of the Holding Company Holding Company or any of such subsidiary is operated by a third party service provider, transactions recorded in the software.
and its subsidiary companies incorporated companies (“Ultimate Beneficiaries”) or in the absence of sufficient and appropriate
in India, none of the directors of the Group provide any guarantee, security or the like reporting on compliance with audit trail • In respect of the accounting softwares
companies incorporated in India is disqualified on behalf of the Ultimate Beneficiaries. requirements in the independent auditor’s used by one of its subsidiary company for
as on 31 March 2025 from being appointed as a report of a service organization available general ledger (operated during the period
director in terms of Section 164(2) of the Act. (ii) The respective management of the Holding from 1 April 2024 to 30 September 2024 and in 1 April 2024 to 30 June 2024) and another
Company and its subsidiary companies, the absence of independent auditor’s report subsidiary company for invoicing and
f. the qualification relating to the maintenance of incorporated in India whose financial in relation to controls at service organization customer database process and inventory
accounts and other matters connected therewith statements have been audited represented from 1 October 2024 to 31 March 2025, we records, the feature of recording audit trail
are as stated in the paragraph 2(A)(b) above. that, to the best of its knowledge and are unable to comment whether the feature (edit log) facility was not enabled.
belief, as disclosed in the Note 46 (vi) to the of audit trail (edit log) facility was enabled
g. With respect to the adequacy of the internal consolidated financial statements, no funds and operated at the database level to log – Further, where audit trail (edit log) facility was
financial controls with reference to financial have been received by the Holding Company any direct data changes. enabled and operated for the respective
statements of the Holding Company and its or any of such subsidiary companies accounting softwares, we did not come
subsidiary companies incorporated in India and from any person(s) or entity(ies), including • In respect of the accounting softwares used across any instance of the audit trail feature
the operating effectiveness of such controls, refer foreign entities (“Funding Parties”), with the by one of its subsidiary company for general being tampered with.
to our separate Report in “Annexure B”. understanding, whether recorded in writing ledger, and invoicing, which is operated by
or otherwise, that the Holding Company a third party service provider, in the absence – Additionally, where audit trail (edit log) facility
B. With respect to the other matters to be included in or any of such subsidiary companies shall of sufficient and appropriate reporting on was enabled and operated in previous
the Auditor’s Report in accordance with Rule 11 of directly or indirectly, lend or invest in other compliance with audit trail requirements in year(s), the audit trail has been preserved
the Companies (Audit and Auditors) Rules, 2014, in persons or entities identified in any manner the independent auditor’s report of a service by the Holding Company and its two
our opinion and to the best of our information and whatsoever by or on behalf of the Funding organization available from 1 April 2024 to subsidiaries per the statutory requirements
according to the explanations given to us: Parties (“Ultimate Beneficiaries”) or provide 30 September 2024 and in the absence for record retention, except for the instances
any guarantee, security or the like on behalf of independent auditor’s report in relation mentioned below:
a. The consolidated financial statements disclose of the Ultimate Beneficiaries. to controls at service organization from 1
the impact of pending litigations as at 31 March October 2024 to 31 March 2025, we are • For accounting softwares used for
2025 on the consolidated financial position of (iii) Based on the audit procedures that unable to comment whether the feature of maintaining the books of account relating to
the Group. Refer Note 34 (b) to the consolidated have been considered reasonable and audit trail (edit log) facility was enabled and general ledger, invoicing, inventory records
financial statements. appropriate in the circumstances, nothing operated at the database level to log any and payroll records, which is operated by a
direct data changes. third-party software service provider, we are
196 Swiggy Limited Annual Report 2024-25 197
Financial Statements Financial Statements
unable to comment whether the audit trail
has been preserved by the Holding Company
laid down under Section 197 of the Act. The Ministry
of Corporate Affairs has not prescribed other details Annexure "A" to the Independent Auditor’s Report
and one of its subsidiary Company as per the under Section 197(16) of the Act which are required to on the Consolidated Financial Statements of Swiggy Limited (formerly known as Swiggy Private Limited, Bundl
statutory requirements for record retention. be commented upon by us. Technologies Private Limited) for the year ended 31 March 2025
C. With respect to the matter to be included in the For B S R & Co. LLP (Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Auditor’s Report under Section 197(16) of the Act: Chartered Accountants
Firm’s Registration No.:101248W/W-100022 (xxi) In our opinion and according to the information and explanations given to us, following companies incorporated in
In our opinion and according to the information and India and included in the consolidated financial statements, has unfavourable remarks, qualification or adverse remarks
explanations given to us, the remuneration paid given by the respective auditors in their report under the Companies (Auditor’s Report) Order, 2020 (CARO):
Sd/-
during the current year by the Holding Company to its
Sampad Guha Thakurta
directors is in accordance with the provisions of Section Clause number of the
Partner Holding Company/
197 of the Act. The remuneration paid to any director Sr. CARO report which
Place : Bengaluru Membership No.: 060573 Name of the entities CIN Subsidiary/JV/
by the Holding Company is not in excess of the limit No. is unfavourable or
Associate
Date : 09 May 2025 ICAI UDIN:25060573BMOKEX2225 qualified or adverse
1 Swiggy Limited U74110KA2013PTC096530 Holding Company 3(iii)(b),
3(iii)(c),
3(iii)(e)
3(xvii)
2 Scootsy Logistics Private Limited U60200KA2014PTC144616 Subsidiary Company 3(ix)(a),
3(xvii)
3 Supr Infotech Solutions Private Limited U74999KA2016PTC144675 Subsidiary Company 3(ix)(a),
3(xvii)
4 Swiggy Sports Private Limited U93190KA2025PTC196886 Subsidiary Company 3(xvii)
5 Lynks Logistics Limited U60200TN2015PLC103367 Subsidiary Company 3(xvii)
The above does not include comments, if any, in respect of the following entities as the CARO report relating to them has not been
issued by its auditor till the date of principal auditor’s report.
Name of the entities CIN Subsidiary/ JV/ Associate
Loyal Hospitality Private Limited U55101KA2014PTC076418 Associate
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No.:101248W/W-100022
Sd/-
Sampad Guha Thakurta
Partner
Place : Bengaluru Membership No.: 060573
Date : 09 May 2025 ICAI UDIN:25060573BMOKEX2225
198 Swiggy Limited Annual Report 2024-25 199
Financial Statements Financial Statements
Annexure "B" to the Independent Auditor’s Report and that receipts and expenditures of the company are
being made only in accordance with authorisations of
Other Matter(s)
The internal financial controls with reference to financial
on the consolidated financial statements of Swiggy Limited (formerly known as Swiggy Private Limited, Bundl management and directors of the company; and (3) provide statements insofar as it relates to one associate, and
Technologies Private Limited) for the year ended 31 March 2025 reasonable assurance regarding prevention or timely included in these consolidated financial statements, have
detection of unauthorised acquisition, use, or disposition of not been audited either by us or by other auditor. In our
Report on the internal financial controls with reference Auditor’s Responsibility the company's assets that could have a material effect on opinion and according to the information and explanations
to the aforesaid consolidated financial statements under Our responsibility is to express an opinion on the internal the financial statements. given to us by the Management, such unaudited associate
Clause (i) of Sub-section 3 of Section 143 of the Act financial controls with reference to financial statements is not material to the Holding Company.
based on our audit. We conducted our audit in accordance Inherent Limitations of Internal Financial Controls
(Referred to in paragraph 2(A)(g) under ‘Report on Other with the Guidance Note and the Standards on Auditing, with Reference to Financial Statements Our opinion is not modified in respect of this matter.
Legal and Regulatory Requirements’ section of our report prescribed under Section 143(10) of the Act, to the extent Because of the inherent limitations of internal financial
of even date) applicable to an audit of internal financial controls with controls with reference to financial statements, including the
reference to financial statements. Those Standards and possibility of collusion or improper management override For B S R & Co. LLP
Opinion the Guidance Note require that we comply with ethical of controls, material misstatements due to error or fraud Chartered Accountants
In conjunction with our audit of the consolidated financial requirements and plan and perform the audit to obtain may occur and not be detected. Also, projections of any Firm’s Registration No.:101248W/W-100022
statements of Swiggy Limited (formerly known as Swiggy reasonable assurance about whether adequate internal evaluation of the internal financial controls with reference to
Private Limited, Bundl Technologies Private Limited) financial controls with reference to financial statements financial statements to future periods are subject to the risk
(hereinafter referred to as “the Holding Company”) as of that the internal financial controls with reference to financial Sd/-
were established and maintained and if such controls
and for the year ended 31 March 2025, we have audited statements may become inadequate because of changes Sampad Guha Thakurta
operated effectively in all material respects.
the internal financial controls with reference to financial in conditions, or that the degree of compliance with the Partner
statements of the Holding Company and such companies Our audit involves performing procedures to obtain audit policies or procedures may deteriorate. Place : Bengaluru Membership No.: 060573
incorporated in India under the Act which are its subsidiary evidence about the adequacy of the internal financial Date : 09 May 2025 ICAI UDIN:25060573BMOKEX2225
companies, as of that date. controls with reference to financial statements and their
operating effectiveness. Our audit of internal financial
In our opinion, the Holding Company and such companies controls with reference to financial statements included
incorporated in India which are its subsidiary companies, obtaining an understanding of internal financial controls
have, in all material respects, adequate internal financial with reference to financial statements, assessing the risk that
controls with reference to financial statements and such a material weakness exists, and testing and evaluating the
internal financial controls were operating effectively as at design and operating effectiveness of internal control based
31 March 2025, based on the internal financial controls on the assessed risk. The procedures selected depend on
with reference to financial statements criteria established the auditor’s judgement, including the assessment of the
by such companies considering the essential components risks of material misstatement of the consolidated financial
of such internal controls stated in the Guidance Note on statements, whether due to fraud or error.
Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India We believe that the audit evidence we have obtained is
(the “Guidance Note”). sufficient and appropriate to provide a basis for our audit
opinion on the internal financial controls with reference to
Management’s and Board of Directors’ financial statements.
Responsibilities for Internal Financial Controls
The respective Company's Management and the Board of Meaning of Internal Financial Controls with Reference
Directors are responsible for establishing and maintaining to Financial Statements
internal financial controls based on the internal financial A company's internal financial controls with reference
controls with reference to financial statements criteria to financial statements is a process designed to provide
established by the respective company considering the reasonable assurance regarding the reliability of financial
essential components of internal control stated in the reporting and the preparation of financial statements
Guidance Note. These responsibilities include the design, for external purposes in accordance with generally
implementation and maintenance of adequate internal accepted accounting principles. A company's internal
financial controls that were operating effectively for financial controls with reference to financial statements
ensuring the orderly and efficient conduct of its business, include those policies and procedures that (1) pertain
including adherence to the respective company's policies, to the maintenance of records that, in reasonable
the safeguarding of its assets, the prevention and detection detail, accurately and fairly reflect the transactions and
of frauds and errors, the accuracy and completeness of the dispositions of the assets of the company; (2) provide
accounting records, and the timely preparation of reliable reasonable assurance that transactions are recorded as
financial information, as required under the Act. necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles,
200 Swiggy Limited Annual Report 2024-25 201
Financial Statements Financial Statements
Consolidated Balance Sheet Consolidated Balance Sheet (Contd.)
as at March 31, 2025 as at March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
As at As at As at As at
Note Note
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
ASSETS Current liabilities
Non-current assets Financial liabilities
Property, plant and equipment 3 10,591.67 4,527.85 Borrowings 16 282.34 1,152.09
Right-of-use assets 40 16,246.31 5,877.99
Lease liabilities 40 3,573.99 1,859.45
Goodwill 4 6,964.67 6,964.67
Trade payables 17 18,180.43 8,808.98
Other intangible assets 4 2,505.19 3,043.11
Other financial liabilities 18 9,878.06 6,394.16
Investment in an associate 5 577.83 603.58
Contract liabilities 19 217.32 209.35
Financial assets
Other liabilities 21 2,818.44 1,856.74
Investments 6 12,962.39 13,822.84
Other financial assets 11 8,883.13 948.89 Provisions 20 925.40 787.25
Income tax assets 12 1,251.70 1,603.01 Total current liabilities 35,875.98 21,068.02
Other assets 13 1,014.79 535.99 Total liabilities 49,858.31 27,379.60
Total non-current assets 60,997.68 37,927.93 Total equity and liabilities 152,053.18 105,294.21
Material accounting policies 2
Current assets
Inventories 7 554.88 486.90
Financial assets The accompanying notes are an integral part of the consolidated financial statements
Investments 6 13,230.57 37,284.70 As per our report of even date attached for and on behalf of the Board of Directors of
for B S R & Co. LLP Swiggy Limited (formerly known as Swiggy Private Limited, Bundl Technologies
Trade receivables 8 24,625.46 9,638.50
Chartered Accountants Private Limited)
Cash and cash equivalents 9 12,305.68 8,870.51 Firm’s Registration Number: 101248W/W-100022
Bank balances other than cash and cash equivalents 10 20,690.46 38.00
Other financial assets 11 16,098.08 8,268.00 Sd/- Sd/- Sd/-
Sampad Guha Thakurta Sriharsha Majety Lakshmi Nandan Reddy Obul
Other assets 13 3,550.37 2,779.67 Partner Managing Director & Whole-time Director &
Total current assets 91,055.50 67,366.28 Membership No.: 060573 Group Chief Executive Officer Head of Innovations
DIN: 06680073 DIN: 06686145
Total assets 152,053.18 105,294.21
Sd/- Sd/-
EQUITY AND LIABILITIES Rahul Bothra Venkatraman Ramachandran
Chief Financial Officer Company Secretary
Equity
Place : Bengaluru Place : Bengaluru Place : Bengaluru
Equity share capital 14 2,286.48 30.06 Date : May 09, 2025 Date : May 09, 2025 Date : May 09, 2025
Instruments entirely equity in nature 14 - 155,732.64
Other equity 15 99,908.39 (77,848.09)
Total Equity 102,194.87 77,914.61
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 16 - 959.77
Lease liabilities 40 13,173.12 4,670.59
Other financial liabilities 18 42.98 -
Contract liabilities 19 276.42 290.12
Provisions 20 489.81 391.10
Total non-current liabilities 13,982.33 6,311.58
202 Swiggy Limited Annual Report 2024-25 203
Financial Statements Financial Statements
Consolidated Statement of Profit and Loss
(All amount in ` Million, unless otherwise stated)
Amount
155,625.42
107.22
155,732.64 (154,659.40)
(1,073.24)
-
26.57 30.06
Amount 2,286.48
3.49
2,256.42
3,729.76
(65,085.87)
Total
(23,502.43)
for the year ended March 31, 2025 942.93 6,144.86
Equity share capital
CIN: L74110KA2013PLC096530 (22,559.50)
(All amount in ` Million, unless otherwise stated)
Total
Year ended Year ended
Number
155,996,441 10,721,700 166,718,141 (154,659,400) (12,058,741)
- -
Attributable to the shareholders of the Company
-
Note
March 31, 2025 March 31, 2024
(Equity shares of ` 1.00) 26,573,839 30,065,685
2,286,480,881
Number
3,491,846
2,256,415,196
Income
Items of other comprehensive income (OCI)
Revenue from operations 22 152,267.55 112,473.90
Other income 23 3,961.70 3,869.59
Re-measurement Changes in fair value of equity
Total income 156,229.25 116,343.49
Amount
953.3
-
953.61
-
(953.61)
-
b. Instruments entirely equity in nature of Compulsorily Convertible Cumulative Preference Shares ("CCCPS") (Refer note 14)
Expenses
Retained gain/ (loss) on instruments carried at fair value
Instruments entirely
Cost of materials consumed 24 283.60 610.83
Purchases of stock-in-trade 59,854.42 45,547.50
earnings defined benefit through other comprehensive
equity in nature
Changes in inventories of stock-in-trade (122.75) (116.34)
Number 95,361
-
95,361
-
(95,361)
-
Employee benefits expense 25 25,488.62 20,121.64
plans income ("FVTOCI")
-
(CCCPS of ` 10,000.00)
-
Finance costs 26 1,005.86 714.03
Depreciation and amortisation expense 27 6,122.75 4,205.85
(270,743.28) 113.35 (95.86)
Other expenses
Advertising and sales promotion 27,117.00 18,507.99
(23,502.43) - -
Consolidated Statement of Changes in Equity
Amount
154,659.40
-
154,659.40 (154,659.40)
- -
Delivery and related charges 44,292.03 33,510.59
Others 28 23,212.96 16,371.75
- 11.25 931.68
-
Total expenses 187,254.49 139,473.84
Instruments entirely
-
Loss before share of loss of an associate, exceptional items and tax (31,025.24) (23,130.35)
equity in nature (23,502.43) 11.25 931.68
Share of loss of an associate (25.74) (66.14)
Loss before exceptional items and tax (31,050.98) (23,196.49)
Number
154,659,400
-
154,659,400 (154,659,400)
- -
Reserve and surplus
(CCCPS of ` 1,000.00)
Exceptional items 29 (117.01) (305.94)
-
9,328.78
Loss before tax (31,167.99) (23,502.43) Share based -
Tax expense
payment 6,144.86
-
-
Current tax - -
Deferred tax - - reserve
Amount
12.41 107.22 119.63
-
(119.63)
-
Instruments entirely equity in nature
Total tax expense - -
3,729.76
196,311.14
Loss for the year (31,167.99) (23,502.43) Securities -
Other comprehensive income/ (loss), net of tax -
premium -
Items that will not be reclassified subsequently to profit or loss: -
(CCCPS of ` 10.00)
- Changes in fair value of equity instruments carried at fair value through 54.58 931.68
Number
1,241,680 10,721,700 11,963,380
-
(11,963,380)
-
other comprehensive income (FVTOCI) (Refer note 6.2)
- Re-measurement gain/ (loss) on defined benefit plans (Refer note 32 (b)) (44.05) 11.25
Other comprehensive income/ (loss) for the year 10.53 942.93
Total comprehensive loss for the year, net of tax (31,157.46) (22,559.50)
Earnings/ (loss) per equity share - Basic and Diluted (in `) (face value of ` 1.00 30 (13.72) (10.70)
each)
Material accounting policies 2
As at April 01, 2023
Equity share capital (Refer note 14)
The accompanying notes are an integral part of the consolidated financial statements
Less: Conversion of Bonus CCCPS to equity shares
for the year ended March 31, 2025
Loss for the year
As per our report of even date attached for and on behalf of the Board of Directors of
Less: Conversion of CCCPS to equity shares
for B S R & Co. LLP Swiggy Limited (formerly known as Swiggy Private Limited, Bundl Technologies
Other equity (Refer note 15)
Chartered Accountants Private Limited)
Firm’s Registration Number: 101248W/W-100022 Other comprehensive income
Add: Issued during the year Add: Issued during the year
Sd/- Sd/- Sd/- Total comprehensive income/ (loss)
As at March 31, 2024 As at March 31, 2025 Add: Issued during the year
Sampad Guha Thakurta Sriharsha Majety Lakshmi Nandan Reddy Obul
As at April 01, 2023
Contributions by and distribution to owners
Partner Managing Director & Whole-time Director &
As at April 01, 2023 As at March 31, 2024 As at March 31, 2025
Membership No.: 060573 Group Chief Executive Officer Head of Innovations
CIN: L74110KA2013PLC096530
DIN: 06680073 DIN: 06686145
Issue of share capital (Refer note 43)
Sd/- Sd/-
Share based payment expense (Refer note 25)
Rahul Bothra Venkatraman Ramachandran
Chief Financial Officer Company Secretary
Place : Bengaluru Place : Bengaluru Place : Bengaluru
Date : May 09, 2025 Date : May 09, 2025 Date : May 09, 2025
a. c.
204 Swiggy Limited Annual Report 2024-25 205
Financial Statements Financial Statements
Consolidated Statement of Cash Flows
(All amount in ` Million, unless otherwise stated)
99,908.39
(77,848.09) 153,645.10
-
Total
44,874.62
(77.34) (31,167.99) (1,153.42)
10.53
11,631.25
- for the year ended March 31, 2025
-
(31,157.46) (83.61) CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated)
Year ended Year ended
890.40
-
835.82
Attributable to the shareholders of the Company
-
-
-
-
-
-
-
54.58 March 31, 2025 March 31, 2024
54.58 Cash flow from operating activities
Loss before tax (31,167.99) (23,502.43)
Items of other comprehensive income (OCI)
Adjustments to reconcile the loss before tax to net cash flows:
Depreciation and amortisation expense 6,122.75 4,205.85
Re-measurement Changes in fair value of equity
Income on investments carried at fair value through profit or loss (1,389.66) (2,401.47)
for and on behalf of the Board of Directors of
Sd/-
Sd/- Sd/-
Interest income on security deposits carried at amortised cost (100.79) (64.22)
Interest expense on liabilities measured at amortised cost 36.04 35.62
Retained gain/ (loss) on instruments carried at fair value
Gain on termination of leases (201.11) (73.25)
Venkatraman Ramachandran Place : Bengaluru
Impairment loss on property, plant and equipment (Refer note 29) 88.81 127.70
Reversal of Impairment loss recognised in money market instruments (26.88) -
earnings defined benefit through other comprehensive
Sriharsha Majety Lakshmi Nandan Reddy Obul
80.55
-
124.60 -
-
-
Impairment on goodwill and other intangible assets (Refer note 29) - 178.24
-
-
-
-
Date : May 09, 2025
(44.05) Share based payment expense 11,728.45 5,962.62
Company Secretary
(44.05)
plans income ("FVTOCI")
Loss/(Profit) on disposal/write off of property, plant and equipment (net) (23.11) 152.45
Swiggy Limited (formerly known as Swiggy Private Limited, Bundl Technologies
Allowances for doubtful debts and receivables 220.21 635.89
Consolidated Statement of Changes in Equity
Expenses/ (reversals) incurred towards Initial Public Offer 32.13 -
- - -
Allowances for doubtful advances 16.44 172.74
Managing Director & Whole-time Director &
Interest on borrowings 159.59 76.67
(325,394.35)
-
(294,245.71) -
Interest on lease liabilities 810.23 601.74
-
-
- - -
-
(31,167.99)
19.35
Interest income (2,105.71) (1,145.41)
-
- Share of loss of associate 25.74 66.14
(31,167.99) Provision/ Liability no longer required written back (50.13) (118.85)
Group Chief Executive Officer Head of Innovations
Reserve and surplus
Interest on income tax refund (48.71) (63.51)
Private Limited)
19,662.53
14,858.63 -
Share based (537.67) - Operating loss before working capital adjustments (15,873.70) (15,153.48)
- -
(77.34)
11,631.25 Movements in working capital:
payment
Sd/-
- (6,724.39)
Place : Bengaluru
-
(19.35)
(83.61) (Increase)/ decrease in inventories (67.98) (126.19)
reserve (Increase)/ decrease in trade receivables (15,207.17) 565.00
DIN: 06680073 DIN: 06686145
Rahul Bothra
(Increase)/ decrease in other financial assets (1,958.13) (2,062.64)
404,669.26
200,578.57 153,645.10
537.67
Securities
(Increase)/ decrease in other assets (1,084.72) 1,026.40
Date : May 09, 2025
44,874.62
The accompanying notes are an integral part of the consolidated financial statements
- - (1,153.42)
Increase/ (decrease) in trade payables 9,420.28 67.68
Chief Financial Officer
-
premium - 6,724.39 Increase/ (decrease) in other financial liabilities 1,563.94 2,238.69
-
- - Increase/ (decrease) in other liabilities 961.70 184.56
Increase/ (decrease) in contract liabilities (5.73) 149.06
Increase/ (decrease) in provisions 156.77 (54.43)
Cash used in operating activities (22,094.74) (13,165.35)
Income tax refund received (net of TDS) 400.02 38.00
Net cash used in operating activities (A) (21,694.72) (13,127.35)
Cash flow from investing activities
Transfer on account of exercise of stock option Purchase of investments (133,923.86) (82,721.27)
Effect of modification of equity settled share based Proceeds from sale/maturity of investments 160,137.33 100,122.19
payment to cash settled payment Purchase of property, plant and equipment and other intangible assets (7,508.11) (3,517.14)
As at March 31, 2024 Proceeds from disposal of property, plant and equipment and other intangible assets 74.67 77.02
As per our report of even date attached
for the year ended March 31, 2025
Loss for the year Investment in bank deposits, net (33,947.65) 275.97
Other comprehensive income Interest received 1,443.20 761.85
Material accounting policies (Refer note 2)
Total comprehensive income/ (loss) Acquisition of subsidiary (consideration paid in cash) - (18.42)
Contributions by and distribution to owners Inter-corporate loan given - (395.62)
for B S R & Co. LLP
Addition during the year, on conversion of CCCPS Net cash generated from / (used in) investing activities (B) (13,724.42) 14,584.58
Addition during the year, on fresh issue of shares Cash flow from financing activities
Utilization towards share issue expenses Proceeds from issue of equity shares 44,990.00 -
Share based payment expense (Refer note 25) Transaction costs related to Initial Public Offer (1,185.55) -
Chartered Accountants
Transfer on account of exercise of stock option Sd/- Proceeds from exercise of Employee Stock Option Plan 53.49 -
CIN: L74110KA2013PLC096530
Place : Bengaluru
Transfer on account of cancellation of vested options Payment of principal portion of lease liabilities (2,204.31) (1,636.46)
Effect of modification of equity settled share based Sampad Guha Thakurta Payment of interest portion of lease liabilities (810.23) (601.74)
payment to cash settled payment Proceeds from borrowings 1,926.62 3,976.97
Firm’s Registration Number: 101248W/W-100022
Partner
Date : May 09, 2025
Repayment of borrowings (3,569.62) (2,900.82)
As at March 31, 2025
Interest paid (166.67) (65.90)
Membership No.: 060573 Net cash generated from / (used in) financing activities (C) 39,033.73 (1,227.95)
206 Swiggy Limited Annual Report 2024-25 207
Financial Statements Financial Statements
Consolidated Statement of Cash Flows (Contd.) Notes to the Consolidated Financial Statements
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated)
Year ended Year ended 1. Group overview February 19, 2024, the Company has converted from
March 31, 2025 March 31, 2024 Private Limited Company to Public Limited Company,
The Consolidated Financial Statements comprise
Net increase in cash and cash equivalents (A+B+C) 3,614.59 229.28 and consequently the name of the Company has
the financial information of Swiggy Limited (formerly
Cash and cash equivalents acquired through business combination - 136.60 changed to ‘Swiggy Limited’ vide new certificate
Cash and cash equivalents at the beginning of the year 8,691.09 8,325.21
known as Swiggy Private Limited, Bundl Technologies
Private Limited) (“The Company" or "Swiggy"), its of incorporation obtained from the Registrar of
Cash and cash equivalents at the end of the year (Refer note 2.25 and note below) 12,305.68 8,691.09
subsidiary companies i.e., Scootsy Logistics Private Companies approved on April 10, 2024.
Components of cash and cash equivalents Limited ("Scootsy"), Supr Infotech Solutions Private
Limited ("SuprDaily"), Swiggy Sports Private Limited The Company, effective November 13, 2024 got listed
(“Swiggy Sports") and Lynks Logistics Limited (“Lynks”) on National Stock Exchange of India Limited and
Year ended Year ended
March 31, 2025 March 31, 2024 collectively hereinafter referred to as ("the Group") and BSE Limited.
Cash in hand 30.98 22.70 its associate Loyal Hospitality Private Limited (“LHPL”)
Cheques in hand 99.60 87.46 The Group operates a platform that connects users,
for the year ended March 31, 2025.
Balances with banks partner merchants (including restaurant merchant,
- In current accounts 9,965.10 7,059.18 The Company was incorporated on December 26, grocery merchants and delivery partners) to facilitate
- In deposit account (with original maturity of 3 months or less) 2,210.00 1,701.17 2013, as a private limited company and domiciled the ordering and delivery of food, groceries, and
Bank overdraft repayable on demand (Refer note 16) - (179.42)
in India under the provisions of the Companies Act household essentials; enables restaurant discovery,
Total cash and cash equivalents 12,305.68 8,691.09
applicable in India, with its registered office situated at table reservations, and participation in curated
No. 55, Sy No. 8-14, Ground Floor, I&J Block, Embassy events and experiences, provides an advertising
Reconciliation of liabilities arising from financing activities platform for partner merchants and brands to promote
Tech Village, Outer Ring Road, Devarbisanahalli,
As at Non cash As at Bengaluru- 560103, Karnataka, India. Pursuant to a their offerings. The Group is also in the business
Cash flows
April 01, 2024 changes March 31, 2025
special resolution passed in the extraordinary general of B2B trading of fast-moving consumer goods
Lease liabilities (Refer note 40) 6,530.04 (3,014.54) 13,231.61 16,747.11 (“FMCG”), B2B Logistics services, and supply chain
meeting of the shareholders of the Company held on
Borrowings (Refer note 16) * 2,111.86 (1,809.67) (19.85) 282.34 management services.
Following companies have been considered in the preparation of the Consolidated Financial Statements:
As at Non cash As at
Cash flows
April 01, 2023 changes March 31, 2024
Lease liabilities (Refer note 40) 5,996.00 (2,238.20) 2,772.24 6,530.04 Name of the entity Country Effective date of control March 31, 2025 March 31, 2024
Borrowings (Refer note 16) * - 1,189.67 922.19 2,111.86 Wholly owned subsidiaries:
* Represents proceeds and repayments of borrowings (including overdraft repayable on demand). Scootsy Logistics Private Limited India Aug 03, 2018 100% 100%
Supr Infotech Solutions Private Limited India Sep 27, 2019 100% 100%
Year ended Year ended
Non-cash investing transactions Lynks Logistics Limited India Aug 29, 2023 100% 100%
March 31, 2025 March 31, 2024
During the year ended March 31, 2024, the Group acquired 100% of shareholding in Lynks - 3,836.97 Swiggy Sports Private Limited India Jan 15, 2025 100% -
Logistics Limited ("Lynks") for a consideration of ` 3,855.39 Million. The consideration has been Associate Companies:
discharged through issue of Series K1 CCCPS amounting to ` 3,836.97 Million being non-cash
Loyal Hospitality Private Limited India Mar 01, 2023 21.72% 21.72%
consideration in the form of issue of 10,721,700 fully paid up Series K1 CCCPS of ` 10.00 each
and the balance has been discharged through cash. (Refer note 43)
2. Material Accounting Policies Accounting Standards (‘Ind AS’) notified under
Material accounting policies (Refer note 2)
2.1. S tatement of compliance and basis of Section 133 of the Companies Act, 2013, (‘the
The accompanying notes are an integral part of the consolidated financial statements Act’), read with Rule 3 of the Companies (Indian
preparation
As per our report of even date attached for and on behalf of the Board of Directors of Accounting Standards) Rules 2015 and other
for B S R & Co. LLP Swiggy Limited (formerly known as Swiggy Private Limited, Bundl Technologies A. Statement of compliance
relevant provisions of the Act as amended from
Chartered Accountants Private Limited) The Consolidated Financial Statements of time to time.
Firm’s Registration Number: 101248W/W-100022 the Group and its associate comprise of the
Consolidated Balance Sheet as at March 31, The Consolidated Financial Statements of the
Sd/- Sd/- Sd/- 2025, the Consolidated Statement of Profit and Group for the year ended March 31, 2025 were
Sampad Guha Thakurta Sriharsha Majety Lakshmi Nandan Reddy Obul Loss (including Other Comprehensive Income), the
Partner Managing Director & Whole-time Director & approved and authorised for issue in accordance
Membership No.: 060573 Group Chief Executive Officer Head of Innovations Consolidated Statement of Changes in Equity, the with the resolution of the Board of Directors on
DIN: 06680073 DIN: 06686145 Consolidated Statement of Cash Flows for the May 09, 2025.
year ended March 31, 2025, Material Accounting
Sd/- Sd/- Policies, Notes to the Consolidated Financial B. Functional and Presentation currency
Rahul Bothra Venkatraman Ramachandran
Statements as at and for the year ended March The Consolidated Financial Statements are
Chief Financial Officer Company Secretary
31, 2025 (together referred to as ‘Consolidated presented in Indian Rupees (`), which is also the
Place : Bengaluru Place : Bengaluru Place : Bengaluru Financial Statements’) has been prepared
Date : May 09, 2025 Date : May 09, 2025 Date : May 09, 2025 Group’s functional currency. All amounts have
and presented in accordance with the Indian
208 Swiggy Limited Annual Report 2024-25 209
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
been rounded-off to the nearest million, unless unrealised gain/ loss from such transactions are After initial recognition, goodwill is measured at cost adjustments that are made are to harmonize
otherwise indicated. eliminated upon consolidation. These Consolidated less any accumulated impairment losses. For the accounting policies.
Financial Statements are prepared by applying uniform purpose of impairment testing, goodwill acquired in
C. Basis for Preparation accounting policies in use at the Group. a business combination is, from the acquisition date, iii) The identity of the reserves has been preserved
These Consolidated Financial Statements are allocated to each of the Group’s cash-generating units and appears in the financial information of the
prepared in accordance with Indian Accounting The Consolidated Financial Statements of all entities that are expected to benefit from the combination, transferee in the same form in which they appeared
Standards (Ind AS) under the historical cost used for the purpose of consolidation are drawn up irrespective of whether other assets or liabilities of the in the financial information of the transferor.
convention on the accrual basis, except for to the same reporting date as that of the parent acquirer are assigned to those units.
company, i.e., year ended March 31, 2025 and March 2.4. Use of estimates, assumptions and judgements
the following:
31, 2024 as the case may be. A cash generating unit to which goodwill has been The preparation of the Consolidated Financial
- certain financial assets and liabilities which allocated is tested for impairment at each reporting Statements in conformity with Ind AS requires the
are measured at fair value (refer accounting 2.3. Business combination and goodwill period as presented, or more frequently when there management to make estimates, judgements and
is an indication that the unit may be impaired. If the assumptions that affect the reported amounts of
policy regarding financial instruments); The cost of an acquisition is measured at the fair value
recoverable amount of the cash generating unit is assets and liabilities, the disclosure of contingent
of the assets transferred, equity instruments issued and
- defined benefit plans – measured at less than its carrying amount, the impairment loss is assets and liabilities on the date of the Consolidated
liabilities incurred or assumed at the date of acquisition,
allocated first to reduce the carrying amount of any Financial Statements and the reported amounts of
fair value; which is the date on which control is transferred to the
goodwill allocated to the unit and then to the other revenues and expenses for the year reported. Actual
Group. The cost of acquisition also includes the fair
- share- based payments and assets of the unit pro rata based on the carrying results could differ from those estimates.
value of any contingent consideration. Identifiable
amount of each asset in the unit. Any impairment
assets acquired, liabilities and contingent liabilities
- assets and liabilities arising in a loss for goodwill is recognized in the Consolidated Estimates and underlying assumptions are reviewed on
assumed in a business combination are measured
business combination. Statement of Profit and Loss. An impairment loss an ongoing basis. Revisions to accounting estimates
initially at their fair value on the date of acquisition.
recognized for goodwill is not reversed in subsequent are recognized in the period in which the estimates are
2.2. Basis of consolidation periods. Where goodwill has been allocated to a cash- revised, and future periods are affected.
Purchase consideration paid in excess of the fair value
generating unit and part of the operation within that
The Group consolidates the companies which it owns of net assets acquired is recognized as goodwill.
unit is disposed of, the goodwill associated with the Key source of estimation uncertainty and judgement
or controls. The Consolidated Financial Statements Where the fair value of identifiable assets and liabilities
disposed operation is included in the carrying amount as at the date of Consolidated Financial Statements,
comprises the financial statements of the Company, exceed the cost of acquisition, after reassessing the
of the operation when determining the gain or loss on which may cause a material adjustment to the carrying
its subsidiaries and share of profit and loss of associate, fair values of the net assets and contingent liabilities,
disposal. Goodwill disposed in these circumstances is amounts of assets and liabilities within the next
as detailed in note 1 above. the excess is recognized as capital reserve. measured based on the relative values of the disposed financial year, is in respect of the following:
operation and the portion of the cash-generating
Control exists when the parent has the power over Transaction costs that the Group incurs in connection
unit retained. a. Impairment of investments
the entity, is exposed, or has rights, to variable returns with a business combination such as finder's fees, legal
Impairment exists when the carrying value of an
from its involvement with the entity and has the ability fees, due diligence fees and other professional and Business combinations have been accounted for using asset or cash generating unit (“CGU”) exceeds its
to affect those returns by using its power over the consulting fees are expensed as incurred. the acquisition method under the provisions of Ind AS recoverable amount, which is the higher of its fair
entity. Power is demonstrated through existing rights 103, Business Combinations.
Goodwill is initially measured at cost, being the excess value less costs of disposal and its value in use.
that give the ability to direct relevant activities, those
The fair value less costs of disposal calculation
which significantly affect the entity’s returns. Subsidiary of the aggregate of the consideration transferred, Pooling of interest method is based on available data from binding sales
is consolidated from the date of control commences over the net identifiable assets acquired and liabilities
Ind AS 103, Business Combinations, prescribes transactions, conducted at arm’s length, for
until the date control ceases. Associate entity has been assumed. If the fair value of the net assets acquired is in
significantly different accounting for business similar assets or observable market prices less
considered in the Consolidated Financial Statements excess of the aggregate consideration transferred, the
combinations which are not under common control incremental costs for disposing of the asset. The
as per equity method of consolidation as per Ind AS Group re-assesses whether it has correctly identified
and those under common control. value in use calculation is based on a discounted
28. They are initially recognised at cost which includes all of the assets acquired and all of the liabilities
cash flow (“DCF”) model and involves use of
transaction costs. Subsequent to initial recognition, the assumed and reviews the procedures used to measure Business combinations involving entities or businesses significant estimates and assumptions including
consolidated financial statement includes the Group’s the amounts to be recognized at the acquisition date. under common control shall be accounted for using turnover, earning multiples, growth rates and
share of the profit or loss and Other comprehensive If the reassessment still results in an excess of the the pooling of interest method. The pooling of interest net margins used to calculate projected future
income of equity accounted investees, until the date fair value of net assets acquired over the aggregate method is considered to involve the following: cash flows, risk adjusted discounted rate, future
on which the significant influence ceases. (refer note consideration transferred, then the gain is recognized
economic and market conditions.
2.12 for details on associate). in OCI and accumulated in equity as capital reserve. i) The assets and liabilities of the combining entities
However, if there is no clear evidence of bargain are reflected at their carrying amounts. b. Fair value measurement of financial instruments
The Consolidated Financial Statements of the Group purchase, the entity recognizes the gain directly in
When the fair value of financial assets and
Companies are consolidated on a line-by-line basis equity as capital reserve, without routing the same ii) No adjustments are made to reflect fair values or
financial liabilities recorded in the balance sheet
and intra-group balances and transactions including through OCI. recognize any new assets or liabilities. The only
cannot be measured based on quoted prices
in active markets, their fair value is measured
210 Swiggy Limited Annual Report 2024-25 211
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
using valuation techniques including the DCF based payment transactions are disclosed in The Group’s voting rights and potential of the fair value of CGU (including Goodwill)
model. The inputs to these models are taken from note 33. voting rights require the Management to make significant
observable markets where possible, but where this judgements, estimates and assumptions
is not feasible, a degree of judgement is required e. Useful lives of property, plant and equipment The size of the Group’s holding of voting rights concerning the identification and validation
in establishing fair values. Judgements include and intangible assets relative to the size and dispersion of the of impairment indicators, fair value of assets,
considerations of inputs such as liquidity risk, The Group reviews the useful life and residual value holdings of the other voting rights holders. revenue growth rates and operating margins used
credit risk and volatility. Changes in assumptions of property, plant and equipment and intangible to calculate projected future cash flows, relevant
about these factors could affect the reported fair assets at the end of each reporting period Right arising from other contractual risk-adjusted discount rate, future economic and
value of financial instruments. The policy has been and this reassessment may result in change in arrangements.
market conditions, etc.
further explained under note 2.14. depreciation expense in future periods.
Key assumptions in estimating the acquisition
j. Impairment allowance for financial assets
c. Defined benefit plans f. Taxes date, fair values of the identifiable assets acquired
and liabilities, identifying whether an identifiable The Group uses a provision matrix to calculate
The cost of the defined benefit gratuity plan and The Company’s Tax jurisdiction is India. Significant Expected Credit Losses ('ECL') for trade
other post-employment benefits and the present intangible asset is to be recorded separately
judgments are involved in determining the receivables. The provision rates are based on
value of the gratuity obligation is determined from goodwill.
provision for income taxes and tax credits including days past due for groupings of various customer
using actuarial valuation. An actuarial valuation the amount expected to be paid or refunded. The
h. Leases segments that have similar loss patterns (i.e., by
involves making various assumptions that may Group reviews the carrying amount of deferred
The Group evaluates if an arrangement qualifies geography, customer type etc.). The provision
differ from actual developments in the future. tax assets at the end of each reporting period.
to be a lease as per the requirements of Ind AS matrix is initially based on the Company’s historical
The policy for the same has been explained under
116. Identification of a lease requires significant observed default rates. At every reporting date,
These include the determination of the discount note 2.22.
rate, future salary increases and mortality rates. judgment. The Group uses significant judgement the historical observed default rates are updated
Due to the complexities involved in the valuation in assessing the lease term (including anticipated and changes in the forward-looking estimates
g. Business combination
and its long-term nature, a defined benefit renewals) and the applicable discount rate. are analysed. The amount of ECLs is sensitive
In accounting for business combinations, judgment to changes in circumstances and of forecast
obligation is highly sensitive to changes in these
is required whether the Group has control over
assumptions. All assumptions are reviewed at The Group determines the lease term as the economic conditions.
the entity acquired. Control is achieved when the
each reporting date. The parameter most subject non-cancellable period of a lease, together with
Group is exposed, or has rights, to variable returns k. Provisions and contingent liabilities
to change is the discount rate. In determining the both periods covered by an option to extend
from its involvement with the investee and has the
appropriate discount rate for plans operated in the lease if the Group is reasonably certain to The Group estimates the provisions that have
ability to affect those returns through its power
India, the management considers the interest exercise that option; and periods covered by present obligations as a result of past events
over the investee. Specifically, the Group controls
rates of government bonds in currencies consistent an option to terminate the lease if the Group is and it is probable that outflow of resources will be
an investee if and only if the Group has:
with the currencies of the post-employment reasonably certain not to exercise that option. required to settle the obligations. These provisions
benefit obligation. In assessing whether the Group is reasonably
Power over the investee (i.e. existing rights are reviewed at the end of each reporting period
certain to exercise an option to extend a lease,
that give it the current ability to direct the and are adjusted to reflect the current best
The mortality rate is based on publicly available or not to exercise an option to terminate a lease,
relevant activities of the investee) estimates. The Group uses significant judgement
mortality tables. These mortality tables tend it considers all relevant facts and circumstances
to disclose contingent liabilities. Contingent
to change only at intervals in response to that create an economic incentive for the Group
The ability to use its power over the investee liabilities are disclosed when there is a possible
demographic changes. Future salary increases to exercise the option to extend the lease, or not
to affect its returns. obligation arising from past events, the existence
and gratuity increases are based on expected to exercise the option to terminate the lease. The
of which will be confirmed only by the occurrence
future inflation rates. The assumptions and models Group revises the lease term if there is a change
Exposure or rights to variable return from its or non-occurrence of one or more uncertain future
used for defined benefit plans are disclosed in in the non-cancellable period of a lease.
involvement with the investee. events not wholly within the control of the Group
note 32.
The discount rate is generally based on the or a present obligation that arises from past
Generally, there is a presumption that a majority events where it is either not probable that an
d. Share-based payments incremental borrowing rate to the lease being
of voting rights result in control. To support this
evaluated or for a portfolio of leases with outflow of resources will be required to settle the
Estimating fair value for share-based payment presumption and when the Group has less than
similar characteristics. obligation or a reliable estimate of the amount
transactions requires determination of the most a majority of the voting or similar rights of an
cannot be made. Contingent assets are neither
appropriate valuation model, which is dependent investee, the Group considers all relevant facts
i. Impairment of goodwill recognized nor disclosed in the Consolidated
on the terms and conditions of the grant. This and circumstances in assessing whether it has
A cash generating unit to which goodwill has been Financial Statements.
estimate also requires determination of the power over an investee, including:
most appropriate inputs to the valuation model allocated is tested for impairment annually, or
including the expected life of the share option, The contractual arrangement with the other more frequently when there is an indication that 2.5. Current and Non-current classification
volatility, dividend yield, forfeiture rate and making vote holders of the investee the unit may be impaired. The operating cycle is the time between the acquisition
assumptions about them. The assumptions and of assets/inputs for processing and their realisation in
models used for estimating fair value for share- The impairment indicators, the estimation of cash and cash equivalents. The Group has identified
expected future cash flows and the determination twelve months as its operating cycle. The Group
212 Swiggy Limited Annual Report 2024-25 213
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
presents assets and liabilities in the balance sheet net of any taxes collected from customers and variable Revenue from platform services Income is recognized on completion of the
based on current/non-current classification. consideration on account of various discounts and a. Order facilitation fee: event. The Company considers itself a principal
schemes offered by the Group. The transaction price is in this arrangement and accordingly the revenue
The Group generates income from partner
An asset is treated as current when it is: an amount of consideration to which the entity expects is recognised at sale value minus variable
merchants for facilitating food/grocery ordering,
to be entitled in exchange for transferring promised considerations such as discounts, incentives and
expected to be realised or intended to be sold or dining out and delivery services through its
goods or services. Specific revenue recognition criteria other such items offered to the customer.
consumed in normal operating cycle technology platform.
for all key streams of revenue have been detailed in
subsequent sections. f. Subscription fee
held primarily for the purpose of trading Income generated from partner merchants, for
use of its platform related services is recognized Revenue from the subscription contracts is
Where performance obligation is satisfied over time, when the transaction is completed as per the recognized over the subscription period on a
expected to be realised within twelve months systematic basis in accordance with the terms of
the Group recognizes revenue over the contract terms of the arrangement with the respective
after the reporting period, or agreement entered with the customer.
period. Where performance obligation is satisfied at a partner merchants, being the point at which the
point in time, Group recognizes revenue when customer Group has no remaining performance obligation.
cash or cash equivalent unless restricted from g. Service charge:
obtains control of promised goods and services in
being exchanged or used to settle a liability for
the contract. The fulfilment of the order is the responsibility of The Group generates revenue on account of
at least twelve months after the reporting period.
partner merchants; accordingly, the gross order service charges collected from users/delivery
All other assets are classified as non-current. Identification of customer: value is not recognized as revenue, only the order partners for use of technology platforms to
The Group considers a party to be a customer if that facilitation fee to which the Group is entitled is facilitate placement and delivery of orders.
Income tax assets are classified as non-current assets. party has contracted with the Group to obtain goods recognized as revenue. Service charge recognized by the group is net of
A liability is current when it is: or services that are an output of the Group’s ordinary discounts and incentives, if any, given/offered by
activities in exchange for consideration. Based on b. Delivery income: the group on a transaction-to-transaction basis.
expected to be settled in the normal the contractual obligations and the substance of The Group is merely a technology platform
operating cycle. provider connecting delivery partners with the h. Income from sale of food and traded goods:
the transactions, the Group considers the partner
merchants, brands as customers. In select cases, Restaurant partners and the users and earns Revenue from sale of food and traded goods is
held primarily for the purpose of trading. transacting users and delivery partners are considered revenue from delivery partners in the form of recognized when the performance obligations
as customers when such users carry out transactions service charges for use of technology platforms are satisfied i.e., when control of promised
due to be settled within twelve months after the by them. goods are transferred to the customer i.e., when
on the platform where the services are rendered by
reporting period, or the food or traded goods are delivered to the
the Group, or the Group charges the service charge
c. Advertisement revenue: customer. The Group considers itself a principal
for use of technology platform from the users or
not an unconditional right to defer the settlement Advertisement revenue is generated from the in this arrangement and accordingly the revenue
delivery partners.
of the liability for at least twelve months after the sponsored listing fees paid by partner merchants is recognized at sale value minus variable
reporting period. and brands. Advertisement revenue is recognized considerations such as discounts, incentives and
Principle vs agent consideration:
when a consumer engages with the sponsored other such items offered to the customer.
The Group classifies all other liabilities as non-current. The fulfillment of the order is the responsibility of the
listing based on the number of clicks. There are
partner merchants, accordingly, the Gross order value i. Supply chain services:
certain contracts, where, in addition to the clicks,
2.6. Revenue recognition is not recognized as revenue, only the order facilitation
the Group sells online advertisements which are Revenue from rendering of supply chain services
The Group generates revenue mainly from providing fee/ commission to which the Group is entitled is is recognized over the time when control on the
usually run over a contracted period of time.
online platform services to partner merchants (including recognized as revenue. services is transferred to the customer i.e., when
Revenue is presented on a gross basis in the
restaurant merchant, grocery merchants and delivery amount billed to partner merchants as the Group the customer has the ability to control the use of
partners), advertisement services, sale of food and The Group considers itself as a principal in an the transferred services provided and generally
controls the advertisement space.
traded goods, supply chain services, subscriptions and arrangement when it controls the goods or derive their remaining benefits.
other platform services. service provided. d. Onboarding fee:
Partner merchants and delivery partners pay j. Variable consideration such as discounts and
Revenue is recognized when control of goods and In respect of transactions with delivery partners, incentives:
one-time non-refundable fees to join the Group's
services is transferred to the customer upon the the Group is merely a technology platform provider,
network. These are recognized on receipt in The Group provides various types of incentives,
satisfaction of performance obligation under the connecting delivery partners with the partner
accordance with terms of agreement entered into discounts to users to promote the transactions
contract at a transaction price that reflects the merchants and the consumers. Accordingly, the Gross
with such relevant partners. on the platform. If the Group identifies the
consideration to which the Group expects to be delivery fee is not recognized as revenue. The Group transacting users as one of their customers for
entitled in exchange for those goods or services. The may, from time to time, collect service charge from the e. Event income: the services, the incentives/ discounts offered to
transaction price of goods sold and services rendered is delivery partners which is recognized as revenue. the transacting users are considered as payment
The Group generates income from ticketing
revenue, Brand promotion fee and facilitation to customers and recorded as reduction of
fee by organizing and curating events under revenue on a transaction-by-transaction basis.
different categories (music, comedy etc). Event The amount of incentive/ discount in excess of
214 Swiggy Limited Annual Report 2024-25 215
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
the income earned from the transacting users is Other receivables net disposal proceeds and the carrying amounts of Useful lives estimated by
Asset category
recorded as advertising and marketing expenses. the assets and are recognized in the Consolidated the management
Brand claim receivables are recognized when
Statement of Profit and Loss when the assets Plant and equipment* 5
it is probable that economic benefits will flow
When incentives/discounts are provided to are derecognized. Office equipment 5
to the Group, and the amount of the claim can
transacting users where the Group is not
be reliably measured. The Group will assess Computer equipment 3
responsible for services, the transacting users are Capital work in progress
the likelihood of receiving the brand claim and Furniture and fixtures* 5
not considered customers of the Group, and such Amount paid towards the acquisition of property,
recognize it as a receivable in the financial Leasehold improvements Lower of lease term or
incentives/discounts are recorded as advertising plant and equipment outstanding as of each reporting
statements when the criteria are met. The brand useful life
and marketing expenses. date and the cost of property, plant and equipment
claim receivables are initially measured at their Computer software 5
fair value, which is typically the amount the Group not ready for their intended use before such date are
k. Other income: Non-compete asset 3
expects to receive in cash or cash equivalents. disclosed under capital work-in-progress. The capital
Profit on sale of mutual funds and fair value impact work- in-progress is carried at cost, comprising direct Customer contracts* 3
Subsequent measurement will be done to identify
on mark-to-market contracts are recognized on cost, related incidental expenses and attributable Vendor Relationships* 5
changes in the expected cash flows associated
transaction completion and or on reporting date with the brand claim receivables, if any. interest. No depreciation is charged on the capital Technology* 10
as applicable. work in progress until the asset is ready for their Trademark* 5-15
2.7. Property, plant and equipment intended use. Other intangible assets* 3-12
Interest income is recognized using the effective
Property, Plant and equipment is stated at cost, net
interest method or time-proportion method, 2.8. Intangible assets * Based on an internal technical evaluation, management believes
of accumulated depreciation and accumulated
based on rates implicit in the transaction. Intangible assets acquired separately are measured on that the useful lives in the table above are realistic and reflect fair
impairment losses, if any. The cost comprises purchase approximation of the period over which the assets are likely to
price, borrowing costs if capitalization criteria are met, initial recognition at cost. The cost of intangible assets be used. Hence, the useful lives for these assets is different from
Dividend income is recognized when the Group’s acquired in a business combination are measured at
directly attributable cost of bringing the property, the useful lives as prescribed under part C of Schedule II of The
right to receive Dividend is established. fair value at the date of acquisition. Following initial Companies Act 2013.
plant and equipment to its location and condition
necessary for it to be capable of operating in the recognition, intangible assets are carried at cost less
l. Contract balances: The residual values, useful lives and methods of
manner intended by the management. any accumulated amortisation and accumulated
Trade receivables impairment losses (if any). While developing an depreciation of property, plant and equipment are
The cost of an item of property, plant and equipment intangible asset the expenses incurred during the reviewed at the end of each reporting period and
Trade receivable is the group’s right to
shall be recognized as an asset if, and only if it is research phase are charged to the Consolidated adjusted prospectively, if appropriate.
consideration that is unconditional (i.e., only the
passage of time is required before payment of probable that future economic benefits associated Statement of Profit and Loss in the period in which
with the item will flow to the Group and the cost of the the expenditure is incurred while expenditure Depreciation on additions/ disposals is provided on a
the consideration is due). Refer to accounting
item can be measured reliably. incurred during development phase are capitalized. pro-rata basis i.e., from/ up to the date on which asset
policies of financial assets in section 2.14 b for
Subsequent expenditure is capitalised only when it is ready for use/ disposed off. Individual assets costing
initial recognition and subsequent measurement
When significant parts of plant and equipment increases the future economic benefits embodied in the less than INR 5,000 are fully depreciated in the year
of financial assets.
are required to be replaced at intervals, the Group specific asset to which it relates. All other expenditure of purchase.
Contract assets depreciates them separately based on their specific is recognized in profit or loss as incurred.
useful lives. Likewise, when a major inspection is Intangible assets with finite lives are assessed for
Contract assets is the group’s right to Gains or losses arising from derecognition of an impairment whenever there is an indication that the
performed, its cost is recognized in the carrying amount
consideration in exchange for services that the intangible asset are measured as the difference intangible asset may be impaired. The amortisation
of the plant and equipment as a replacement if the
group has transferred to a customer where that between the net disposal proceeds and the carrying period and the amortisation method for an intangible
recognition criteria are satisfied. All other repair and
right is conditioned on something other than the amount of the asset and are recognized in the asset with a finite useful life are reviewed at least at the
maintenance costs are recognized in the Consolidated
passage of time. Consolidated Statement of Profit and Loss when the end of each reporting period. Changes in the expected
Statement of Profit or Loss as incurred. The present
value of the expected cost for the decommissioning asset is derecognized. useful life or the expected pattern of consumption of
Contract liabilities future economic benefits embodied in the asset are
of an asset after its use is included in the cost of the
Contract liability is recognized where the group respective asset if the recognition criteria for a provision 2.9. Depreciation and amortisation adjusted prospectively.
has an obligation to transfer goods or services are met. Subsequent expenditure is capitalised only Depreciation on property, plant and equipment and
to a customer for which the entity has received amortisation on intangible assets with finite useful lives 2.10. Impairment
if it is probable that the future economic benefits
consideration (or the amount is due) from the associated with the expenditure will flow to the Group is calculated on a straight-line basis over the useful Impairment of Financial assets
customer. Contract liabilities are recognized as and the cost of the item can be measured reliably. lives of the assets estimated by the management. The Group assesses at the end of each reporting
revenue when the Group performs under the period whether a financial asset or a group of financial
contract (i.e., transfers control of the related Gains or losses arising from derecognition of the The Group has used the following useful lives to assets is impaired. Ind AS 109 (‘Financial instruments’)
goods or services to the customer). assets are measured as the difference between the provide depreciation on plant and equipment and requires expected credit losses to be measured
amortisation of intangible assets: through a loss allowance. The Group recognizes
216 Swiggy Limited Annual Report 2024-25 217
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
lifetime expected losses for all contract assets and/or are largely independent of those from other assets. In 2.11.Leases ii) Lease liabilities
all trade receivables that do not constitute a financing such cases, the recoverable amount is determined for Group as a lessee At the commencement date of the lease, the
transaction. For all other financial assets, expected the CGU to which the asset belongs.
The Group’s lease assets primarily consist of leases Group recognizes lease liabilities measured at
credit losses are measured at an amount equal to
If the recoverable amount of an asset (or CGU) is for buildings. The Group assesses whether a contract the present value of lease payments to be made
the 12 month expected credit losses or at an amount
estimated to be less than its carrying amount, the contains a lease at the inception of a contract. A over the lease term. The lease payments include
equal to the lifetime expected credit losses if the credit
risk on the financial asset has increased significantly carrying amount of the asset (or CGU) is reduced to its contract is, or contains, a lease if the contract conveys fixed payments (including in-substance fixed
since initial recognition. recoverable amount. An impairment loss is recognized the right to control the use of an identified asset for a payments) less any lease incentives receivable,
in the Consolidated Statement of Profit and Loss. For period of time in exchange for consideration. To assess
variable lease payments that depend on an index
Credit-impaired financial assets assets excluding goodwill, an assessment is made at whether a contract conveys the right to control the
or a rate, and amounts expected to be paid under
each reporting date to determine whether there is use of an identified asset, the Group assesses whether:
At each reporting date, the Group assesses whether residual value guarantees. The lease payments
an indication that previously recognized impairment (i) the contract involves the use of an identified asset
financial assets carried at amortised cost and debt also include the exercise price of a purchase
losses no longer exist or have decreased. If such (ii) the Group has substantially all of the economic
securities at FVTOCI are credit-impaired. A financial option reasonably certain to be exercised by the
indication exists, the Group estimates the asset’s or benefits from use of the asset through the period of
asset is ‘credit-impaired’ when one or more events that Group and payments of penalties for terminating
CGU’s recoverable amount. the lease and (iii) the Group has the right to direct the
have a detrimental impact on the estimated future
use of the asset. the lease, if the lease term reflects the Group
cash flows of the financial asset have occurred.
In assessing value in use, the estimated future cash exercising the option to terminate. Variable lease
Evidence that a financial asset is credit-impaired flows are discounted to their present value using a The Group applies a single recognition and payments that do not depend on an index or a
includes the following observable data: pre-tax discount rate that reflects current market measurement approach for all leases, except for short- rate are recognized as expenses (unless they are
assessments of the time value of money and the risks term leases and leases of low-value assets. The Group incurred to produce inventories) in the period in
significant financial difficulty of the debtor; specific to the asset. In determining fair value less costs recognizes lease liabilities representing obligations which the event or condition that triggers the
of disposal, recent market transactions are taken into to make lease payments and right-of-use assets payment occurs.
a breach of contract such as a default or over due account, if available. If no such transactions can be representing the right to use the underlying assets.
on a case to case basis; identified, an appropriate valuation model is used. In calculating the present value of lease payments,
i) Right-of-use assets
the Group uses its incremental borrowing rate at
the restructuring of a loan or advance by the A previously recognized impairment loss is reversed
The Group recognizes right-of-use assets at the lease commencement date as the interest rate
Group on terms that the Group would not only if there has been a change in the assumptions
the commencement date of the lease (i.e., the implicit in the lease is not readily determinable.
consider otherwise; used to determine the asset’s recoverable amount
date the underlying asset is available for use). After the commencement date, the amount of
since the last impairment loss was recognized. The
Right-of-use assets are measured at cost, less lease liabilities is increased to reflect the accretion
it is probable that the debtor will enter bankruptcy reversal is limited so that the carrying amount of the
any accumulated depreciation and impairment of interest and reduced for the lease payments
or other financial reorganisation; or asset does not exceed its recoverable amount, nor
losses, and adjusted for any remeasurement of made. In addition, the carrying amount of lease
exceed the carrying amount that would have been
lease liabilities. The cost of right-of-use assets liabilities is remeasured if there is a modification,
the disappearance of an active market for security determined, net of depreciation, had no impairment
loss been recognized for the asset in prior years. Such includes the amount of lease liabilities recognized,
because of financial difficulties. a change in the lease term, a change in the lease
reversal is recognized in the Consolidated Statement initial direct costs incurred, lease payments made
payments (e.g., changes to future payments
Presentation of allowance for ECL in the balance of Profit and Loss unless the asset is carried at a at or before the commencement date less any
resulting from a change in an index or rate used
sheet revalued amount, in which case, the reversal is treated lease incentives received and an estimate of costs
to determine such lease payments) or a change
as a revaluation increase. to be incurred by the lessee in dismantling and
Loss allowances for financial assets measured at in the assessment of an option to purchase the
removing the underlying asset, restoring the site
amortised cost are deducted from the gross carrying underlying asset. The Group’s lease liabilities are
A cash generating unit to which goodwill has been on which it is located or restoring the underlying
amount of the assets.
allocated is tested for impairment annually, or more asset to the condition required by the terms and included in financial liabilities.
Impairment of non-financial assets frequently when there is an indication that the unit conditions of the lease. Right-of-use assets are
may be impaired. If the recoverable amount of the depreciated on a straight-line basis over the iii) Short-term leases and leases of low-value assets
Non-financial assets including property, plant and
cash generating unit is less than its carrying amount, shorter of the lease term or the estimated useful The Group applies the short-term lease exemption
equipment and intangible assets with finite life and
the impairment loss is allocated first to reduce the lives of the assets whichever is earlier.
intangible assets under development are evaluated (i.e., those leases that have a lease term of 12
carrying amount of any goodwill allocated to the
for recoverability whenever there is any indication that months or less from the commencement date
unit and then to the other assets of the unit pro rata If ownership of the leased asset transfers to
their carrying amounts may not be recoverable. If any and do not contain a purchase option). It also
based on the carrying amount of each asset in the the Group at the end of the lease term or the
such indication exists, the recoverable amount (i.e. applies the lease of low-value assets recognition
unit. Any impairment loss for goodwill is recognized cost reflects the exercise of a purchase option,
higher of the fair value, less cost to sell and the value- exemption to leases of assets that are considered
in the Consolidated statement of Profit and Loss. An depreciation is calculated using the estimated
in-use) is determined on an individual asset basis to be low value. Lease payments on short term
impairment loss recognized for goodwill is not reversed useful life of the asset. The right-of-use assets
unless the asset does not generate cash flows that
in subsequent periods. are also subject to impairment. Refer to the leases and leases of low-value assets are
accounting policies in section 2.10, Impairment recognized as expense on a straight-line basis
of non-financial assets. over the lease term.
218 Swiggy Limited Annual Report 2024-25 219
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
Group as a lessor 2.13.Cash and cash equivalents group changes its business model for managing dividend clearly represents a recovery of part
Leases in which the Group does not transfer The Group considers all highly liquid financial financial assets. of the cost of the investment. Other net gains
substantially all the risks and rewards incidental to instruments, which are readily convertible into known and losses are recognised in OCI and are not
ownership of an asset are classified as operating amounts of cash that are subject to an insignificant (i) Financial assets at amortised cost reclassified to the consolidated statement of
leases. Rental income arising is accounted for on a risk of change in value and having original maturities The financial asset is measured at the profit and loss.
straight-line basis over the lease terms and is included of three months or less from the date of purchase, amortised cost if both the following
in revenue in the Consolidated Statement of Profit or to be cash equivalents. Cash and cash equivalents conditions are met: (iii) Financial assets at FVTPL
Loss due to its operating nature. Initial direct costs consist of balances with banks which are unrestricted Financial assets are measured at fair
incurred in negotiating and arranging an operating for withdrawal and usage. a) The asset is held within a business model value through profit or loss unless they are
lease are added to the carrying amount of the leased whose objective is to hold assets for measured at amortised cost or at fair value
asset and recognized over the lease term on the same 2.14.Financial instruments collecting contractual cash flows, and through other comprehensive income on
basis as rental income. Contingent rents are recognized A financial instrument is any contract that gives rise to initial recognition. The transaction costs
as revenue in the period in which they are earned. b) Contractual terms of the asset give rise directly attributable to the acquisition of
a financial asset of one entity and a financial liability
on specified dates to cash flows that are financial assets at fair value through profit
or equity instrument of another entity.
2.12.Investment in associate solely payments of principal and interest or loss are immediately recognised in the
An associate is an entity over which the Group has Financial assets and liabilities are recognized when the on the principal amount outstanding. statement of profit and loss. In addition, the
significant influence. Significant influence is the power Group becomes a party to the contract that gives rise Group may elect to designate a Financial
After initial measurement, such financial asset, which otherwise meets amortized
to participate in the financial and operating policy to financial assets and liabilities. Financial assets and
assets are subsequently measured at cost or FVTOCI criteria, as at FVTPL if doing
decisions of the investee but is not control or joint liabilities are initially measured at fair value. Transaction
amortised cost using the effective interest rate so reduces or eliminates a measurement
control over those policies. costs that are directly attributable to the acquisition or
(EIR) method. Amortised cost is calculated or recognition inconsistency (referred to as
issue of financial assets and financial liabilities (other
The Group’s investments in its associate is accounted by taking into account any discount or ‘accounting mismatch’).
than financial assets and financial liabilities at fair
for using the equity method. Under the equity method, premium on acquisition and fees or costs
value through profit or loss) are added to or deducted
the investment in an associate is initially recognized that are an integral part of the EIR. The EIR Derecognition
from the fair value measured on initial recognition of
at cost. The carrying amount of the investment is amortisation is included in finance income A financial asset (or, where applicable, a part
financial asset or financial liability.
adjusted to recognize changes in the Group’s share of in the Consolidated Statement of Profit and of a financial asset or part of a Group of similar
net assets of the associate since the acquisition date. A. Financial assets Loss. The losses arising from impairment are financial assets) is primarily derecognized (i.e.,
Goodwill relating to the associate is included in the recognized in the Consolidated Statement removed from the balance sheet) when:
Financial assets are recognized when the Group
carrying amount of the investment and is not tested of Profit and Loss. This category generally
becomes a party to the contractual provisions of
for impairment individually. applies to trade and other receivables. a) The rights to receive cash flows from the
the instrument.
asset have expired, or
The Consolidated Statement of Profit and Loss reflects (ii) Financial assets at FVTOCI
Initial recognition and measurement
the Group’s share of the results of operations of the A financial asset is measured at FVTOCI if it b) The Group has transferred its rights to receive
On initial recognition, a financial asset is
associate. Any change in OCI of those investees is meets both of the following conditions and cash flows from the asset or has assumed
recognized at fair value. In case of financial assets
presented as part of the Group’s OCI. In addition, when is not designated as at FVTPL: an obligation to pay the received cash
which are recognized at fair value through profit
there has been a change recognized directly in the flows in full without material delay to a third
and loss (FVTPL), its transaction cost is recognized a) The asset is held within a business model
equity of the associate, the Group recognizes its share party under a ‘pass-through’ arrangement;
in the Consolidated Statement of Profit and Loss. whose objective is achieved by both
of any changes, when applicable, in the Consolidated and either
However, trade receivables are measured at collecting contractual cash flows and
statement of changes in equity. Unrealised gains and
transaction price. In other cases, the transaction selling financial assets, and
losses resulting from transactions between the Group the Group has transferred substantially
cost is attributed to the acquisition value of the
and the associate is eliminated to the extent of the all the risks and rewards of the asset, or
financial asset. b) Contractual terms of the financial
interest in the associate.
asset give rise on specified dates to the Group has neither transferred nor
Financial assets are subsequently classified and cash flows that are solely payments of
The financial statements of the associate is prepared retained substantially all the risks and
measured at: principal and interest on the principal
for the same reporting period as the Group. When rewards of the asset but has transferred
necessary, adjustments are made to bring the Amortised cost amount outstanding control of the asset.
accounting policies in line with those of the Group.
Fair value through other comprehensive Further, in cases where the Group has made When the Group has transferred its rights
income (FVTOCI) an irrevocable election based on its business
On disposal of an investment, the difference between to receive cash flows from an asset or has
its carrying amount and net disposal proceeds is Fair value through profit and loss (FVTPL) model, for its investments which are classified entered into a pass-through arrangement,
charged or credited to the Consolidated Statement as equity instruments. Dividends are it evaluates if and to what extent it has
of Profit and Loss. Financial assets are not reclassified subsequent recognised as income in the consolidated retained the risks and rewards of ownership.
to their recognition, except during the period the statement of profit and loss unless the When it has neither transferred nor retained
220 Swiggy Limited Annual Report 2024-25 221
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
substantially all the risks and rewards of gains/ losses are not subsequently transferred In the principal market for the asset or liability, or in the period in which they occur. Borrowing costs
the asset, nor transferred control of the to Profit and Loss. However, the Group may consist of interest and other costs that an entity incurs
asset, the Group continues to recognize the transfer the cumulative gain or loss within equity. In the absence of a principal market, in the most in connection with the borrowing of funds. Borrowing
transferred asset to the extent of the Group’s All other changes in fair value of such liability are advantageous market for the asset or liability. cost also includes exchange differences to the extent
continuing involvement. In that case, the recognized in the Consolidated Statement of regarded as an adjustment to the borrowing costs.
Group also recognizes an associated liability. Profit or Loss. The Group has not designated any The principal or the most advantageous market must
The transferred asset and the associated financial liability as at fair value through profit be accessible by the Company. 2.18.Share issue expenses
liability are measured on a basis that reflects and loss. Incremental costs directly attributable to the issue of
the rights and obligations that the Group Fair value hierarchy: equity shares will be adjusted with securities premium.
has retained. Loans and borrowings All assets and liabilities for which fair value is measured
After initial recognition, interest-bearing loans
or disclosed in the Consolidated Financial Statements 2.19.Foreign currency
B. Financial liabilities are categorised within the fair value hierarchy,
and borrowings are subsequently measured at The functional currency of the Company is the Indian
Initial recognition and measurement described as follows, based on the lowest level input Rupee. Transactions in foreign currencies are initially
amortised cost using the EIR method. Gains and
Financial liabilities are classified, at initial that is significant to the fair value measurement as recorded by the respective entities of the Group at
losses are recognized in profit or loss when the
recognition, as financial liabilities at fair value a whole: their respective functional currency spot rates, at the
liabilities are derecognized as well as through
through profit or loss or at amortised cost (loans the EIR amortisation process. Amortised cost is date the transaction first qualifies for recognition.
Level 1 - Quoted (unadjusted) market prices in active
and borrowings, payables), as appropriate. calculated by taking into account any discount or markets for identical assets or liabilities. Monetary assets and liabilities denominated in foreign
premium on acquisition and fees or costs that are
All financial liabilities are recognized initially at fair currencies are translated at the functional currency
an integral part of the EIR. The EIR amortisation Level 2 - Valuation techniques for which the lowest level
value and, in the case of loans and borrowings spot rates of exchange at the reporting date. Exchange
is included as finance costs in the Consolidated input that is significant to the fair value measurement
and payables, net of directly attributable differences arising on settlement or translation of
Statement of Profit and Loss. is directly or indirectly observable.
transaction costs. monetary items are recognized as income or expenses
in the period in which they arise.
Derecognition Level 3 - Valuation techniques for which the lowest level
The Group’s financial liabilities include trade
A financial liability is derecognized when the input that is significant to the fair value measurement Non-monetary items that are measured in terms of
and other payables, lease liabilities, loans and
obligation under the liability is discharged or is unobservable. historical cost in a foreign currency are translated
borrowings including bank overdrafts.
cancelled or expires. When an existing financial using the exchange rates at the dates of the
For assets and liabilities that are recognized in the
Subsequent measurement liability is replaced by another from the same initial transactions.
Consolidated Financial Statements on a recurring
The measurement of financial liabilities depends lender on substantially different terms, or the terms
basis, the Group determines whether transfers have 2.20.Share based payments
on their classification, as described below: of an existing liability are substantially modified,
occurred between levels in the hierarchy by re-
such an exchange or modification is treated as The Group measures compensation cost relating to
assessing categorisation (based on the lowest level
Financial liabilities at fair value through profit or the derecognition of the original liability and the employee stock options plans using the fair valuation
input that is significant to the fair value measurement
loss recognition of a new liability. The difference in the method in accordance with Ind AS 102, Share-Based
as a whole) at the end of each reporting period.
Financial liabilities at fair value through profit or respective carrying amounts is recognized in the Payment. Compensation expense is amortized over
loss include financial liabilities held for trading Consolidated Statement of Profit or Loss. 2.16.Inventories the vesting period as per graded vesting method.
and financial liabilities designated upon initial The cost of equity-settled transactions is determined
Inventory is stated at the lower of cost and net
recognition as at fair value through profit or loss. C. Offsetting of financial instruments by the fair value at the date when the grant is made
realisable value. Cost of inventories comprise of all
using an appropriate valuation model. That cost is
Financial assets and financial liabilities are offset cost of purchase and other cost incurred in bringing
Financial liabilities are classified as held for trading recognized, together with a corresponding increase
and the net amount is reported in the balance the inventories to their present location and condition.
if they are incurred for the purpose of repurchasing in Share based payment reserve in other equity, over
sheet if there is a currently enforceable legal right Cost is determined using a weighted average method.
in the near term. the period in which the performance and/or service
to offset the recognized amounts and there is an Net realisable value is the estimated selling price in
conditions are fulfilled in employee benefits expense.
intention to settle on a net basis, to realise the the ordinary course of business, less estimated costs
Gains or losses on liabilities held for trading are The cumulative expense recognized for equity-settled
assets and settle the liabilities simultaneously. of completion and the estimated costs necessary to
recognized in the profit or loss. transactions at each reporting date until the vesting
make the sale.
Financial liabilities designated upon initial date reflects the extent to which the vesting period has
2.15.Fair value measurement expired and the Group’s best estimate of the number
recognition at fair value through profit or loss 2.17.Borrowing cost
Fair value is the price that would be received to sell of equity instruments that will ultimately vest.
are designated as such at the initial date of
an asset or paid to transfer a liability in an orderly Borrowing costs directly attributable to the acquisition,
recognition, only if the criteria in Ind AS 109 are
transaction between market participants at the construction or production of an asset that necessarily When an award is cancelled by the Group or by the
satisfied. For liabilities designated as FVTPL,
measurement date. The fair value measurement is takes a substantial period of time to get ready for its counterparty, any remaining element of the fair value
fair value gains/ losses attributable to changes
based on the presumption that the transaction to sell intended use or sale are capitalised as part of the cost of the award is expensed immediately through the
in own credit risk are recognized in OCI. These
the asset or transfer the liability takes place either: of the asset. All other borrowing costs are expensed Consolidated Statement of Profit and Loss.
222 Swiggy Limited Annual Report 2024-25 223
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
2.21.Employee benefits Long-term employee benefits Deferred income tax In the year in which the Group recognizes MAT credit
Compensated absences which are not expected to Deferred income tax is recognized using the balance as an asset, it is created by way of credit to the
Employee benefits consist of Salaries, wages, bonus,
sheet approach, deferred tax is recognized on Consolidated Statement of Profit and Loss and shown
contribution to provident and other funds, share bases occur within twelve months after the end of the period
temporary differences at the balance sheet date as part of deferred tax asset. The Group reviews the
payment expense and staff welfare expense. in which the employees render the related services
between the tax bases of assets and liabilities “MAT credit entitlement” asset at each reporting date
are treated as long-term employee benefits for and writes down the asset to the extent that it is no
and their carrying amounts for financial reporting
Defined contribution plans measurement purpose. Such long-term compensated longer probable that it will pay normal tax during the
purposes, except
The Group’s contributions to defined contribution plans absences are provided for based on the actuarial specified period.
(provident fund and pension fund) are recognized in valuation using the projected unit credit method at - when the deferred income tax arises from the
Consolidated Statement of Profit and Loss when the the year end, less the fair value of the plan assets out initial recognition of goodwill or an asset or liability 2.23.Provision and contingent liabilities
employee renders related service. of which the obligations are expected to be settled. in a transaction that is not a business combination A provision is recognized when the Group has a present
and affects neither accounting nor taxable profit obligation (legal or constructive) as a result of past
Defined benefit plans Actuarial gains/losses are immediately taken in Other or loss at the time of the transaction. events and it is probable that an outflow of resources
comprehensive income and are not deferred. will be required to settle the obligation, in respect of
Gratuity, which is a defined benefit plan, is accrued - In respect of taxable temporary differences
which a reliable estimate can be made of the amount
based on an independent actuarial valuation, which is associated with investments in subsidiaries,
The Group presents the entire compensated absences of the obligation. If the effect of time value of money
carried out based on projected unit credit method as at associates and interest in joint ventures, when
balance as a current liability in the Consolidated is material, provision is discounted using a current
the balance sheet date. The Group recognizes the net the timing of the reversal of the temporary
Financial Statements, since it does not have an pre-tax rate that reflects, when appropriate, the risks
obligation of a defined benefit plan in its Consolidated differences can be controlled and it is probable
unconditional right to defer its settlement for twelve specific to the liability. When discounting is used, the
that the temporary differences will not reverse in
Statement of Balance Sheet as liability. Actuarial increase in the provision due to the passage of time
months after the reporting date. the foreseeable future.
gains and losses through re-measurements of the net is recognized as a finance cost. When some or all of
defined benefit liability/ (asset) are recognized in other the economic benefits required to settle a provision
2.22.Taxes on income Deferred income tax assets are recognized for all
are expected to be recovered from a third party, the
comprehensive income. In accordance with Ind AS, deductible temporary differences, carry forward of
re-measurement gains and losses on defined benefit Income tax expense comprises current tax expense receivable is recognized as an asset, if it is virtually
unused tax credits and unused tax losses, to the extent
and the net change in the deferred tax asset or certain that reimbursement will be received and the
plans recognized in OCI are not to be subsequently that it is probable that taxable profit will be available
liability during the year. Current and deferred tax are amount of the receivable can be measured reliably.
reclassified to the Consolidated Statement of Profit against which the deductible temporary differences,
and Loss. recognized in the Consolidated Statement of Profit and the carry forward of unused tax credits and
and Loss, except when they relate to items that are Provisions for onerous contracts, i.e., contracts
unused tax losses can be utilized.
recognized in other comprehensive income or directly where the expected unavoidable costs of meeting
Net interest is calculated by applying the discount rate obligations under a contract exceed the economic
to the net defined benefit liability or asset. The Group in other equity, in which case, the current and deferred The carrying amount of deferred income tax assets is
benefits expected to be received, are recognized when
recognizes the following changes in the net defined tax are also recognized in other comprehensive income reviewed at each balance sheet date and reduced to
it is probable that an outflow of resources embodying
or directly in equity, respectively. the extent that it is no longer probable that sufficient
benefit obligation as an expense in the Consolidated economic benefits will be required to settle a present
taxable profit will be available to allow all or part of the
Statement of Profit and Loss: obligation as a result of an obligating event, based on
Current income tax deferred income tax asset to be utilized.
a reliable estimate of such obligation.
Service costs comprising current service Current income tax for the current and prior periods are
Deferred income tax assets and liabilities are measured
costs, past-service costs, gains and losses on measured at the amount expected to be recovered A contingent liability is a possible obligation that arises
at the tax rates that are expected to apply in the year
curtailments and non-routine settlements; and from or paid to the taxation authorities based on the from past events whose existence will be confirmed
when the asset is realized or the liability is settled,
taxable income for that period. The tax rates and tax by the occurrence or non-occurrence of one or more
based on tax rates (and tax laws) that have been
uncertain future events beyond the control of the
Net interest expense or income. laws used to compute the amount are those that are enacted or substantively enacted at the balance
Group or a present obligation that is not recognized
enacted or substantively enacted as at the balance sheet date.
because it is not probable that an outflow of resources
Short-term employee benefits sheet date. will be required to settle the obligation. A contingent
Short-term employee benefits expected to be paid Deferred tax assets and liabilities are offset if there is a
liability also arises in extremely rare cases where there is
Current income tax relating to items recognized outside legally enforceable right to offset current tax liabilities
in exchange for the services rendered by employees a liability that cannot be recognized because it cannot
profit or loss is recognized outside profit or loss (either and assets, and they relate to income taxes levied by
are recognized during the year when the employees be measured reliably. The Group does not recognize
in OCI or in equity). the same tax authority on the same taxable entity,
render the service. Compensated absences, which are a contingent liability but discloses its existence in the
or on different tax entities, but they intend to settle
expected to be utilised within the next 12 months, are Consolidated Financial Statements.
current tax liabilities and assets on a net basis or their
treated as short-term employee benefits. The Group The Company offsets current tax assets and current
tax assets and liabilities will be realised simultaneously.
tax liabilities, where it has a legally enforceable right Provision and contingent liabilities are reviewed at
measures the expected cost of such absences as the
to set off the recognized amounts and where it intends each Balance Sheet date.
additional amount that it expects to pay as a result of Minimum alternate tax (MAT) paid in a year is charged
the unused entitlement that has accumulated at the either to realise the asset and settle the liability on a to the Consolidated Statement of Profit and Loss
net basis or simultaneously. 2.24. Earnings per share
reporting date. as current tax for the year. The deferred tax asset is
recognized for MAT credit available only to the extent Basic earnings per share is computed by dividing the
that it is probable that the Group will pay normal profit/(loss) after tax attributable to the equity holders
income tax during the specified period, i.e., the period of the Group by the weighted average number of
for which MAT credit is allowed to be carried forward. equity shares outstanding during the year.
224 Swiggy Limited Annual Report 2024-25 225
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated)
Diluted earnings per share is computed by dividing Standard (Ind AS) 7 on Statement of Cash Flows, 3. Property, plant and equipment
the profit/(loss) after tax as adjusted for dividend, whereby profit/(loss) for the period is adjusted for
Plant and Office Computer Furniture Leasehold
interest (net of any attributable taxes) other charges the effects of transactions of a non-cash nature, any Total
equipment equipment equipment and fixtures improvements
to expense or income relating to the dilutive potential deferrals or accruals of past or future operating cash Gross carrying value
equity shares, by the weighted average number of receipts or payments and item of income or expenses As at April 01, 2023 536.97 1,761.07 1,412.32 490.22 2,979.65 7,180.23
equity shares considered for deriving basic earnings associated with investing or financing cash flows. The Additions during the year 15.51 808.68 113.01 1,600.86 951.19 3,489.25
per share and the weighted average number of equity cash flows from operating, investing and financing Acquisition on business combination (Refer - 17.27 - 5.83 - 23.10
shares which could have been issued on the conversion activities of the Group are segregated. note 43)
of all dilutive potential equity shares. Disposals for the year (Refer note 3.2) (445.14) (287.80) (271.87) (51.04) (1,559.53) (2,615.38)
Cash Receipts and Payments for items in which the As at March 31, 2024 107.34 2,299.22 1,253.46 2,045.87 2,371.31 8,077.20
Potential equity shares are deemed to be dilutive only turnover is quick, the amounts are large, and the Additions during the year 11.60 3,460.42 939.38 1,750.73 2,949.64 9,111.77
if their conversion to equity shares would decrease maturities are short has been reported on a net basis. Disposals for the year (54.03) (50.76) (30.22) (67.54) (516.80) (719.35)
the net profit per share or increase the net loss per As at March 31, 2025 64.91 5,708.88 2,162.62 3,729.06 4,804.15 16,469.62
share. Potential dilutive equity shares are deemed
For the purposes of Consolidated Statement of Cash Accumulated depreciation and impairment
to be converted as at the beginning of the period, As at April 01, 2023 459.90 585.62 911.88 153.20 1,932.14 4,042.74
Flows, cash and cash equivalents comprise the total
unless they have been issued at a later date. Dilutive Charge for the year (Refer note 27) 29.35 567.44 271.31 450.50 446.22 1,764.82
cash and cash equivalents as disclosed in note 9
potential equity shares are determined independently Impairment for the year (Refer note 3.1) 5.29 3.30 0.57 0.30 118.24 127.70
adjusted for Bank overdraft repayable on demand.
for each period presented.
Disposals for the year (Refer note 3.2) (428.16) (261.01) (237.83) (42.61) (1,416.30) (2,385.91)
2.25.Operating segment 2.27.Events occurring after the balance sheet date. As at March 31, 2024 66.38 895.35 945.93 561.39 1,080.30 3,549.35
Charge for the year (Refer note 27) 10.58 1,137.70 289.31 791.94 627.79 2,857.32
Operating segments are reported in a manner Based on the nature of the event, the group identifies
Impairment for the year (Refer note 3.1) 1.61 29.36 - 12.50 95.60 139.07
consistent with the internal reporting provided to the the events occurring between the balance sheet date
Disposals for the year (45.69) (43.13) (27.79) (53.94) (497.24) (667.79)
chief operating decision maker. The Managing Director and the date on which the Consolidated financial
As at March 31, 2025 32.88 2,019.28 1,207.45 1,311.89 1,306.45 5,877.95
and Group Chief Executive Officer has been identified statements are approved as ‘Adjusting Event’ and ‘Non-
Net carrying value
as the chief operating decision maker of the group. adjusting event’. Adjustments to assets and liabilities
As at March 31, 2024 40.96 1,403.87 307.53 1,484.48 1,291.01 4,527.85
are made for events occurring after the balance sheet
As at March 31, 2025 32.03 3,689.60 955.17 2,417.17 3,497.70 10,591.67
The Group identifies primary segments based on the date that provide additional information materially
dominant source, nature of risks and returns and the affecting the determination of the amounts relating 3.1 This pertains to certain closed dark stores and inactive kitchens where the carrying value has exceeded its
internal organization and management structure. to conditions existing at the balance sheet date or recoverable amount.
The operating segments are the segments for which because of statutory requirements or because of their
3.2 This primarily pertains to inactive kitchen assets which are fully depreciated and disposed off during the year.
separate financial information is available and for special nature. For non-adjusting events, the group
which operating profit/loss amounts are evaluated may provide a disclosure in the Consolidated financial
regularly by the chief operating decision maker in statements considering the nature of the transaction.
4. Goodwill and other intangible assets
deciding how to allocate resources and in assessing Non-
Vendor Customer Trademark Computer
performance, the analysis of geographical segments is 2.28. Exceptional items Technology compete Total Goodwill
Relationships contracts and Others software
based on the areas in which major operating divisions asset
The Group considers exceptional items to be those which Gross carrying value
of the Group operate.
derive from events or transactions which are significant As at April 01, 2023 - 872.79 929.51 2,478.90 62.40 120.40 4,464.00 4,484.07
for separate disclosure by virtue of their size or incidence Additions during the year - - - - - - - -
Segment revenue, segment expenses have been
in order for the user to obtain a proper understanding of Acquisition on business combination 279.00 - 189.00 - - - 468.00 3,816.08
identified to the segments on the basis of their
the Group's financial performance. These items include, (Refer note 43)
relationship to the operating activities of the segment.
but are not limited to, impairment charges, restructuring Deletions / adjustments during the year - - - (18.81) (48.00) (0.94) (67.75) -
costs and profits and losses on disposal of subsidiaries, As at March 31, 2024 279.00 872.79 1,118.51 2,460.09 14.40 119.46 4,864.25 8,300.15
Inter-segment revenue is accounted for on the basis
contingent consideration and other one-off items which Additions during the year - - - 14.99 - - 14.99 -
of transactions which are primarily determined based
on market / fair value factors. meet this definition. To provide a better understanding Deletions / adjustments during the year - - - - - - - -
of the underlying results of the period, exceptional items As at March 31, 2025 279.00 872.79 1,118.51 2,475.08 14.40 119.46 4,879.24 8,300.15
Revenue and expenses directly attributable to are reported separately in the Consolidated Statement Accumulated amortisation and
of Profit and Loss. impairment
segments are reported under each reportable
As at April 01, 2023 - 305.77 166.72 724.87 55.33 13.93 1,266.62 1,226.33
segment. Revenue and Expenses which are not directly
identifiable to any reporting segment have been 2.29.Recent accounting pronouncements Amortisation for the year (Refer note 27) 27.25 251.66 110.22 136.87 4.48 22.70 553.18 -
Deletions / adjustments during the year - - - (18.81) (48.00) (0.94) (67.75) -
allocated to respective segments based on Gross The Ministry of Corporate Affairs (“MCA”) notifies new
Impairment for the year - - 22.54 43.96 2.59 - 69.09 109.15
Order Value, number of orders, number of employees, standards or amendments to the existing standards
As at March 31, 2024 27.25 557.43 299.48 886.89 14.40 35.69 1,821.14 1,335.48
and other suitable basis as reviewed by CODM. under Companies (Indian Accounting Standards) Rules
Amortisation for the year (Refer note 27) 46.51 251.66 110.12 125.03 - 19.59 552.91 -
as issued from time to time. As of 31 March 2025, MCA
2.26.Statement of cash flow As at March 31, 2025 73.76 809.09 409.60 1,011.92 14.40 55.28 2,374.05 1,335.48
has not notified any new standards or amendments to
Net carrying value
Cash flows from operating activities are reported the existing standards applicable to the Group that
As at March 31, 2024 251.75 315.36 819.03 1,573.20 - 83.77 3,043.11 6,964.67
using the indirect method set out in Indian Accounting have not been applied.
As at March 31, 2025 205.24 63.70 708.91 1,463.16 - 64.18 2,505.19 6,964.67
226 Swiggy Limited Annual Report 2024-25 227
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
Impairment of cash generating units conditions and trends. The estimated cash flows for a period of 5 years were developed using internal forecasts,
The Group evaluates for impairment if cash generating units (CGUs) have identified impairment triggers. Impairment and a discount rate of 24.5%.
is recognised, when the carrying amount of CGUs including goodwill, exceeds the estimated recoverable amount of
CGU. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the cash (v) As at March 31, 2025, the estimated recoverable amount of CGU's other than SuprDaily and Private Brands has
generating unit (CGU), which benefit from the synergies of the acquisition. A CGU is the smallest identifiable group exceeded its carrying amount and accordingly, no impairment is recognised.
of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of
(vi) An analysis of the sensitivity of the computation to a change in key assumptions (discount rates and long-term
assets. CGUs which have goodwill allocated to them are tested for impairment at least annually.
average growth rate), based on any reasonable change, did not identify any probable scenario in which the
The Goodwill acquired through business combinations has been allocated to the following CGU’s till the year ended recoverable amount of the Supply chain and distribution and Out of home consumption CGUs would decrease
March 31, 2025 and March 31, 2024 : below its carrying amount for the year ended March 31, 2025 and March 31, 2024.
As at As at 5. Investment in an associate
Particulars
March 31, 2025 March 31, 2024
As at As at
Supply chain and distribution (Refer note 4(i)) 3,816.08 3,816.08
March 31, 2025 March 31, 2024
Out of home consumption (Refer note 4(ii)) 3,148.59 3,148.59 Non-current
Platform Innovation Unquoted - Equity method
Private Brands (Refer note 4(iii)) 109.15 109.15 Investment in preference shares of associate
SuprDaily (Refer note 4(iv)) 1,226.33 1,226.33 Loyal Hospitality Private Limited *
Total 8,300.15 8,300.15 (689,358 Series B5 CCPS of ` 10.00 each, fully paid up) (March 31, 2024: 689,358) 577.83 603.58
Less: Impaired (Refer note 4(iii), (iv) and 4(v)) (1,335.48) (1,335.48) 577.83 603.58
Net 6,964.67 6,964.67
* On March 01, 2023, the Group had sold one of its business undertaking on slump sale basis to Loyal Hospitality
(i) The recoverable amount of Supply chain and distribution has been determined based on a value in use calculation. Private Limited (LHPL). The sale was for a consideration of ` 670.75 Million. In exchange of the consideration, the
That calculation uses cash flow projections based on financial budgets approved by management covering a six- Group received 689,358 Series B5 CCCPS of face value of ` 10.00 each representing 21.72% of shareholding of LHPL.
year period, and a discount rate of 19.40% as at December 31, 2024. The use of a forecast period exceeding five Based on the terms of the shareholders agreement including a right of the Group to appoint director, the Group has
years is considered appropriate due to the expected high growth. Cash flows beyond that six-year period have significant influence over the investment in accordance with Ind AS 28 ‘Investments in Associates and Joint Ventures’.
been extrapolated using a constant five per cent growth rate. This growth rate does not exceed the long-term
average growth rate of the market. As at year ended March 31, 2025 the Group has not identified any indication Until the year ended March 31, 2025, the Group has recognised share in the net loss of LHPL amounting to ` 92.92 Million
for impairment of assets. (March 31, 2024: ` 67.17 Million). Accordingly, the value of investments has reduced to ` 577.83 as at the reporting date.
(ii) The recoverable amount of out of home consumption has been determined based on a value in use calculation. 6. Investments
That calculation uses cash flow projections based on financial budgets approved by management covering a As at As at
five-year period, and a discount rate of 20.60% as at March 31, 2025. Cash flows beyond that five-year period March 31, 2025 March 31, 2024
have been extrapolated using a constant five per cent growth rate. This growth rate does not exceed the long- Non-current
Unquoted - carried at fair value through other comprehensive income (FVTOCI)
term average growth rate of the market. As at year ended March 31, 2025 the Group has not identified any
Urbanpiper Technology Private Limited (Refer note 6.1) 278.02 278.02
indication for impairment of assets.
(1,260 Series B 0.001% CCPS of ` 100.00 each, fully paid up (March 31, 2024:1,260))
Roppen Transportation Services Private Limited (Refer note 6.2) 10,491.26 10,436.68
(iii) During the year ended March 31, 2024, the Group had assessed the carrying value of the investment in the Private (10 Equity shares of ` 10.00 each, fully paid up (March 31, 2024: 10.00))
Brands considering its restructuring plan to suspend majority of operations except in partial locations in Bangalore (199,948 Series D CCPS of ` 1.00 each, fully paid up (March 31, 2024: 199,948))
with effect from March 2024. Management performed an assessment of the recoverable amount of the CGU Unquoted - carried at amortised cost
based on the future operational plan and projected cashflows, based on such assessment, goodwill and other Investments in Non-Convertible Debentures(NCDs)/bonds * 1,621.41 2,333.77
intangible assets were impaired fully. The recoverable amount of Private Brands has been determined based on Investments in certificate of deposits * 571.70 774.37
the value in use. Value in use has been determined based on future operating plan, projected cash flows, growth 12,962.39 13,822.84
rates, economic conditions and trends. That calculation uses cash flow projections based on financial budgets Current
approved by management covering a five-year period, and a discount rate of 20.10% as at March 31, 2025. Quoted - carried at fair value through profit or loss ("FVTPL")
Investments in mutual fund units 8,297.70 31,053.41
Cash flows beyond that five-year period have been extrapolated using a constant five per cent growth rate. This
Unquoted - carried at amortised cost
growth rate does not exceed the long-term average growth rate of the market.
Investments in commercial papers (Refer note 6.3) - -
(net of Impairment of ` 571.27 Million) (March 31, 2024: 598.15 Million)
(iv) During the year ended March 31, 2022, the Group had assessed the carrying value of the investment in the Investments in Non-Convertible Debentures(NCDs)/bonds * 2,792.88 3,812.62
subsidiary (SuprDaily) considering its restructuring plan to suspend operations in 5 out of 6 cities with effect from Investments in certificate of deposits * 2,139.99 2,418.67
May 2022. Management performed an assessment of the recoverable amount of the CGU based on the future 13,230.57 37,284.70
operational plan and projected cashflows, based on the assessment Goodwill and other intangible assets has
* Investments in Non-Convertible Debentures/bonds and certificate of deposits with financial institutions yield fixed
been impaired in full. The recoverable amount of SuprDaily has been determined based on the value in use.
interest rate.
Value in use has been determined based on future operating plan, projected cash flows, growth rates, economic
228 Swiggy Limited Annual Report 2024-25 229
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
Details of aggregate amount of quoted, unquoted and impairment of investments: 8. Trade receivables
As at As at (Carried at amortised cost)
March 31, 2025 March 31, 2024
Aggregate amount of quoted investments and market value thereof 8,297.70 31,053.41 As at As at
Aggregate amount of unquoted investments 18,466.53 20,652.28 March 31, 2025 March 31, 2024
Aggregate amount of impairment in value of investments 571.27 598.15 Current
Unsecured, considered good* 24,625.46 9,638.50
6.1 During the year ended March 31, 2022, the Group had acquired 5% of shareholding in Urbanpiper Technology Trade receivables - credit impaired 955.61 773.08
Private Limited ("Urbanpiper") in the form of Series B CCPS for a total consideration of ` 373.88 Million. The above Total 25,581.07 10,411.58
CCPS are designated as FVTOCI as they are not held for trading purpose and are not in similar line of business Impairment allowance (allowance for doubtful debts)
as the Group. Further, disclosing their fair value fluctuation in profit or loss will not reflect the purpose of holding. Trade receivables - credit impaired (955.61) (773.08)
As at March 31, 2025, there is no change in the fair value of the aforesaid Investment and accordingly, no gain/
Net 24,625.46 9,638.50
loss has been recorded.
* Includes unbilled revenue
6.2 During the year ended March 31, 2023, the Group had acquired 1,99,948 Series D CCPS and 10 equity in Roppen
Transportation Services Private Limited (“Rapido”) constituting 15.10% on a fully diluted basis for ` 9,505.00 Million. 8.1 The allowance for doubtful debts as of March 31, 2025 and March 31, 2024 and changes in the allowance for
Rapido is engaged in providing services as on-demand technology-based transportation aggregator for two- doubtful debts during the year ended and as on that date are as follows:
wheelers and four-wheeler vehicles and operates through the mobile application ‘Rapido’. During the year ended
As at As at
March 31, 2025 pursuant to a new round of funding in Rapido, the share holding of the company has been revised March 31, 2025 March 31, 2024
to 12.02%. The Group basis the shareholders agreement (‘SHA”) had the right to nominate and appoint 1 (one) Opening balance 773.08 723.33
Nominee Director in the board of Rapido subject to the terms contained in the SHA and the Articles of Association
Add: Transfer of provision through business combination - 55.80
of Rapido. The Group has issued an irrevocable waiver letter basis which it has waived its right to appoint a
Add: Provision of trade receivables - credit impaired 187.97 547.31
director on an irrevocable and unconditional basis till 31 December 2025 (“Waiver”). Basis such waiver of rights,
the Group concluded that it has no significant influence on Rapido and hence it is not an associate as per Ind AS Less: Write offs (5.44) (553.36)
28 ‘Investments in Associates and Joint Ventures’ and hence the Group has recognised the investments in Rapido Closing balance 955.61 773.08
as an investment at FVTOCI. Basis the fair valuation of the aforesaid investment during the year ended March
31, 2025, the Group has recorded FVTOCI gain in the Consolidated Statement of Profit and Loss amounting to 8.2 No trade or other receivable are due from directors or other officers of the Group either severally or jointly with
` 54.58 Million (March 31, 2024: ` 931.68 Million). any other person. Nor any trade or other receivable are due from firms or private companies respectively in which
any director is a partner, a director or a member. Also refer note 39(b)(i) and note 35 for further details.
6.3 The Group, as part of its treasury operations, invested in commercial papers aggregating to ` 598.15 Million, with
'Infrastructure Leasing and Financial Services Limited and its subsidiary' (IL&FS Group), which were due for maturity 8.3 Trade receivables are non - interest bearing and are generally on terms of 0 to 60 days.
on February 15, 2019 amounting to ` 368.73 Million and July 11, 2019 amounting to ` 229.42 Million, the aforesaid
amount and interest there on has not been received when it was due. As a result of increased credit risk in relation 8.4 Trade receivables ageing
to outstanding balance from IL&FS Group and the uncertainty prevailing on IL&FS Group due to the proceedings Outstanding from the due date of payment
pending with the National Company Law Tribunal (NCLT), Management had provided for full amount ` 598.15 Unbilled
dues Less than 6 months 1-2 2-3 More than
Million for impairment in the value of commercial papers during the year ended March 31, 2019. During the year Total
6 months - 1 year years years 3 years
ended March 31, 2025, the Company recovered `26.88 million from the investment that was previously considered As at March 31, 2025
doubtful and impaired, accordingly has reversed the impairment provision to the extent of such recovery.
(i) Undisputed trade receivables – 2,409.05 22,188.00 13.96 14.45 - - 24,625.46
considered good
7. Inventories (ii) Undisputed trade receivables – 137.83 250.28 105.31 184.90 228.53 48.76 955.61
As at As at credit impaired
March 31, 2025 March 31, 2024 As at March 31, 2024
Raw material 6.30 61.07 (i) Undisputed trade receivables – 1,391.07 8,226.12 9.98 11.33 - - 9,638.50
Stock in trade (at lower of cost and net realizable value) 548.58 425.83 considered good
554.88 486.90 (ii) Undisputed trade receivables – 42.41 232.71 105.57 342.29 28.28 21.82 773.08
credit impaired
230 Swiggy Limited Annual Report 2024-25 231
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
9. Cash and cash equivalents 12. Income tax assets
As at As at As at As at
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Cash in hand 30.98 22.70 Non-current
Cheques in hand 99.60 87.46 Tax deducted at source 1,251.70 1,603.01
Balances with banks 1,251.70 1,603.01
- in current accounts 9,965.10 7,059.18
- in deposit account (with original maturity of less than three months) 2,210.00 1,701.17 13. Other assets
12,305.68 8,870.51 As at As at
March 31, 2025 March 31, 2024
Non-current
10. Bank balances other than cash and cash equivalents
Capital advances(i) 243.45 78.67
As at As at Balance with statutory and government authorities(iii) 293.49 301.52
March 31, 2025 March 31, 2024 Prepaid expense 477.85 155.80
Deposits with original maturity greater than three months but less than twelve months 1,014.79 535.99
Bank deposit 20,511.42 5.63 Current
Earmarked balance with banks (refer note 10.1) 149.04 - Prepaid expense 968.23 719.20
Advance to suppliers(ii) 700.65 681.90
Margin money deposit (refer note 10.2) 30.00 32.37
Balance with statutory and government authorities(iii) 1,437.40 1,297.94
20,690.46 38.00 Others 444.09 80.63
3,550.37 2,779.67
10.1 Earmarked balance pertains to amounts withheld from IPO proceeds, net of offer expense.
10.2 Represents the margin money deposits with banks as security against the term loans/overdraft/credit card/bank
(i)
Net off allowances for doubtful advances of ` 37.52 Million (March 31, 2024: ` 21.28 Million).
guarantee facilities. (ii)
Net off provision for advances of ` 189.17 Million (March 31, 2024: ` 172.74 Million).
11. Other financial assets (iii)
Includes ` 104.48 Million as amount paid under protest towards dispute on GST input credit (March 31, 2024: ` 104.48
(Carried at amortised cost) Million). During the year ended March 31, 2022, in the writ petition filed before the Hon'ble High Court of Karnataka,
the Hon'ble Court had decided the matter in favour of the Group and had directed the department to refund the
As at As at entire amount i.e., ` 275.15 Million to the Group, of which the Group had received ` 170.67 Million till the year ended
March 31, 2025 March 31, 2024
March 31, 2025 (March 31, 2024 : ` 170.67 Million).
Non-current
Unsecured, considered good
14. Equity share capital
Security deposits(i) 1,963.13 948.89
Bank deposits with more than 12 months maturity 6,920.00 - As at As at
8,883.13 948.89 March 31, 2025 March 31, 2024
Current A. Authorised share capital
Unsecured, considered good Equity shares of ` 1.00 each.
Bank deposits 8,889.35 2,846.30 2,800,000,000 (March 31, 2024: 2,800,000,000) 2,800.00 2,800.00
Margin money deposit (Refer note 10.2) 2,716.27 1,549.39
Total (A) 2,800.00 2,800.00
Security deposits(i) 172.72 297.01
Instruments entirely equity in nature
Amount recoverable from payment gateways 3,094.80 2,689.47
Balance with delivery partners 248.49 61.04 0.01% compulsorily convertible cumulative preference shares of ` 10.00 each.
Brand promotion receivable(ii) 976.45 704.90 Series A - 61,440 (March 31, 2024: 61,440) 0.61 0.61
Others(iii) - 119.89 Series B - 85,000 (March 31, 2024: 85,000) 0.85 0.85
16,098.08 8,268.00 Series C - 111,766 (March 31, 2024: 111,766) 1.12 1.12
Series D - 29,800 (March 31, 2024: 29,800) 0.30 0.30
(i)
Net off provision for deposits of ` 41.94 Million (March 31, 2024: ` 46.57 Million).
Series E - 102,960 (March 31, 2024: 102,960) 1.03 1.03
(ii)
Net off provision for receivables of ` 124.63 Million (March 31, 2024:` 101.07 Million). Series F - 80,290 (March 31, 2024: 80,290) 0.80 0.80
(iii)
Pertains to amount recoverable from selling shareholders towards the IPO expenses. Series G - 118,850 (March 31, 2024: 118,850) 1.19 1.19
Series H - 247,750 (March 31, 2024: 247,750) 2.48 2.48
Series I - 47,637 (March 31, 2024: 47,637) 0.48 0.48
Series I-2 - 133,357 (March 31, 2024: 133,357) 1.33 1.33
232 Swiggy Limited Annual Report 2024-25 233
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
As at As at (a) Reconciliation of shares outstanding at the beginning and at the end of the reporting year:
March 31, 2025 March 31, 2024 (i) Equity share capital
Series J - 100,238 (March 31, 2024: 100,238) 1.00 1.00
No. of shares Amount
Series J2 - 123,411 (March 31, 2024: 123,411) 1.23 1.23
As at April 01, 2023 26,573,839 26.57
Series K1 - 10,800,000 (March 31, 2024: 10,800,000) 108.00 108.00
Issued during the year 3,491,846 3.49
0.01% compulsorily convertible cumulative preference shares of ` 10,000.00 each.
As at March 31, 2024 30,065,685 30.06
Series K - 108,000 (March 31, 2024: 108,000) 1,080.00 1,080.00
Issued during the year 2,256,415,196 2,256.42
0.01% compulsorily convertible cumulative preference shares of ` 1,000.00 each. As at March 31, 2025 2,286,480,881 2,286.48
Bonus CCCPS - 162,997,600 (March 31, 2024: 162,997,600) 162,997.60 162,997.60
Total (B) 164,198.02 164,198.02 (ii) 0.01% compulsorily convertible cumulative preference shares ("CCCPS")
Total (A+B) 166,998.02 166,998.02 As at March 31, 2025 As at March 31, 2024
No. of shares Amount No. of shares Amount
B. Issued, subscribed and fully paid-up share capital
Series A
As at As at At the beginning of the year 61,340 0.61 61,340 0.61
March 31, 2025 March 31, 2024
Converted during the year (61,340) (0.61) - -
(i) Equity shares of ` 1.00 each
At the end of the year - - 61,340 0.61
Equity share capital* 2,286.48 30.06
Total (A) 2,286.48 30.06
Series B
* Consists of Equity share capital of ` 2,286,480,881.00 (March 31, 2024: ` 30,065,688.00)
At the beginning of the year 84,345 0.84 84,345 0.84
Converted during the year (84,345) (0.84) - -
(ii) Instruments entirely equity in nature
At the end of the year - - 84,345 0.84
As at As at
March 31, 2025 March 31, 2024 Series C
0.01% compulsorily convertible cumulative preference shares (CCCPS) of At the beginning of the year 111,766 1.12 111,766 1.12
` 10.00 each Converted during the year (111,766) (1.12) - -
Series A - Nil (March 31, 2024: 61,340) - 0.61 At the end of the year - - 111,766 1.12
Series B - Nil (March 31, 2024: 84,345) - 0.84
Series C - Nil (March 31, 2024: 111,766) - 1.12 Series D
Series D - Nil (March 31, 2024: 29,793) - 0.30 At the beginning of the year 29,793 0.30 29,793 0.30
Series E - Nil (March 31, 2024: 102,956) - 1.03 Converted during the year (29,793) (0.30) - -
Series F - Nil (March 31, 2024: 80,280) - 0.80 At the end of the year - - 29,793 0.30
Series G - Nil (March 31, 2024: 118,843) - 1.19
Series H - Nil (March 31, 2024: 247,714) - 2.48 Series E
Series I - Nil (March 31, 2024: 47,637) - 0.48 At the beginning of the year 102,956 1.03 102,956 1.03
Series I-2 - Nil (March 31, 2024: 133,357) - 1.33 Converted during the year (102,956) (1.03) - -
Series J - Nil (March 31, 2024: 100,238) - 1.00 At the end of the year - - 102,956 1.03
Series J2 - Nil (March 31, 2024: 123,411) - 1.23
Series K1 - Nil (March 31, 2024: 10,721,700) - 107.22 Series F
0.01% compulsorily convertible cumulative preference shares of ` 10,000.00 At the beginning of the year 80,280 0.80 80,280 0.80
each
Converted during the year (80,280) (0.80) - -
Series K - Nil (March 31, 2024: 95,361) - 953.61
At the end of the year - - 80,280 0.80
0.01% compulsorily convertible cumulative preference shares of ` 1,000.00
each
Series G
Bonus CCCPS - Nil (March 31, 2024: 154,659,400) - 154,659.40
At the beginning of the year 118,843 1.19 118,843 1.19
Total (B) - 155,732.64
Converted during the year (118,843) (1.19) - -
Total (A+B) 2,286.48 155,762.70
At the end of the year - - 118,843 1.19
234 Swiggy Limited Annual Report 2024-25 235
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
As at March 31, 2025 As at March 31, 2024 (b) Terms/rights attached to equity shares
No. of shares Amount No. of shares Amount The Company has only one class of equity shares having par value of ` 1.00 per share (March 31, 2024:
Series H ` 1.00). Each holder of equity share is entitled to one vote per share. All equity rank equally with regard
At the beginning of the year 247,714 2.48 247,714 2.48 to dividends and share in the Company's residual assets. The company declares and pays dividends
in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the
Converted during the year (247,714) (2.48) - -
shareholders in the ensuing Annual General Meeting.
At the end of the year - - 247,714 2.48
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
Series I remaining assets of the Company, after distribution of all preferential amounts. The distribution will be
At the beginning of the year 47,637 0.48 47,637 0.48 in proportion to the number of equity held by the shareholders.
Converted during the year (47,637) (0.48) - -
At the end of the year - - 47,637 0.48
(c) Terms/rights attached to CCCPS
The Company has thirteen classes of 0.01% CCCPS having a par value of ` 10.00 per share (March
Series I2
31, 2024: ` 10.00) Series A to J-2 & K1 CCCPS, one class of 0.01% Series K CCCPS having a par value
of ` 10,000.00 per share (March 31, 2024: ` 10,000.00) and 0.01% Bonus CCCPS having a par value of
At the beginning of the year 133,357 1.33 133,357 1.33
` 1,000.00 March 31, 2024: ` 1,000.00) per share. All CCCPS holders shall carry a cumulative dividend
Converted during the year (133,357) (1.33) - -
rate of 0.01% per annum on an as-if converted basis. Additionally, if the holders of equity shares are
At the end of the year - - 133,357 1.33 paid dividend in excess of 0.01% per annum, the holders of the CCCPS shall be entitled to dividend at
such higher rate. Any dividend proposed by the Board of Directors is subject to shareholders' approval
Series J at the ensuing Annual General Meeting.
At the beginning of the year 100,238 1.00 100,238 1.00
Converted during the year (100,238) (1.00) - - Preference shares of all classes of CCCPS rank pari passu except Bonus CCCPS. Bonus CCCPS
issued to investors shall rank subordinate to the Series A to Series K1 CCCPS but ranks pari-
At the end of the year - - 100,238 1.00
passu to instruments that are outstanding and/or which may be issued by the Company to
investors in all respects including but not limited to voting rights, dividends and liquidation.
Series J2 Bonus CCCPS issued to non-investors shall rank pari passu with their equity shares issued by
At the beginning of the year 123,411 1.23 123,411 1.23 the Company in all respects including but not limited to voting rights, dividends and liquidation.
Converted during the year (123,411) (1.23) - -
At the end of the year - - 123,411 1.23 All classes of 0.01% CCCPS except Bonus CCCPS and Series K CCCPS, Series K1 CCCPS are
convertible into 1,401 equity shares. Series K 0.01% CCCPS are convertible into 1,376 equity
Series K
shares. Bonus CCCPS consist of Class A and Class B CCCPS where Class A Bonus CCCPS are
convertible into 1 equity share and Class B Bonus CCCPS are convertible into 1.6 equity shares as
At the beginning of the year 95,361 953.61 95,361 953.61
per the terms of the respective shares issue. Series K1 CCCPS are convertible into 1 equity share.
Converted during the year (95,361) (953.61) - -
At the end of the year - - 95,361 953.61 All CCCPS are compulsorily convertible in whole or part into equity shares before the expiry of
nineteen years from the date of issuance. If not converted earlier voluntarily by the holder thereof, shall
Series K1 automatically convert into equity shares at the then applicable CCCPS conversion price only in the
At the beginning of the year 10,721,700 107.22 - - following circumstances, (i) in connection with a Qualified IPO, on the latest permissible date prior to
Converted during the year (10,721,700) (107.22) 10,721,700 107.22 the issue of shares to the public in connection therewith; or (ii) on the day following the completion of
19 (nineteen) years from the date of issuance of the same.
At the end of the year - - 10,721,700 107.22
The holders of 0.01% CCCPS shall be entitled to attend meetings of all shareholders of the
Bonus CCPS Company and entitled to the same number of votes as a holder of 1 (one) equity share, subject
At the beginning of the year 154,659,400 154,659.40 154,659,400 154,659.40 to any adjustment, the number of votes associated with each CCCPS will change accordingly.
Converted during the year (154,659,400) (154,659.40) - -
At the end of the year - - 154,659,400 154,659.40 On winding up of the Company, the holders of preference shares will be entitled to receive remaining
Total - - 166,718,141 155,732.64 assets of the Company, after distribution of all preferential amounts, in priority to the equity shareholders.
Equity shares issued upon a conversion shall be fully-paid and free of all liens, charges and encumbrances.
During the year ended March 31, 2025, 11,963,380 CCCPS (Series A to J-2) having a par value of
` 10.00 per share, 95,361 Series K1 CCCPS having a par value of ` 10,000.00 per share, 154,659,400
Bonus CCCPS having a par value of ` 1,000.00 per share, were converted into Equity shares with face
value of ` 1.00 each.
236 Swiggy Limited Annual Report 2024-25 237
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
(d) Details of shareholders holding more than 5% shares in each class of shares of the Company As at March 31, 2025 As at March 31, 2024
Name of shareholder
Equity shares No. of shares % holding No. of shares % holding
As at March 31, 2025 As at March 31, 2024 Series D
Name of shareholder Number of Number of MIH India Food Holdings B.V - - 18,795 63.09%
% holding % holding
shares shares Tencent Cloud Europe B.V. - - 2,366 7.94%
SVF II SONGBIRD (DE) LLC 172,912,821 7.56% - - Elevation Partner V Ltd.* - - 1,997 6.70%
Times Internet Limited 4,984,322 0.22% 14,411,135 47.93% Accel India IV (Mauritius) Ltd. - - 1,853 6.22%
IIFL Special Opportunities Fund – S - - 4,060,098 13.50% Norwest Venture Partners VII-A-Mauritius - - 1,734 5.82%
360 ONE Special Opportunities - Series 12 - - 3,600,000 11.97% Others - - 3,048 10.23%
MIH India Food Holdings B.V 581,359,885 25.43% 947,076 3.15% - - 29,793 100.00%
Others 1,527,223,853 66.79% 7,047,376 23.45%
2,286,480,881 100.00% 30,065,685 100.00% Series E
Although percentage of holding is less than 5% in some of periods reported above, the number of shares MIH India Food Holdings B.V - - 80,754 78.44%
and percentage holding have been disclosed for comparison purpose. Elevation Partner V Ltd.* - - 7,723 7.50%
Accel India IV (Mauritius) Ltd. - - 6,435 6.25%
Instruments entirely equity in nature Norwest Venture Partners VII-A-Mauritius - - 6,435 6.25%
Others - - 1,609 1.56%
0.01% compulsorily convertible cumulative preference shares ("CCCPS")
- - 102,956 100.00%
As at March 31, 2025 As at March 31, 2024
Name of shareholder Series F
No. of shares % holding No. of shares % holding
MIH India Food Holdings B.V. - - 48,174 60.01%
Series A
Inspired Elite Investments Limited - - 32,106 39.99%
Accel India IV (Mauritius) Ltd. - - 22,928 37.38%
- - 80,280 100.00%
MIH India Food Holdings B.V - - 18,688 30.47%
Elevation Partner V Ltd.* - - 8,415 13.72%
Series G
Tencent Cloud Europe B.V. - - 4,402 7.18%
MIH India Food Holdings B.V - - 40,464 34.05%
Others - - 6,907 11.25%
DST EuroAsia V B.V. - - 40,454 34.04%
- - 61,340 100.00%
Coatue PE Asia XI LLC - - 25,280 21.27%
Inspired Elite Investments Limited - - 12,645 10.64%
Series B
- - 118,843 100.00%
Elevation Partner V Ltd.* - - 22,021 26.11%
Norwest Venture Partners VII-A-Mauritius - - 19,669 23.32%
Series H
Accel India IV (Mauritius) Ltd. - - 16,840 19.97%
MIH India Food Holdings B.V. - - 150,179 60.63%
MIH India Food Holdings B.V - - 12,180 14.44%
Tencent Cloud Europe B.V. - - 40,342 16.29%
Apoletto Asia Ltd - - 6,633 7.86%
HH BTPL Holdings II Pte. Ltd. - - 14,384 5.81%
Others - - 7,002 8.30%
Others - - 42,809 17.27%
- - 84,345 100.00%
- - 247,714 100.00%
Series C
Series I
Norwest Venture Partners VII-A-Mauritius - - 30,815 27.57%
MIH India Food Holdings B.V. - - 30,170 63.33%
Elevation Partner V Ltd.* - - 26,572 23.77%
Inspired Elite Investments Limited - - 3,606 7.57%
Accel India IV (Mauritius) Ltd. - - 25,955 23.22%
Tencent Cloud Europe B.V. - - 6,034 12.67%
Apoletto Asia Ltd - - 8,515 7.62%
Ark India Food-Tech Private Investment Trust - - 2,759 5.79%
MIH India Food Holdings B.V - - 7,477 6.69%
Others - - 5,068 10.64%
Others - - 12,432 11.13%
- - 47,637 100.00%
- - 111,766 100.00%
238 Swiggy Limited Annual Report 2024-25 239
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024
Name of shareholder Name of shareholder
No. of shares % holding No. of shares % holding No. of shares % holding No. of shares % holding
Series I2 Bonus CCCPS
MIH India Food Holdings B.V. - - 47,071 35.30% Sriharsha Majety - - 85,575,000 55.33%
INQ Holding LLC - - 30,170 22.62% Lakshmi Nandan Reddy Obul - - 33,721,800 21.80%
Alpha Wave Ventures, LP - - 18,102 13.57% Rahul Jaimini - - 25,454,800 16.46%
Lathe Investment Pte. Ltd. - - 15,085 11.31% Others - - 9,907,800 6.41%
Accel Leaders 3 Holdings (Mauritius) Ltd - - 13,576 10.18% - - 154,659,400 100.00%
Amansa Investments Ltd - - 9,051 6.79%
* Formerly known as SAIF Partners India V Ltd.
Others - - 302 0.23%
- - 133,357 100.00% (e) Shares reserved for issue under options :
For details of shares reserved for issue under the employee stock option plan of the Company, refer note
Series J 33 for details.
MIH India Food Holdings B.V. - - 34,413 34.33%
INQ Holding LLC - - 13,714 13.68% (f) Information regarding issue of shares in the last five years:
Alpha Wave Ventures, LP - - 13,714 13.68%
i. During the year ended March 31, 2024, the Company acquired 100% of shareholding in Lynks
Accel Leaders 3 Holdings (Mauritius) Ltd - - 8,228 8.21%
Logistics Limited ("Lynks") for a consideration of ` 3,855.39 Million, the consideration was discharged
CGH AMSIA S.à r.l. (R.C.S. Luxembourg : - - 8,228 8.21% through issue of Series K1 CCCPS amounting to ` 3,836.97 Million being non-cash consideration
B184.756)
in the form of issue of 10,721,700 fully paid up Series K1 CCCPS of ` 10.00 each and the balance
West Street Global Growth Partners - - 6,396 6.38%
has been discharged through cash. Effective December 25, 2023, Lynks was acquired by Scootsy
(Singapore) PTE. LTD.
for a consideration of ` 3,855.39 Million. Refer Note 43 (a).
TIMF Holdings - - 6,857 6.84%
Amansa Investments Ltd - - 5,485 5.47% ii. During the year ended March 31, 2023, the Group had allotted 18,011,135 fully paid up equity
Others - - 3,203 3.20% shares of face value ` 1.00 each to Times Internet Limited pursuant to acquisition of Dineout
- - 100,238 100.00% business as a going concern on a slump exchange basis.
Series J2 iii. During the year ended March 31, 2022, the Group had issued and allotted 163,105,600 compulsorily
convertible cumulative preference shares as fully paid up bonus shares (Bonus CCCPS) having face
SVF II Songbird (DE) LLC - - 123,411 100.00%
value of ` 1,000.00 each to the existing equity shareholders whose names appeared in the register
- - 123,411 100.00%
of members of the Group as on December 31, 2021 in the proportion of 1,400 Bonus CCCPS for
every 1 equity share held by the shareholders.
Series K
OFI Global China Fund LLC - - 28,844 30.25% iv. During the year ended March 31, 2022, the Group had allotted 6,737 number of equity shares in the
Alpha Wave Ventures, II LP - - 19,296 20.23% nature of sweat equity shares for satisfaction of conditions agreed between investors, shareholders
Baron Emerging Markets Fund - - 11,578 12.14% and the directors of the Company.
Others - - 35,643 37.38%
- - 95,361 100.00%
Series K1
The Ramco Cements Limited - - 2,407,244 22.45%
Ramco Industries Limited - - 2,195,777 20.48%
Rajapalayam Mills Limited - - 585,723 5.46%
P.R.Venketrama Raja - - 3,593,671 33.52%
Lynks Shareholders' Trust - - 1,782,918 16.63%
Others - - 156,367 1.46%
- - 10,721,700 100.00%
240 Swiggy Limited Annual Report 2024-25 241
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
15. Other equity 16. Borrowings
As at As at (Carried at amortised cost)
March 31, 2025 March 31, 2024
(i) Reserve and surplus As at As at
Securities premium March 31, 2025 March 31, 2024
At the beginning of the year 200,578.57 196,311.14 Non-current
Addition during the year, on conversion of CCCPS 153,645.10 -
Secured
Addition during the year, on issue of shares 44,874.62 3,729.76
Term loan from financial institution (Refer note 16.1) - 959.77
Addition during the year, on exercise of share options 6,724.39 537.67
Utilization towards share issue expenses (1,153.42) - - 959.77
404,669.26 200,578.57 Current
Share based payment reserve Secured
At the beginning of the year 14,858.63 9,328.78
Loan repayable on demand
Share based payment expense (Refer note 25) 11,631.25 6,144.86
Working Capital facilities from banks (Refer note 16.2) - 179.42
Share options exercised during the year (6,724.39) (537.67)
Effect of modification of equity settled share based payment to cash settled (83.61) (77.34) Other Loans
payment Current Maturities of long term borrowings (Refer note 16.1) - 631.82
Transfer to retained earning on cancellation of vested options (19.35) - Working Capital facilities from banks (Refer note 16.2) 282.34 130.00
19,662.53 14,858.63
Overdraft from banks (Refer note 16.2) - 210.85
Retained earnings
At the beginning of the year (294,245.71) (270,743.28) 282.34 1,152.09
Loss for the year (31,167.99) (23,502.43)
Transfer from share based payment reserve on cancellation of vested options 19.35 - 16.1 During the year ended March 31, 2024, one of the subsidiary company had availed term loans from financial
Total reserve and surplus (325,394.35) (294,245.71) institutions amounting to `1,079.72 Million, carrying an interest rate ranging from 8.39% to 8.75% p.a. payable
in 10 quarterly installments. The term loan is primarily secured by its current assets, fixed assets and Corporate
(ii) Items of other comprehensive income Guarantee from the Company to the extent of 100% of the loan amount and collateral security to the extent of
At the beginning of the year 960.42 17.49 30% through fixed deposits of the Company. During the current year, the subsidiry company has fully repaid the
Re-measurement gain/ (loss) on defined benefit plans (Refer note 32(b)) (44.05) 11.25 term loan. Accordingly, the outstanding balance as at March 31, 2025, is Nil.
Changes in fair value of equity instruments carried at FVTOCI 54.58 931.68
970.95 960.42 16.2 The Company availed working capital demand loan of `282.34 Million (March 31, 2024: `520.27 Million) from banks
Total other equity (i) + (ii) 99,908.39 (77,848.09) carrying an interest rate ranging from 7.80-10.65% p.a. (March 31, 2024: 10.30-10.35%), repayable in 90 days.
The facility is secured by a pari-passu charge over the current assets and movable fixed assets of the Company.
Nature and purpose of reserves: Additionally, the facility is supported by a corporate guarantee from the Holding Company and margin money
Securities premium deposits amounting to 60-80% of the facility, lien marked in favor of the bank. The Company is regular in making
Securities premium represents the premium on issue of shares. The reserve can be utilised only for limited purpose quarterly returns to the bank in respect of the overdraft facility availed and agree with the books of account. The
such as issue of bonus shares, utilisation towards the share issue expenses etc. in accordance with the provisions of Company has met all the covenants under the arrangement as at March 31, 2025 and March 31, 2024.
Companies Act, 2013.
17. Trade Payables
Share based payment reserve (Carried at amortised cost)
The employee stock options reserve represents the expenses recognised at fair value on the grant date, on the issue
of Employee stock option plan (ESOPs) to employees of the Group and its subsidiary companies, under Swiggy ESOP As at As at
March 31, 2025 March 31, 2024
2015 (formerly known as Bundl ESOP 2015), Swiggy ESOP 2021 (formerly known as Bundl ESOP 2021) and Swiggy
ESOP 2024. Current
Total outstanding dues of micro enterprises and small enterprises (refer note 17.2) 602.83 347.92
Retained earnings Total outstanding dues of creditors other than micro enterprises and small 17,577.60 8,461.06
enterprises
Retained earnings are the profits/(loss) that the Group has earned/incurred till date, less any transfers to other reserves,
dividends or other distributions paid to shareholders. Retained earnings is a free reserve available to the Company and 18,180.43 8,808.98
eligible for distribution to shareholders, in case where it is having positive balance representing net earnings till date.
Other comprehensive income/loss
Other comprehensive income includes re-measurement (loss)/ gain on defined benefit plans (net of taxes), that will
not be reclassified to Consolidated Statement of Profit and Loss and equity instruments fair valued through other
comprehensive income (net of taxes).
242 Swiggy Limited Annual Report 2024-25 243
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
17.1 Terms and conditions for above financial liabilities: 19. Contract liabilities
- Trade payables are non-interest bearing and are normally settled on 30-60 day terms. As at As at
March 31, 2025 March 31, 2024
- For explanation on Group's liquidity risk management, refer note 39.
Non -Current
17.2 Details of dues to micro enterprises and small enterprises: Contract liabilities 276.42 290.12
The dues to Micro and Small enterprises as defined in “The Micro, Small & Medium Enterprises Development Act, 276.42 290.12
2006” are as follows: Current
Contract liabilities 217.32 209.35
As at As at 217.32 209.35
March 31, 2025 March 31, 2024
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting year. 602.83 347.92 20. Provisions
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting 3.24 0.86
year.
As at As at
March 31, 2025 March 31, 2024
(iii) The amount of interest paid along with the amounts of the payment made to the supplier - -
beyond the appointed day during each accounting year. Non-current
(iv) The amount of interest due and payable for the period of delay in making payment (which 10.46 - Provision for employee benefits
have been paid but beyond the appointed day during the year) but without adding the Provision for gratuity (Refer note 32(b)) 489.81 391.10
interest specified under the MSMED Act 2006.
489.81 391.10
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year. - 3.11
Current
(vi) The amount of further interest remaining due and payable even in the succeeding years, - -
until such date when the interest dues as above are actually paid. Provision for employee benefits
Provision for gratuity (Refer note 32(b)) 126.74 116.17
17.3 Trade payable ageing*: Provision for compensated absences 798.66 671.08
Outstanding from the due date of payment 925.40 787.25
Unbilled
Not due Less than More the
dues 1-2 year 2- 3 years Total
1 year 3 years 21. Other liabilities
As at March 31, 2025 As at As at
(i) Micro and small enterprises 12.49 359.01 225.51 2.44 2.11 1.27 602.83 March 31, 2025 March 31, 2024
(ii) Others 9,680.82 4,172.55 3,433.25 118.66 86.19 86.13 17,577.60 Current
Total 9,693.31 4,531.56 3,658.76 121.10 88.30 87.40 18,180.43 Statutory liabilities 2,804.26 1,795.41
As at March 31, 2024 Advance from customers 14.18 61.33
(i) Micro and small enterprises 10.12 261.61 73.33 0.92 0.71 0.11 346.80 2,818.44 1,856.74
(ii) Others 4,480.11 1,831.17 2,026.30 51.94 52.67 19.99 8,462.18
22. Revenue from operations
Total 4,490.23 2,092.78 2,099.63 52.86 53.38 20.10 8,808.98
Year ended Year ended
* There are no material disputed trade payables, hence the same is not disclosed in the ageing schedule.
March 31, 2025 March 31, 2024
Sale of services
18. Other financial liabilities
Revenue from platform services 86,314.48 60,764.23
(Carried at amortised cost)
Revenue from supply chain services 4,470.75 3,272.29
As at As at
March 31, 2025 March 31, 2024 90,785.23 64,036.52
Non Current Sale of goods
Advance Received 42.98 - Revenue from sale of food 355.07 1,269.02
42.98 - Revenue from sale of traded goods 59,320.94 45,420.85
Current 59,676.01 46,689.87
Amount payable to merchants 6,308.81 4,810.55 Other operating income (Refer note 2.6) 1,806.31 1,747.51
Employee related liabilities 835.77 683.37 1,806.31 1,747.51
Capital creditors 1,881.95 99.82 152,267.55 112,473.90
Security deposit received 404.32 460.32
Others 447.21 340.10 Disaggregation of revenue as per Ind AS 115: The entire source of revenue is in India and the category of revenue is
the same as disclosed above.
9,878.06 6,394.16
244 Swiggy Limited Annual Report 2024-25 245
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
Timing of rendering of services (c) The transaction price allocated to the remaining performance obligations as at March 31, 2025 and March 31,
2024.
Year ended Year ended
March 31, 2025 March 31, 2024 As at As at
Revenue from services March 31, 2025 March 31, 2024
Services rendered at a point in time 83,978.51 59,286.92 To be recognised within one year 231.50 270.68
Services rendered over time 8,613.03 6,497.11 To be recognised in more than one year 276.42 290.12
92,591.54 65,784.03 507.92 560.80
Revenue from sale of goods
(d) Reconciliation of Revenue from platform services and Revenue from sale of food with the contracted price*:
Goods transferred at a point in time 59,676.01 46,689.87
59,676.01 46,689.87 Year ended Year ended
March 31, 2025 March 31, 2024
152,267.55 112,473.90
Revenue from platform services
Contract balances Contracted price 88,528.59 61,252.71
Less: Discounts (2,214.11) (488.48)
The following table provides information about trade receivables, contract liabilities and advance from customers:
86,314.48 60,764.23
Year ended Year ended Revenue from sale of food
March 31, 2025 March 31, 2024 Contracted price 445.27 1,573.70
Trade receivables (Refer note 8 and 22.1) 24,625.46 9,638.50 Less: Discounts (90.20) (304.68)
Contract liabilities (Refer note 19 and 22.2 (a)) 493.74 499.47 355.07 1,269.02
Advance from customers (Refer note 21 and 22.2 (b)) 14.18 61.33
* There is no material adjustment made to contract price for revenue recognised as 'Revenue from supply chain service's, 'Revenue from
sale of traded goods' and 'Other operating income'.
Notes:
21.1. Trade receivables are non-interest bearing and generally carry credit period of 0 to 60 days. These include unbilled 23. Other income
receivables which primarily relate to the Group’s rights to consideration for work completed but not billed at the Year ended Year ended
reporting date. March 31, 2025 March 31, 2024
Interest Income under the effective interest method on financial assets carried at
21.2 Contract liabilities relates to payments received in advance of performance against which amount has been amortised cost
received from customer but services are yet to be rendered on the reporting date. Contract liabilities are recognized - Bank and other deposits 2,105.71 1,145.41
evenly over the period of service, being performance obligation of the Group. - Security deposits 100.79 64.22
Income on investments carried at fair value through profit or loss 1,389.66 2,401.47
(a) Changes in contract liabilities during the year ended March 31, 2025 and March 31, 2024 are as follows:
Profit on sale of property, plant and equipment 23.11 -
Year ended Year ended
Gain on termination of Leases 201.11 73.25
March 31, 2025 March 31, 2024
Provision/ Liabilities no longer required written back 50.13 118.85
Balance at the beginning of the year 499.47 350.41
Others 91.19 66.39
Add: Unearned revenue 1,198.83 1,626.37
3,961.70 3,869.59
Less: Revenue recognised during the year
Out of opening unearned revenue (208.38) (340.80)
24. Cost of materials consumed
Out of unearned revenue received during the year (996.18) (1,136.51)
Year ended Year ended
Balance at the end of the year 493.74 499.47
March 31, 2025 March 31, 2024
Inventory at the beginning of the year 61.07 51.39
(b) Changes in advance from customers during the year ended March 31, 2025 and March 31, 2024 are as follows:
Add: Purchases of raw material 228.83 620.51
As at As at
Less: Inventory at the end of the year (6.30) (61.07)
March 31, 2025 March 31, 2024
Cost of material consumed 283.60 610.83
Balance at the beginning of the year 61.33 133.22
Less: Revenue recognised during the year (2,016.87) (734.41)
Add: Advances received during the year 1,969.72 662.52
Balance at the end of the year 14.18 61.33
246 Swiggy Limited Annual Report 2024-25 247
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
25. Employee benefits expense Year ended Year ended
March 31, 2025 March 31, 2024
Year ended Year ended
March 31, 2025 March 31, 2024 Consumables 903.30 478.38
Salaries, wages and bonus 13,052.07 13,513.57 Allowances for doubtful debts and receivables 220.21 635.89
Contribution to provident and other fund (Refer note 32(a)) 233.58 244.09 Allowances for doubtful advances 16.44 172.74
Share based payments* (Refer note 33) 11,728.45 5,962.62 Miscellaneous expense* 208.48 425.37
Staff welfare 474.52 401.36 23,212.96 16,371.75
25,488.62 20,121.64 * The Group, during the year ended March 31, 2024, identified embezzlement of funds in one of the subsidiary by a former junior employee
amounting to ` 326.76 Million over the past periods. The Group has investigated the matter through an external investigation team and has
* Includes cash settled share-based expenses amounting to ` 97.20 Million for the year ended March 31, 2025 (March 31, 2024 : reversal of
also filed a legal complaint against the former junior employee and also recorded expenses towards the same.
expenses ` 182.24 Million).
26. Finance costs 29. Exceptional items
Year ended Year ended
Year ended Year ended
March 31, 2025 March 31, 2024
March 31, 2025 March 31, 2024
Impairment on property, plant and equipment (Refer note 3 and 29.1 below) 88.81 127.70
Interest expense on Financial liabilities measured at amortised cost:
Expenses/ (reversals) incurred towards Initial Public Offer (Refer note 29.2 below) 28.20 -
- Borrowings 159.59 76.67
Impairment on goodwill and other intangible assets (Refer note 4) - 178.24
- Lease liabilities 810.23 601.74
117.01 305.94
Others* 36.04 35.62
1,005.86 714.03
29.1 Impairment provision of ` 88.81 Million (March 31, 2024: ` 127.70 Million) with respect to property, plant and
* Includes ` 35.65 Million (March 31, 2024: ` 35.35 Million) pertaining to interest cost on defined benefit obligations (Refer note 32). equipment pertains to certain closed dark stores and inactive kitchens where the carrying value has exceeded
the recoverable amount has been provided during the year.
27. Depreciation and amortisation expense
Year ended Year ended 29.2 Pertains to listing expenses incurred by the Company in connection with public offer of equity shares.
March 31, 2025 March 31, 2024
Property, plant and equipment (Refer note 3) 2,857.32 1,764.82 30. Earnings per share
Right-of- use assets (Refer note 40) 2,712.52 1,887.85 Basic Earnings Per Share' and 'Diluted Earnings Per Share' amounts are calculated by dividing the loss for the year
Other intangible assets (Refer note 4) 552.91 553.18 attributable to shareholders of the company by the weighted average number of equity shares outstanding during
the year.
6,122.75 4,205.85
The following reflects the income and share data used in the basic and diluted loss per equity share (EPS)
28. Other expenses
computations:
Year ended Year ended
March 31, 2025 March 31, 2024 Year ended Year ended
March 31, 2025 March 31, 2024
Technology and cloud infrastructure cost 3,467.02 2,956.96
Face value of equity share ( ` ) 1.00 1.00
Outsourcing support 6,477.94 3,787.91
Loss attributable to equity shareholders of the Company (` in Million) - (A) (31,167.99) (23,502.43)
Supply chain management services 5,421.87 2,551.09
Weighted average number of equity shares outstanding 2,212,617,747 30,065,685
Payment gateway 1,827.51 1,394.35
Weighted average number of CCCPS outstanding and vested ESOPs 58,325,629 2,166,228,682
Rent 450.57 289.91
Weighted average number of equity shares in calculating basic and diluted EPS - (B) 2,270,943,376 2,196,294,367
Legal and professional fees 808.52 1,075.99
Basic and diluted loss per equity share (`) - (A/B) (13.72) (10.70)
Travelling and conveyance 502.27 443.41
Recruitment 101.73 65.50
Note:
Repairs and maintenance
- Others 1,068.00 635.70 Unvested ESOPs outstanding as at March 31, 2025 and March 31, 2024 are anti-dilutive in nature and accordingly
Power and fuel 979.14 566.89 have not been considered for the purpose of calculation of EPS.
Insurance 506.92 497.03
Loss on disposal / write off of property, plant and equipment (net) - 152.45
Rates and taxes 186.42 190.41
Printing and stationery 36.46 28.05
Postage and courier 30.16 23.72
248 Swiggy Limited Annual Report 2024-25 249
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
31. Income taxes Disclosure of Gratuity plan as per Ind AS 19
Reconciliation of tax expense and the accounting profit multiplied by India's domestic tax rate for the As at As at
year ended March 31, 2025 and March 31, 2024. March 31, 2025 March 31, 2024
A. Change in defined benefit obligation
Year ended Year ended
March 31, 2025 March 31, 2024 Obligation at the beginning of the year 507.27 484.17
Loss before income tax (31,167.99) (23,502.43) Addition on account of business combination - 4.12
Tax at India's statutory income tax rate of 34.94% (March 31, 2024 : 34.94%) (10,890.10) (8,211.75) Current Service cost 131.84 122.71
Tax effect of : Interest cost (net) 35.65 35.62
Tax not recognised on account of losses in the Group 10,890.10 8,211.75 Actuarial (gain)/ loss (accounted through OCI) 44.05 (11.25)
Income tax reported in the Consolidated Statement of Profit and Loss - - Benefit paid (102.33) (129.93)
Transfers in 0.07 1.83
(a) Deferred tax Obligation at the end of the year 616.55 507.27
The Group is having net deferred tax assets primarily comprising of deductible temporary differences, unabsorbed B. Current and non-current classification:
depreciation and brought forward losses under tax laws. However, in the absence of reasonable certainty as to Current liability 126.74 116.17
its realization of Deferred Tax Assets (DTA), DTA has not been recognized. Non-current liability 489.81 391.10
616.55 507.27
As at As at
March 31, 2025 March 31, 2024 C. Expenses recognised in the statement of profit and loss:
Deferred tax liability Current service cost 131.84 122.71
Impact on business combination 297.54 258.10 Interest cost (net) 35.65 35.62
Total (A) 297.54 258.10 Net gratuity cost 167.49 158.33
Deferred tax assets D. Remeasurement (gains)/losses in other comprehensive income
Unabsorbed brought forward losses 63,572.82 53,154.92 Actuarial (gains)/ loss due to financial assumption changes 14.86 (0.91)
Unabsorbed depreciation 3,146.94 2,037.19 Actuarial (gains)/ loss due to experience adjustments 29.19 (5.95)
Deductible temporary differences 9,511.13 8,200.99 Actuarial (gains)/ loss due to demographic assumptions changes - (4.39)
Total (B) 76,230.89 63,393.10 Total expenses recognised through other comprehensive income 44.05 (11.25)
Net Deferred tax assets not recognised in the books (B - A) 75,933.35 63,135.00 E. Assumptions
Discount rate (%) 6.50% 7.15%
(b) Tax losses carried forward Salary escalation rate (%) 10.00% 10%-12%
Tax losses for which no deferred tax asset was recognised expire as follows Attrition rate (%) 30.00% 5%-30%
Retirement age (years) 58 58
As at As at
March 31, 2025 March 31, 2024 Mortality rate (%) 100% of IALM 100% of IALM
2012-14 2012-14
Tax losses 181,938.45 152,116.12
Expiry (in years) 2026-2033 2026-2032
The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments
and other relevant factors, benefit obligation such as supply and demand in the employment market.
32. Employment benefit plans
(a) Defined contribution plan The weighted average duration of defined benefit obligation is 4 years (March 31, 2024 : 4 years).
The Group makes contributions to provident fund and pension fund which are defined contribution plan for
qualifying employees. Under the schemes, the Group is required to contribute a specified percentage of the payroll F. The expected maturity analysis of gratuity is as follows (undiscounted basis)
costs to fund the benefits. The Group recognized ` 230.62 Million (March 31, 2024: ` 225.58 Million) for provident
fund and pension fund in the consolidated statement of profit and loss. As at As at
March 31, 2025 March 31, 2024
(b) Defined benefit plan Expected cashflows
0 - 1 year 126.74 116.17
The Group offers Gratuity benefit to employees, a defined benefit plan, Gratuity plan is governed by the Payment
of Gratuity Act, 1972. The Group's gratuity plan is unfunded and provides for a lump sum payment to vested 2 - 5 years 430.62 350.35
employees at retirement, death while in employment or on termination of employment of an amount equivalent 6 - 10 years 188.91 163.51
to 15 days basic salary payable for each completed year of service. Vesting occurs upon completion of five > 10 years 66.23 57.37
continuous years of service.
250 Swiggy Limited Annual Report 2024-25 251
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
G. Quantitative sensitivity analysis for significant assumption is shown as below: Following this resolution, the unissued options under ESOP 2021 were transferred to ESOP 2015, resulting in a
Year ended Year ended revised closing pool of 24,748 options under ESOP 2021 as at March 31, 2024. These options are exercisable into
March 31, 2025 March 31, 2024 a maximum of 34,672,509 equity shares of the Company.
Decrease Increase Decrease Increase
Effect of change in discount rate on DBO ( -/+ 1%) 640.76 593.96 527.11 489.00 During the year ended March 31, 2022, the Company had issued bonus shares in the ratio of 1400:1 to all the
Impact on defined benefit obligation 3.93% (3.66%) 3.91% (3.60%) existing shareholders whose names appear in the register of members of the Company as on December 31,
Effect of change in salary growth rate on DBO (-/+ 1%) 594.45 639.76 489.32 526.38 2021. Hence each option granted under the above schemes would be eligible for 1,401 equity shares. Also for
Impact on defined benefit obligation (3.58%) 3.76% (3.54%) 3.77% the options granted on or after the bonus issues exercise price has been fixed as ` 1,401.00 (fourteen hundred
Effect of change in attrition assumption on DBO (-/+ 50%) 764.95 539.99 637.17 455.94 and one).
Impact on defined benefit obligation 24.07% (12.42%) 25.61% (10.12%)
Effect of change in mortality rate on DBO (-/+ 10%) 616.56 616.53 507.41 507.40 (c) Swiggy ESOP 2024:
Impact on defined benefit obligation 0.00% 0.00% 0.03% 0.03%
The Swiggy ESOP 2024 Plan was adopted pursuant to resolutions passed by the NRC on March 22, 2024, the
The sensitivity analysis presented above may not be representative of the actual change in the defined Board on April 01, 2024, and the shareholders on April 03, 2024. This Plan serves as a successor to the Swiggy
benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as ESOP 2015 Plan. All unallocated/ungranted stock options under the ESOP 2015 Plan, as of April 10, 2024, have
some of the assumptions may be correlated. been made available for grant under the ESOP 2024 Plan. An equivalent number of equity shares (subject to
adjustments) may be issued upon exercise of options under the new Plan, at such price and on such terms and
33. Employee Stock Option Plan (ESOP) conditions as may be determined by the Nomination and Remuneration Committee, in accordance with prevailing
laws. Effective April 10, 2024, the Swiggy ESOP 2015 Plan has been sunset, and all future stock option grants will
The Company has three ESOP schemes namely Swiggy ESOP 2015 (formerly known as Bundl ESOP 2015) and
be made under the Swiggy ESOP 2024 Plan.
Swiggy ESOP 2021 (formerly known as Bundl ESOP 2021) and Swiggy ESOP 2024. These plans are administered by
the Nomination and Remuneration Committee (NRC) and are in compliance with the applicable provisions of the
(d) Establishment of Swiggy Employee Stock Option Trust
Companies Act, 2013, the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, and other
relevant laws. On February 21, 2025, the Company executed a Trust Deed to establish the Swiggy Employee Stock Option Trust
(the "Trust"), a private and irrevocable trust, created exclusively for the benefit and welfare of the employees of
(a) Swiggy ESOP 2015: the Company and its subsidiaries. The primary objective of the Trust is to facilitate the allotment or transfer of
equity shares to eligible employees upon the exercise of vested stock options, in accordance with the respective
The Swiggy ESOP 2015 (formerly known as Bundl ESOP 2015) had been approved by the Board of Directors of
ESOP schemes and the provisions of the Trust Deed. The Trust shall function in accordance with the provisions of
the Company at their meeting held on May 26, 2015 and the shareholders of the Company by way of resolution
the Companies Act, 2013, SEBI (SBEB & SE) Regulations, 2021, and other applicable laws and is governed by the
passed at their Extraordinary General meeting held on June 14, 2015 for granting of aggregate 17,650 options,
Nomination and Remuneration Committee of the Company.
which were amended from time to time basis vide resolutions passed at the General meetings. As of March 31,
2024, the option pool stood at 1,06,201 stock options, convertible into a maximum of 148,787,115 fully paid-up
The following table summarises the movement in stock option granted and weighted average exercise
equity shares of face value INR 1.00 each, based on an exercise ratio of 1 option : 1,401 equity shares. Pursuant
price (WAEP) during the year:
to the recommendation of the Nomination and Remuneration Committee (NRC) at its meeting held on March
22, 2024, and the subsequent approvals of the Board of Directors and shareholders at their meetings held on Swiggy ESOP 2015 (formerly known as Bundl ESOP 2015)
April 01, 2024 and April 03, 2024 respectively, the ESOP pool was further increased to 22,94,87,115 equity shares, As at As at
thereby increasing the pool size by 8,07,00,000 equity shares, subject to grant of such number of options and March 31, 2025 March 31, 2024
on such terms and conditions as may be determined by the Board or the ESOP Committee from time to time, in Outstanding at the beginning of the year 93,205 77,523
accordance with the provisions of the Swiggy ESOP 2015 Plan and any amendments thereto. Effective April 10, Granted 11 31,902
2024, Swiggy ESOP 2015 Plan has been formally sunset and all further grants will be from Swiggy ESOP 2024. Exercised (35,235) (1,781)
Forfeited, expired and surrendered (5,827) (14,439)
(b) Swiggy ESOP 2021: Outstanding at the end of the year 52,154 93,205
Exercisable at the end of the year 34,442 50,786
The Swiggy ESOP 2021 (formerly known as Bundl ESOP 2021) was approved by the Board of Directors at their
meeting held on August 6, 2021, and subsequently by the shareholders through a resolution passed at the
Swiggy ESOP 2021 (formerly known as Bundl ESOP 2021)
Extraordinary General Meeting held on August 10, 2021. The initial pool under the Swiggy ESOP 2021 Plan
consisted of 25,370 stock options, which were subsequently increased to 26,399 stock options as at March 31, As at As at
March 31, 2025 March 31, 2024
2024, pursuant to shareholder resolutions passed at various General Meetings. Each option, upon exercise, is
Outstanding at the beginning of the year 19,545 24,776
convertible into 1,401 fully paid-up equity shares of INR 1.00 each, convertible into maximum of 36,984,999 equity
Granted - -
shares. Further, in accordance with the resolution passed by the shareholders at the Extraordinary General Meeting
Exercised (2,950) (711)
held on March 31, 2023, it was approved that (i) No further grants would be made under the Swiggy ESOP 2021
Forfeited, expired and surrendered (551) (4,520)
Plan, and (ii) 1,651 unissued options from this Plan would be transferred to the Swiggy ESOP 2015 Plan, and
Outstanding at the end of the year 16,044 19,545
(iii) Any future lapses or surrenders of options under the ESOP 2021 Plan would automatically be credited to the
Exercisable at the end of the year 10,231 8,519
ESOP 2015 Plan.
252 Swiggy Limited Annual Report 2024-25 253
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
Swiggy ESOP 2024 Year ended March 31, 2025
As at As at
March 31, 2025 March 31, 2024 ESOP 2015 Plan (formerly known as Bundl ESOP 2015)
Outstanding at the beginning of the year January 01, 2025 October 01, 2024 July 01, 2024 April 1, 2024
to to to to
Granted 85,874,065 -
March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
Exercised - -
Risk free interest rate (% p.a) - - - 6.77%
Forfeited, expired and surrendered (3,254,330) -
Expected life of options granted (years) - - - 3.51
Outstanding at the end of the year 82,619,735 -
Expected volatility (simple average) - - - 42.50%
Exercisable at the end of the year* 8,845 -
Dividend yield (%) - - - -
* Pertains to bereavement of employees. Fair value of the option (`) - - - 448,474.11
Exercise price (`) - - - 1,401.00
Details of weighted average remaining contractual life and exercise prices for the options outstanding at the
reporting date:
Year ended March 31, 2024
No of equity
Exercise price Remaining life ESOP 2015 Plan (formerly known as Bundl ESOP 2015)
No of options shares arising
(`) (years)
out of options January 01, 2024 October 01, 2023 July 01, 2023 April 1, 2023
March 31, 2025 to to to to
March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023
Swiggy ESOP 2015 (formerly known as Bundl ESOP 2015) 52,154 73,067,754 1,401.00 81.68
Risk free interest rate (% p.a) 7.05% 7.12% 6.97% 7.14%
Swiggy ESOP 2021 (formerly known as Bundl ESOP 2021) 16,044 22,477,644 1,401.00 82.44 Expected life of options granted (years) 5.01 5.01 5.01 5.01
Swiggy ESOP 2024 82,619,735 82,619,735 1.00 84.84 Expected volatility (simple average) 55.92% 55.28% 54.97% 54.85%
March 31, 2024 Dividend yield (%) - - - -
Fair value of the option (`) 293,509.50 217,656.14 217,649.22 201,171.55
Swiggy ESOP 2015 (formerly known as Bundl ESOP 2015) 93,205 130,580,205 1,401.00 82.46
Exercise price (`) 1,401.00 1,401.00 1,401.00 1,401.00
Swiggy ESOP 2021 (formerly known as Bundl ESOP 2021) 19,545 27,382,545 1,401.00 82.46
* Weighted average remaining contractual life in years. The expected life of stock options is based on historical data and current expectations and is not necessarily indicative
of exercise patterns that may occur. The expected volatility reflects assumption that the historical volatility over a period
The fair value of the awards are estimated using the Black-Scholes Model for time and non market performance based similar to the life of the options is indicative of future trends, which may also not necessarily be the actual outcome.
options and Monte Carlo simulation model is used for market performance based options. The following table list the
inputs to the models used for Swiggy ESOP plans: 34. Commitments and contingencies
(a) Commitments
Year ended March 31, 2025
(i) Estimated amount of contracts remaining to be executed on capital account and not provided for:
ESOP 2024 Plan As at March 31, 2025, the Company had commitment of ` 937.60 Million (March 31, 2024: ` 321.66 Million),
January 01, 2025 October 01, 2024 July 01, 2024 April 1, 2024 net of advances towards the procurement of property, plant and equipment.
to to to to
March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 (b) Contingent liabilities
Risk free interest rate (% p.a) - 6.56% - 6.62% 6.68% - 7.07% 6.68% - 7.07%
As at As at
Expected life of options granted (years) - 3.5 - 6.5 1.5 - 6.5 1.5 - 6.5 March 31, 2025 March 31, 2024
Expected volatility (simple average) - 57.57% - 68.41% 30% - 63.28% 30% - 50% Claims against the Group not acknowledged as debts:
Dividend yield (%) - - - - (a) Legal claim 1.21 1.21
Fair value of the option (`) - 320.11 - 320.25 193.06 - 320.06 193.06 - 320.17 (b) Income tax demands* - 16.02
Exercise price (`) - 1.00 1.00 1.00
(c) In December 2023, the Company received show cause notices (SCNs) from the GST authorities requiring the
Company to explain why a tax liability of ` 3,267.63 Million along with the applicable interest and penalties
for the period from July 2020 to March 31, 2022, should not be levied and recovered. The alleged amount
pertains to the delivery charges collected from the end user on behalf of the delivery partners.The Company
has filed preliminary objections against the SCN and based on the external independent expert’s advice,
believes it has a strong case on merits.The matter is being closely monitored, and the Company will address
further proceedings as necessary.
(d) The Group is subject to taxation matters that arise from time to time in the ordinary course of business.
Judgement is required in assessing the range of possible outcomes for some of these tax matters, which
254 Swiggy Limited Annual Report 2024-25 255
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
could change substantially over time as each of the matter progresses depending on experience on actual iv. Related parties under Ind AS 24:
assessment proceedings by tax authorities and other judicial precedents. Based on its internal assessment Key management personnel
supported by external legal counsel views, if any, the Group believes that it will be able to sustain its positions
if challenged by the authorities and accordingly no additional provision is required for these matters. Name Designation Date of appointment Date of resignation
Sriharsha Majety Managing Director and Group Chief December 26, 2013 -
(e) The National Restaurant Association of India (“NRAI”) filed a complaint under the Competition Act, 2002 Executive Officer
(“Competition Act”) before the Competition Commission of India (“CCI”) against, inter alia, our Group alleging Lakshmi Nandan Reddy Obul Whole time Director and Head of December 26, 2013 -
Innovation
that certain practices of our Group were in violation of the Competition Act. CCI through an order dated
April 04, 2022, directed the Director General (“DG”) to investigate the matter for which the Company has Anand Daniel Nominee Director July 10, 2015 -
cooperated and provided information as requested. The DG has submitted its investigation report to the CCI Ashutosh Sharma Nominee Director August 21, 2017 -
and the CCI has made a copy of the report available to our Group. NRAI has filed a writ petition against the Lawrence Charles lllg Nominee Director March 21, 2019 December 01, 2023
order of the CCI declining its request for access to confidential version of the DG’s report, which is currently Rahul Bothra Chief Financial Officer September 1, 2017 -
pending with the Hon’ble Delhi High Court. The group has been cooperating at each step of the process with Sumer Juneja Nominee Director July 28, 2021 -
the Hon’ble CCI to articulate compliance of its business practice with competition laws in India and lack of Sonal Bhandari Company Secretary January 3, 2022 January 8, 2024
any adverse effect on the competitive environment.
Shailesh V Haribhakti Independent Director January 24, 2023 -
Additionally, the Group is involved in claims through various consumer forums relating to quality of service, Mallika Srinivasan Independent Director January 24, 2023 January 18, 2024
arbitral matters and other disputes that arise from time to time in the ordinary course of business, which are Sahil Barua Independent Director January 24, 2023 April 11, 2025
contested by the Group before the appropriate forums. Certain Writ petitions (including writ petition with Anand Thirumalachar Kripalu Independent Director December 04, 2023 -
respect to Social security benefits for delivery partners filed by Indian Federation of APP-Based Transport Roger Clarks Rabalais Nominee Director December 04, 2023 -
Workers) have also been filed. Management is of the view that the above matters will not have any material Suparna Mitra Independent Director April 01, 2024 -
adverse effect on the Group’s financial position and results of operations. M Sridhar Company Secretary and Compliance April 01, 2024 February 17, 2025
Officer
35. Related party transactions Phani Kishan Addepalli Director March 16, 2023 -
i. Related parties where control exists: Supriya Shankar Director January 15, 2025 -
Wholly owned subsidiaries Arjun Chowdhary Director January 15, 2025 -
Scootsy Logistics Private Limited ("Scootsy") Venkatraman Ramachandran Company Secretary and Compliance May 09, 2025 -
Supr Infotech Solutions Private Limited ("SuprDaily") Officer
Swiggy Sports Private Limited ("Sports") - w.e.f January 15, 2025
v. Details of transactions with the related parties:
Trust under the control of the Company Year ended Year ended
Swiggy Employee Stock Option Trust - w.e.f February 21, 2025 March 31, 2025 March 31, 2024
a. Transaction with associate
Stepdown subsidiary Loyal Hospitality Private Limited
Revenue from platform services - 0.16
Lynks Logistics Limited ("Lynks") - w.e.f August 29, 2023
Expenses towards Rent and utilities 8.10 16.51
Associate company Expenses incurred on behalf of LHPL - 5.73
b. Transaction with subsidiary of associate
Loyal Hospitality Private Limited ("LHPL") - w.e.f March 01, 2023
Loyal Hospitality Kitchens Private Limited
Subsidiary of Associate Revenue from platform services - 6.69
c. Transactions with key managerial personnel:
Loyal Hospitality Kitchens Private Limited ("LHKPL"), w.e.f March 01, 2023
Remuneration to key management personnel:
Short-term employee benefits 102.85 94.81
ii. Related party which have significant influence
Share-based payment 7,434.29 2,270.52
MIH India Food Holdings B.V.(Naspers)
Directors remuneration and sitting fee 28.70 14.94
d. Entities over which key management personnel are able to exercise
iii. Parties over which key management personnel are able to exercise significant influence significant influence:
Vijayawada Hospitalities Private Limited (i) Vijayawada Hospitalities Private Limited
Surendranath Majety (Hotel Minerva) Revenue from platform services 1.11 1.55
(ii) Surendranath Majety (Hotel Minerva)
Revenue from platform services 0.45 0.24
256 Swiggy Limited Annual Report 2024-25 257
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
vi. Details of balance receivable from and payable to related parties are as follows: Year ended Year ended
March 31, 2025 March 31, 2024
As at As at
March 31, 2025 March 31, 2024 Revenue from operations (total segment revenue)
Key managerial personnel Food Delivery 63,617.21 51,918.11
Salary and perquisites payable to key managerial personnel 26.60 9.88 Out of home consumption 2,384.50 1,571.86
Directors remuneration and sitting fee payable to key managerial personnel 21.90 9.34 Quick-commerce 21,295.84 9,785.50
Loyal Hospitality Private Limited Supply chain and distribution 64,175.00 47,796.05
Amount payable to merchants 0.12 - Platform Innovations 883.27 1,719.24
Trade Receivable 3.51 5.73
152,355.82 112,790.76
Loyal Hospitality Kitchens Private Limited
Less: Revenue from operations (inter-segment)
Amount payable to merchants 0.02 -
Food Delivery (88.27) (316.86)
Vijayawada Hospitalities Private Limited
Out of home consumption - -
Amount payable to merchants 0.11 0.11
Surendranath Majety (Hotel Minerva) Quick-commerce - -
Amount payable to merchants 0.02 0.02 Supply chain and distribution - -
All the above related party transactions are carried at arm's length price.
Platform Innovations - -
(88.27) (316.86)
36. Operating Segments Revenue from operations
Operating segments are defined as components of an enterprise for which discrete financial information is available Food Delivery 63,528.94 51,601.25
that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and Out of home consumption 2,384.50 1,571.86
assessing performance. The chief operating decision maker of the group is the Managing Director and Group Chief
Quick-commerce 21,295.84 9,785.50
Executive Officer.
Supply chain and distribution 64,175.00 47,796.05
The business segments comprises of: Platform Innovations 883.27 1,719.24
152,267.55 112,473.90
1. Food Delivery - Food delivery business offer on-demand Food Delivery services through a network of restaurant Segment results
partners and delivery partners, which is available through mobile application and/ or website. Food Delivery 6,025.44 (94.27)
Out of home consumption (282.54) (1,735.96)
2. Out of home consumption - Out-of-home Consumption offerings include restaurant dining solutions (that we
Quick-commerce (18,960.68) (11,846.09)
provide through DineOut) and access to curated outdoor events through SteppinOut.
Supply chain and distribution (2,177.90) (1,338.53)
3. Quick- commerce - Quick commerce offer on-demand grocery and a growing array of household items to users Platform Innovations (734.20) (1,102.59)
through Instamart. (16,129.88) (16,117.44)
4. Supply chain and distribution - Supply Chain and Distribution offer comprehensive supply chain services to Add: Other income 3,961.70 3,869.59
wholesalers, retailers, and fast-moving consumer goods (“FMCG”) brands, leveraging our warehousing capabilities. Less: Share based payment expense (11,728.45) (5,962.62)
We streamline the value-chain and ensure reliable, fast, and cost-effective order fulfilment for wholesalers, retailers
Less: Finance costs (1,005.86) (714.03)
and FMCG companies.
Less: Depreciation and amortization expense (6,122.75) (4,205.85)
5. Platform Innovations - Platform Innovations consists of set of incubators for new service offerings to create more Less: Exceptional items (117.01) (305.94)
frequent and meaningful touchpoints for our users, this segment includes business verticals such as Private Brands, Less: Share of loss of an associate (25.74) (66.14)
Swiggy - Genie, Swiggy-Minis, Insanely Good etc. During the year, two new initiatives Swiggy Sports and Snacc Loss before tax (31,167.99) (23,502.43)
were introduced. Revenue of ` 15,731.23 Million (March 31, 2024: ` 23,573.55 Million) is derived from one major customer (March 31, 2024: two) for the year ended
March 31, 2025. This revenue is attributed to the Supply chain and distribution segment.
258 Swiggy Limited Annual Report 2024-25 259
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
37. Capital Management As at As at
Note
For the purpose of Group's capital management, capital includes subscribed capital (equity and preference), securities March 31, 2025 March 31, 2024
premium and all other equity reserves attributable to the owners of the Company. The primary objective of the Group's Cash and cash equivalents and other balances with banks
capital management is to safeguard the Group's ability to continue as a going concern in order to finance the sustained Cash in hand 38.3 30.98 22.70
growth in the business and to protect the shareholders value. Cheques in hand 38.3 99.60 87.46
Balances with banks - in current accounts 38.3 9,965.10 7,059.18
The Group is predominantly equity financed, which is evident from the capital structure below. The Group determines Deposits with banks (including margin money deposits) 38.3 41,426.08 6,134.86
the capital requirement based on annual operating plans and long-term and other strategic investment plans. The 51,521.76 13,304.20
funding requirements are met through equity and operating cash flows generated. The Group is not subject to any Financial liabilities measured at amortised cost
externally imposed capital requirements.
Borrowings 38.2 282.34 2,111.86
Trade payables 38.1 18,180.43 8,808.98
The capital structure and key performance indicators of the Group as at March 31, 2025 and March 31, 2024 is
Lease liabilities 38.5 16,747.11 6,530.04
as follows:
Other financial liabilities 38.1 9,921.04 6,394.16
As at As at 45,130.92 23,845.04
March 31, 2025 March 31, 2024
I Debt to equity position: (b) Valuation technique to determine fair value
A. Total equity attributable to the shareholders of the Group 102,194.87 77,914.61 38.1 The carrying value of these financial assets and liabilities in the Consolidated Financial Statements are
B. Borrowings (Refer note 16) 282.34 2,111.86 considered to be the same as their fair value, due to their short term nature.
C. Total capital (A+B) 102,477.21 80,026.47
D. Debt to equity ratio (%) (B/A) 0.28% 2.71% 38.2 The carrying value of these financial assets and liabilities in the Consolidated Financial Statements are carried
E. Total borrowings as a % of total capital (B/C) 0.28% 2.64% at amortised cost. The fair value of Investments in Non-Convertible Debentures(NCDs)/Bonds/Certificate of
Deposits for the year ended March 31, 2025 is amounting to ` 7,109.70 Million (March 31, 2024 : ` 9,260.54
F. Total equity as a % of total capital (A/C) 99.72% 97.36%
Million).
II Cash position:
Cash and cash equivalents 12,305.68 8,870.51 38.3 These accounts are considered to be highly liquid / liquid and the carrying amount of these are considered
Other balances with banks 39,216.08 4,433.69 to be the same as their fair value.
Investment in money market instruments 15,423.68 40,392.84
66,945.44 53,697.04 38.4 The fair values of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the
issuers of these mutual fund units in the published statements as at balance sheet date. NAV represents the
38. Disclosures on financial instruments price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem such
(a) Financial instruments by category units from the investors.
The carrying value and the fair value of the financial instruments by categories is as follows: 38.5 Lease liabilities are recognised based on the present value of the remaining lease payments (refer note 40).
As at As at
Note 38.6 The fair values of the unquoted investments in equity instruments have been estimated using one or more of
March 31, 2025 March 31, 2024
Financial assets measured at amortised cost: the valuation techniques such as Discounted cash flow method (“DCF”), Comparable companies multiples
Trade receivables 38.1 24,625.46 9,638.50 method (“CCM”), Option pricing backsolve method ("OPM") and Comparable companies transactions
Security deposits 38.2 2,135.85 1,245.90
multiples method (“CTM”).
Investments in Non-Convertible Debentures(NCDs)/Bonds 38.2 4,414.29 6,146.39
(c) Fair value hierarchy
Investments in certificate of deposits 38.2 2,711.69 3,193.04
Level 1 : Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Balance with delivery partners 38.1 248.49 61.04
Amount recoverable from payment gateways 38.1 3,094.80 2,689.47
Level 2 : Inputs other than quoted price included within Level 1 that are observable for the asset or liability, either
Other receivables 38.1 976.45 704.90
directly (i.e. as prices) or indirectly (i.e. derived from prices).
38,207.03 23,679.24
Financial assets measured at fair value through profit and loss Level 3: Inputs for the assets and liabilities that are not based on observable market data (unobservable inputs)
Investments in mutual fund units 38.4 8,297.70 31,053.41
8,297.70 31,053.41
Financial assets measured at fair value through other comprehensive
income
Investments in equity and preference instruments 38.6 10,769.28 10,714.70
10,769.28 10,714.70
260 Swiggy Limited Annual Report 2024-25 261
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
Fair value hierarchy of assets and liabilities carried at fair value is as follows: Valuation Significant unobservable Sensitivity of input to fair value
techniques inputs measurement
Fair value measurement at the end of the
Assets Balance reporting year* As at March 31, 2024
Level 1 Level 2 Level 3 Investments in equity Option pricing a) Enterprise value to A 5% increase in Revenue multiple would have
As at March 31, 2025 and preference backsolve revenue multiple (Ranging led to approximately ` 364.74 Millions gain in
Investments in mutual fund units 8,297.70 8,297.70 - - instruments method ("OPM") from 9.39x to 30.42x) the Consolidated Financial Statements.
Investments in equity and preference instruments 10,769.28 - - 10,769.28 A 5% decrease in Revenue multiple would have
19,066.98 8,297.70 - 10,769.28 led to approximately ` 364.00 Million loss in the
As at March 31, 2024 Consolidated Financial Statements.
Investments in mutual fund units 31,053.41 31,053.41 - - b) Volatility (50%) A 5% increase in volatility would have led to
Investments in equity and preference instruments 10,714.70 - - 10,714.70 approximately ` 16.88 Millions gain in the
41,768.11 31,053.41 - 10,714.70 Consolidated Financial Statements.
A 5% decrease in volatility would have led
* There has been no transfers between the levels during the current and previous years.
to approximately ` 25.31 Million loss in the
Consolidated Financial Statements.
(d) The following tables shows a reconciliation from the opening balance to the closing balance for level
3 fair values: The above sensitivity analysis are based on a change in an assumption while holding all other assumptions
As at As at constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
March 31, 2025 March 31, 2024
Balance at the beginning of the year 10,714.70 9,783.02 39. Financial risk management
Addition during the year - -
The Group has constituted a Risk Management Committee. The Group has in place a risk management framework to
Deletions during the year - -
identify, evaluate business risks and challenges across the Group both at corporate level and also separately for each
Gain/ (loss) recognised in other comprehensive income during the year 54.58 931.68
Balance as at the end the year 10,769.28 10,714.70
business division. The Group is exposed to various financial risks majorly Credit risk, Liquidity risk, Market risk and Equity
price risk. The Group's senior management oversees the management of these risks with an objective to minimise the
(e) Significant Unobservable inputs used in Level 3 Fair Values impact of these risks based on charters and (in) formal policies.
Valuation Significant unobservable Sensitivity of input to fair value a. Market risk
techniques inputs measurement
As at March 31, 2025
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market prices. Such changes in the values of financial instruments may result from changes in the
Investments in equity Comparable a) Enterprise value to A 5% increase in Revenue multiple would have
and preference Companies revenue multiple (7.22x) led to approximately ` 5.17 Millions gain in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes.
instruments Multiple method Consolidated Financial Statements.
("CCM") with A 5% decrease in Revenue multiple would have The Group's exposure to foreign currency exchange rate risk is very limited, as the Group doesn't have any
Option pricing led to approximately ` 5.31 Million loss in the significant foreign exchange transactions. Further, the Group's investments are primarily in fixed rate interest
method ("OPM") Consolidated Financial Statements. bearing investments. Accordingly, the Group is not significantly exposed to interest rate risk.
b) Volatility (45%) A 5% increase in volatility would have led
to approximately ` 1.46 Millions gain in the i. Interest rate risk:
Consolidated Financial Statements.
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to
A 5% decrease in volatility would have led
to approximately ` 1.39 Million loss in the
changes in market interest rates. As at March 31, 2025, the Group's debt obligation includes working capital
Consolidated Financial Statements. loans from the Banks. Refer note 16 for further details. The impact of possible change in floating rate on the
Discounted cash a) Weighted Average cost A 5% increase in WACC would have led entity's profitability was not material.
flow method of Capital ("WACC") to approximately ` 545.37 Million loss in
("DCF") (Ranging from 14% to 22%) Consolidated Financial statements. b. Credit risk
A 5% decrease in WACC would have led Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
to approximately ` 637.03 Million gain in
contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade
Consolidated Financial Statements.
receivables and unbilled receivables) and from its treasury activities, including deposits with banks and financial
b) Terminal growth rate (6%) A 5% increase in Terminal growth rate would
have led to approximately ` 226.72 Million
institutions, investments in money market and other financial instruments. Credit risk has always been managed
gain in Consolidated Financial Statements. by the Group through credit approvals, established credit limits and continuously monitoring the creditworthiness
A 5% decrease in Terminal growth rate would of customers to which the Group grants credit in the normal course of business.
have led to approximately ` 213.58 Million loss
in Consolidated Financial Statements.
262 Swiggy Limited Annual Report 2024-25 263
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
i. Trade receivables The table below summarises the maturity profile of the Group's financial liabilities at the reporting date. The
Trade receivables consists of receivables from large number of unrelated restaurant partners and receivables amounts are based on contractual undiscounted payments.
from customers which is in the regular course of B2B sales. The Group’s credit risk with regard to receivables
from restaurant is reduced by it's business model which allows it to offset payables to restaurants against Carrying On 0-180 180-365 More than
Total
value Demand days days 365 days
receivables. The Group's trade receivables are non-interest bearing and generally carries credit period of 0
As at March 31, 2025
to 60 days. The Group does not have significant credit risk exposure to any single counterparty. The Group
Borrowings 282.34 282.34 - - - 282.34
does not hold collateral as security. The details of concentration of revenue are provided in note 36.
Lease liabilities (Refer note 40) 16,747.11 - 2,386.43 2,428.38 15,307.53 20,122.34
Trade payables 18,180.43 - 18,180.43 - - 18,180.43
As per Ind AS 109, the Group uses the expected credit loss model to assess the impairment loss. In determining Other financial liabilities 9,921.04 544.95 9,333.11 - 42.98 9,921.04
the impairment allowance (allowance for doubtful debts), the Group has used a practical expedient by 45,130.92 827.29 29,899.97 2,428.38 15,350.51 48,506.15
computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision As at March 31, 2024
matrix takes into account historical credit loss experience as well as the current economic conditions and Borrowings 2,111.86 179.42 668.21 316.59 949.77 2,113.99
is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of Lease liabilities (Refer note 40) 6,530.04 - 1,188.24 1,076.04 5,543.79 7,808.07
the receivables that are due and allowance rates used in the provision matrix. Refer note 28 for the details Trade payables 8,808.98 - 8,808.98 - - 8,808.98
on allowances for doubtful debts and advances and note 9 for the outstanding trade receivable balance Other financial liabilities 6,394.16 598.56 5,795.60 - - 6,394.16
which is subject to credit risk exposure of the Group. 23,845.04 777.98 16,461.03 1,392.63 6,493.56 25,125.20
Outstanding customer receivables are regularly and closely monitored basis the historical trend, the Group d. Equity price risk
provides for any outstanding receivables beyond 180 days which are doubtful, the trade receivables on the The Group does not have any material exposures to equity price risk, other than those mentioned in note
respective reporting dates are net off the allowances which is sufficient to cover the entire life time loss of 38(e) above.
sales recognised including those that are currently less than 180 days outstanding, the total provision of
` 955.61 Million (March 31, 2024: ` 773.08 Million) consists of both these types of accounts.The group has 40. Leases
three (March 31, 2024: four) customers whose receivables are more than 10% of the group total receivables.
The Group has entered into lease contracts for premises to use it for commercial purpose to carry out its business i.e.
office buildings, dark stores, etc. for its operations. These lease contracts of premises have lease terms between 2
ii. Financial instruments and cash deposits
and 10 years. Lease agreements does not depict any restrictions/covenants imposed by lessor. The Group also has
Credit risk from balances with banks and financial institutions is managed by the Group's treasury department certain leases of buildings (temporary spaces) with lease terms of 12 months or less. The Group has elected to apply
in accordance with the Group's approved investment policy. Investments of surplus funds are made primarily the recognition exemption for leases with a lease term (or remaining lease term) of twelve months or less. Payments
in mutual fund units, fixed maturity plan securities, fixed deposits, quoted bonds, certificate of deposits, associated with short-term leases are recognised on a straight-line basis as an expense in Consolidated Statement
commercial papers etc. Investments of certificate of deposits, zero coupon bonds, commercial papers etc., of Profit and Loss over the lease term.
are made only with approved counterparties and within credit limits. Counterparty credit ratings are reviewed
by the Group's Audit Committee on periodic basis. a. The carrying amounts of right-of-use assets recognised and the movements during the year:
Buildings
The Group's maximum exposure to credit risk for the components of the balance sheet is the carrying amounts
Gross Carrying Value
as illustrated in note 6 and the liquidity table below.
As at April 01, 2023 8,015.78
Additions 3,509.35
c. Liquidity risk Impact of business combination 113.16
Liquidity risk is the risk of being unable to meet the payment obligations resulting from financial liabilities, which Disposal/ Derecognition during the year (1,878.15)
may arise from unavailability of funds. The exposure to liquidity risk is closely monitored on Group level using daily As at March 31, 2024 9,760.14
liquidity reports and regular cash forecast reports to ensure adequate distribution. The Group believes that cash Additions* 14,050.07
and cash equivalents and current investments are sufficient to meet its current requirements, accordingly, no Disposal/ Derecognition during the year (1,529.10)
liquidity risk is perceived. As at March 31, 2025 22,281.11
The break up of cash and cash equivalents, deposits and current investments are as follows: Accumulated depreciation
As at April 01, 2023 2,557.53
Charge for the year 1,887.85
As at As at
March 31, 2025 March 31, 2024 Disposal/ Derecognition during the year (563.23)
As at March 31, 2024 3,882.15
Cash and cash equivalents 12,305.68 8,870.51
Charge for the year 2,712.52
Other balance with banks 39,216.08 4,433.69 Disposal/ Derecognition during the year (559.87)
Current Investments 13,230.57 37,284.70 As at March 31, 2025 6,034.80
64,752.33 50,588.90 Net carrying value
As at March 31, 2025 5,877.99
As at March 31, 2024 16,246.31
* Net of adjustments on account of modification
264 Swiggy Limited Annual Report 2024-25 265
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
b. The carrying amounts of lease liabilities (included under financial liabilities) and the movements 41. Compliance with FDI regulation:
during the year: Swiggy Limited has received foreign direct investment (including FII) and therefore, the Group is required to comply
Buildings with regulations applicable to Foreign Direct Investments in e-commerce entities.
As at April 01, 2023 5,996.00
Additions 3,310.26 FDI is governed by (collectively, “Exchange Control Regulations”) (a) the Foreign Exchange Management Act, 1999
Deletions (1,252.96) (including the rules and regulations made thereunder) (“FEMA”), the consolidated FDI policy issued by the Department
Impact of business combination 113.20 for Promotion of Industry and Internal Trade effective October 15, 2020 (“DPIIT”) (“FDI Policy”), Foreign Exchange
Accretion of interest 601.74 Management (Non-Debt Instrument) Rules, 2019 (Notification No. S.O. 3732(E) dated October 17, 2019) as amended
Payment (2,238.20)
from time to time (“NDI Rules”), as amended from time to time, circulars/ notifications issued by the RBI from time to
time, and the policy statements issued by the Government of India/ DPIIT, through press notes (collectively, the “FEMA
As at March 31, 2024 6,530.04
Regulations”).
Additions* 13,462.26
Deletions (1,108.73)
The Group has evaluated the guidance above and has obtained a legal opinion from the external legal counsel to
Accretion of interest 810.23
conclude that with regard to the food delivery, the Group conducts its businesses under the category namely ‘sale
Payment (2,946.69)
of services through e-commerce’. Accordingly, the conditions enumerated in Para 15.2.3 of the NDI Rules are not
As at March 31, 2025 16,747.11
applicable to the Group for the food delivery business and other businesses under the category. Accordingly, the Group
* Net of adjustments on account of modification has not determined any possible exposure on account of compliance with conditions enumerated under PN2 and PN3
in relation to businesses under the category ‘sale of services through e-commerce. In relation to the Instamart business
Current and non-current classification: under category namely ‘sale of goods through e-commerce’, the Group duly complies with the conditions set forth
As at As at under Para 15.2.3 of the NDI Rules including PN2.
March 31, 2025 March 31, 2024
Current liability 3,573.99 1,859.45 42. Additional information pursuant to para 2 of general instructions for the preparation of consolidated
Non-current liability 13,173.12 4,670.59
financial statements:
16,747.11 6,530.04 Share in other
Share in total
Net assets Share in profit and loss comprehensive income/
Year ended March 31, 2025 comprehensive loss
(loss)
c. The amounts recognised in the Consolidated Statement of Profit and Loss:
Amount % Amount % Amount % Amount %
Year ended Year ended
Parent
March 31, 2025 March 31, 2024
Swiggy Limited * 120,096.77 117.52% (25,416.71) 81.55% 13.15 124.88% (25,403.56) 81.53%
Depreciation expense of right-of-use assets (Refer note 27) 2,712.52 1,887.85
Indian subsidiaries
Interest expense on lease liabilities (Refer note 26) 810.23 601.74
Scootsy Logistics Private Limited 13,575.13 13.28% (5,722.58) 18.36% (2.62) (24.88%) (5,725.20) 18.38%
Gain on termination of Leases (Refer note 23) (201.11) (73.25)
Supr Infotech Solutions Private (10,331.62) (10.11%) (760.83) 2.44% - 0.00% (760.83) 2.44%
3,321.64 2,416.34
Limited
Swiggy Sports Private Limited (45.69) (0.04%) (45.79) 0.15% - 0.00% (45.79) 0.15%
Also, refer Consolidated Statement of Cashflows for the details on cashflow with respect to leases.
Indian associate
d. Maturity analysis of lease liabilities - contractual undiscounted cash flows: Loyal Hospitality Private Limited 577.83 0.57% (25.74) 0.08% - 0.00% (25.74) 0.08%
Consolidation Adjustment (21,677.55) (21.22%) 803.66 (2.58%) - 0.00% 803.66 (2.58%)
Year ended Year ended
March 31, 2025 March 31, 2024 Total 102,194.87 100.00% (31,167.99) 100.00% 10.53 100.00% (31,157.46) 100.00%
Less than one year 4,814.81 2,264.29
One to five years 14,378.01 5,449.28
More than five years 929.52 94.50
20,122.34 7,808.07
e. Other disclosures
i. Expenses relating to short-term leases have been disclosed under rent expenses in note 28.
ii. The incremental borrowing rate of 8.39% p.a.(March 31, 2024 : 8.50% p.a.) has been applied to lease liabilities
recognised in the Consolidated Balance Sheet.
266 Swiggy Limited Annual Report 2024-25 267
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
Share in other Amount
Share in total
Net assets Share in profit and loss comprehensive income/
Year ended March 31, 2024 comprehensive loss Liabilities Assumed
(loss)
Amount % Amount % Amount % Amount % Trade Payables
Parent Borrowings 128.41
Swiggy Limited * 90,062.61 115.59% (18,880.32) 80.33% 935.65 99.23% (17,944.67) 79.54% Provision 1,241.14
Indian subsidiaries Other liabilities 4.10
Scootsy Logistics Private Limited (6,987.66) (8.97%) (4,239.72) 18.04% (4.05) (0.43%) (4,243.77) 18.81% Total Liabilities 7.94
Supr Infotech Solutions Private (9,570.79) (12.28%) (1,086.42) 4.62% 11.33 1.20% (1,075.09) 4.77% Total Identifiable net assets at fair value 1,381.59
Limited (428.69)
Indian associate Fair value of intangible assets identified
Loyal Hospitality Private Limited 603.58 0.77% (66.14) 0.28% - 0.00% (66.14) 0.29%
Vendor Relationship 279.00
Consolidation Adjustment 3,806.87 4.89% 770.17 (3.27%) - 0.00% 770.17 (3.41%)
Technology 189.00
Total 77,914.61 100.00% (23,502.43) 100.00% 942.93 100.00% (22,559.50) 100.00%
Total identifiable net assets at fair value 468.00
* formerly known as Swiggy Private Limited, Bundl Technologies Private Limited. Goodwill arising on acquisition 3,816.08
Total purchase consideration 3,855.39
43. Acquisition of Lynks Logistics Limited
On August 29, 2023, the Company has acquired Lynks Logistics Limited ("Lynks") for a purchase consideration of From the date of acquisition till the year ended March 31, 2024, acquired business has contributed ` 3,528.49 Million
` 3,855.39 Million in a swap share agreement with the existing shareholders of Lynks, pursuant to which the Company of revenue and ` 489.36 Million to the loss from operations of the Group. If the combination had taken place at the
has issued 10,721,700 fully paid up Series K1 CCCPS (face value ` 10.00) shares in exchange has acquired 2,235,937,371 beginning of the year ended March 31, 2024, revenue from operations would have been ` 114,699.64 Million and the
fully paid up equity shares of face value of ` 1.00 each representing 100% of shareholding of Lynks. loss for the year ended March 31, 2024 would have been ` 23,854.29 Million.
Lynks is engaged in the business of authorised distribution of fast-moving consumer goods to kirana stores, small The Company incurred acquisition-related costs of ` 3.60 Million on legal fees and due diligence costs. These costs
retailers etc. have been included in ‘legal and professional fees’ under ‘other expenses’. (Refer note 28)
The Company has carried out the purchase price allocation ('PPA') and recorded identified Goodwill, other intangible As on 25 December 2023, the business of Lynks was transferred as a going concern on a slump sale basis to one of its
assets and other assets in the consolidated financial statements on initial acquisition. As part of the aforesaid subsidiaries which does not have impact on Restated Consolidated Financial Information.
transaction, goodwill of ` 3,816.08 Million comprises the value of synergies arising from the acquisition has been
recognised, none of the goodwill recognised is expected to be deductible for income tax purposes. however, the The Group has issued 107,21,700 fully paid up Series K1 CCCPS (face value of ` 10.00 each) as a purchase consideration
intangible assets recognised are eligible for deduction for Income tax purposes. for acquisition of the understanding. The fair value of the share is calculated with reference to the valuation of the of
the Group as at the date of acquisition, which was ` 357.87 each. The fair value of the consideration given is therefore
The purchase price has been allocated based on the Management's estimates and independent appraisal of fair value. ` 3,855.39 Million.
The fair value of identifiable assets and liabilities of Lynks business as at date of acquisition were as 44. On January 15, 2025, Swiggy incorporated a wholly-owned subsidiary, Swiggy Sports Pvt. Ltd., as part of its strategic
follows: initiatives to diversify and expand its presence in the sports and entertainment sector. The newly formed entity is
Amount established with the primary objective of acquiring a franchise in the World Pickleball League – India Edition (“WBPL”).
Assets acquired The WBPL is recognized as India’s first official global franchise-based pickleball league.
Property, Plant and Equipment and Other intangible assets
45. Other notes
Trade receivables 23.10
(i) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
Inventories 215.90
by the Group towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft
Cash and cash equivalents 254.30 rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders
Other assets 136.60 which are under active consideration by the Ministry. The Group will assess the impact and its evaluation once
Total assets acquired 323.00 the subject rules are notified and will give appropriate impact in its financial statements in the period in which
952.90
the Code becomes effective and the related rules to determine the financial impact are published.
268 Swiggy Limited Annual Report 2024-25 269
Financial Statements Financial Statements
Notes to the Consolidated Financial Statements (Contd.) Notes to the Consolidated Financial Statements (Contd.)
for the year ended March 31, 2025 for the year ended March 31, 2025
CIN: L74110KA2013PLC096530 CIN: L74110KA2013PLC096530
(All amount in ` Million, unless otherwise stated) (All amount in ` Million, unless otherwise stated)
(ii) During the year ended, March 31, 2025, the Company has completed its Initial Public Offer (IPO) of 290,468,426 47. Subsequent events
Equity shares of face value of ` 1.00 each at an issue price of ` 390.00 per share (including a share premium of (i) Subsequent to balance sheet date, the Company has allotted 203,525,118 number of equity shares to the
` 389.00 per share). A discount of ` 25.00 per share was offered to eligible employees bidding in the employee's "Swiggy Employee Stock Option Trust" for a consideration of ` 203.53 Million to facilitate the allocation of shares
reservation portion of 336,794 equity shares. The issue comprised of a fresh issue of 115,380,563 equity shares to the employees upon the exercise of vested options, in accordance with the terms and conditions set out in the
aggregating to ` 44,990.00 Million and offer for sale of 175,087,863 equity shares by selling shareholders respective ESOP Scheme and the trust deed.
aggregating to ` ` 68,284.27 Million. Pursuant to the IPO, the equity shares of the Company were listed on National
Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 13, 2024. (ii) Pursuant to the resolutions passed by the Company on April 22, 2025 and May 02, 2025, the Company has
allotted 3,632,264 and 8,629 Equity shares, respectively, pursuant to the exercise of stock options by the eligible
46. Other statutory information: employees, under Swiggy ESOP Plan 2015 & Swiggy ESOP Plan 2021.
(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the
Group for holding any Benami property. As per our report of even date attached for and on behalf of the Board of Directors of
for B S R & Co. LLP Swiggy Limited (formerly known as Swiggy Private Limited, Bundl Technologies
Chartered Accountants Private Limited)
(ii) The Group does not have any transactions with companies struck off. Firm’s Registration Number: 101248W/W-100022
(iii) The group has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets
Sd/- Sd/- Sd/-
or both.
Sampad Guha Thakurta Sriharsha Majety Lakshmi Nandan Reddy Obul
Partner Managing Director & Whole-time Director &
(iv) The Group has not traded or invested in Crypto currency or Virtual Currency. Membership No.: 060573 Group Chief Executive Officer Head of Innovations
DIN: 06680073 DIN: 06686145
(v) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall: Sd/- Sd/-
Rahul Bothra Venkatraman Ramachandran
Chief Financial Officer Company Secretary
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
Place : Bengaluru Place : Bengaluru Place : Bengaluru
behalf of the company (Ultimate Beneficiaries) or
Date : May 09, 2025 Date : May 09, 2025 Date : May 09, 2025
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(vi) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Group shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
(vii) The Group has not made any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such
as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
(viii) None of the entities in the group have been declared wilful defaulter by any bank or financial institution or
government or any government authority.
(ix) The group has complied with the number of layers prescribed under the Companies Act, 2013.
(x) The group has not entered into any scheme of arrangement which has an accounting impact on the Consolidated
Financial Statements.
270 Swiggy Limited Annual Report 2024-25 271
Financial Statements Financial Statements
Independent Auditor’s Report Revenue Recognition
See Note 2.5 and 21 to standalone financial statements
The key audit matter How the matter was addressed in our audit
5. On a sample basis, tested the underlying records including the
attributes from the contracts relating to revenue recognition
To the Members of Swiggy Limited (formerly known as Basis for Opinion and recalculated the revenue amount.
Swiggy Private Limited, Bundl Technologies Private Limited) We conducted our audit in accordance with the Standards 6. Assessed the adequacy of disclosures made in the financial
on Auditing (SAs) specified under Section 143(10) of the Act. statements in accordance with the applicable accounting
Report on the Audit of the Standalone Financial Our responsibilities under those SAs are further described in standards.
Statements the Auditor’s Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are
Opinion Impairment of Investment in and Loans to subsidiaries and associates
independent of the Company in accordance with the Code
We have audited the standalone financial statements of See Note 2.9, 2.12, 5 and Note 6 to standalone financial statements
of Ethics issued by the Institute of Chartered Accountants
Swiggy Limited (formerly known as Swiggy Private Limited, of India together with the ethical requirements that are The key audit matter How the matter was addressed in our audit
Bundl Technologies Private Limited) (the “Company”), its relevant to our audit of the standalone financial statements The Company has investments in subsidiaries amounting to INR In view of the significance of the matter we applied the following
employee welfare trust which comprise the standalone under the provisions of the Act and the Rules thereunder, 31,948 million and INR 671 million in associates and also has audit procedures in this area, amongst others, to obtain audit
outstanding loans receivable of INR 24,141 million from subsidiaries evidence:
balance sheet as at 31 March 2025, and the standalone and we have fulfilled our other ethical responsibilities in as of 31 March 2025.
statement of profit and loss (including other comprehensive accordance with these requirements and the Code of Ethics. 1. Assessed whether the company’s impairment assessment
income), standalone statement of changes in equity and The associate has historically recorded losses which continued accounting policies are consistent with the applicable
We believe that the audit evidence we have obtained is during the current year. Further, the financial statements and audit accounting standards.
standalone statement of cash flows for the year then sufficient and appropriate to provide a basis for our opinion report for the associate for the previous year ended 31 March
ended, and notes to the standalone financial statements, 2. Evaluated the design, implementation and operating
on the standalone financial statements. 2024, has also highlighted disclose material uncertainty with
effectiveness of the processes and internal controls relating to
including material accounting policies and other respect to going concern which requires the Company to assess
it for impairment. impairment of Investments in subsidiaries and associate and
explanatory information. Key Audit Matter(s) related disclosures in the financial statements.
Investments in subsidiaries and associate are accounted for
Key audit matters are those matters that, in our professional 3. Involved valuation specialists to assess the reasonableness of
In our opinion and to the best of our information and at cost less impairment in the Company’s standalone financial
judgment, were of most significance in our audit of the statements. Company’s assessment of impairment contains a the methodology, approach and key assumptions used by the
according to the explanations given to us, the aforesaid Company.
standalone financial statements of the current period. number of parameters which involve significant judgements
standalone financial statements give the information and estimates including revenue growth, cash flow forecasting,
These matters were addressed in the context of our audit 4. Assessed the sensitivity of the outcome of the impairment
required by the Companies Act, 2013 (“Act”) in the manner weighted average cost of capital and other recent financing assessment to a reasonably possible change in key assumptions
of the standalone financial statements as a whole, and
so required and give a true and fair view in conformity with transactions. Changes in these assumptions, could lead to an such as revenue growth rates, EBIDTA growth rates, terminal
in forming our opinion thereon, and we do not provide a impact over fair value of investment and accordingly impairment
the accounting principles generally accepted in India, of growth rate and weighted average cost of capital.
separate opinion on these matters. provision.
the state of affairs of the Company as at 31 March 2025, 5. Assessed the adequacy of the disclosures made in the financial
and its loss and other comprehensive income, changes in Due to the financial quantum of the assets as well as the statements in compliance with the applicable accounting
involvement of critical judgements, estimates and assumptions, standards.
equity and its cash flows for the year ended on that date. annual impairment has been considered as a key audit matter.
Revenue Recognition
See Note 2.5 and 21 to standalone financial statements
Impairment of goodwill
See Note 2.2, 2.3 and 4 to standalone financial statements
The key audit matter How the matter was addressed in our audit
The key audit matter How the matter was addressed in our audit
The Company provides an e-commerce platform to enable In view of the significance of the matter we applied the following
restaurant and other merchant partners to sell their food, grocery, audit procedures in this area, amongst others, to obtain audit The standalone financial statements of the Company as at 31 In view of the significance of the matter we applied the following
and other items to users of platform. The platform is also used to evidence: March 2025 carries goodwill amounting to INR 3,149 million in audit procedures in this area, amongst others, to obtain audit
make restaurant reservations and for various other services. relation to the CGU - Out of Home Consumption. evidence:
1. Assessed whether the company’s revenue recognition policies
The restaurant and other merchant partners utilize the Company’s are consistent with the applicable accounting standards. The annual impairment testing of goodwill within such CGU has 1. Assessed whether the company’s impairment assessment
platform to provide these goods and services to the users of the been considered as a key audit matter considering that the accounting policies are consistent with the applicable
platform on which Company earns commission which is recognised 2. Obtained an understanding and evaluated the design, assessment process is complex and involves significant judgement accounting standards.
as revenue. implementation and tested the operating effectiveness of – to estimate the recoverable amount.
2. Evaluated the design, implementation and operating
The Company operates in a highly tech-driven environment with i. the general IT controls, automated controls, and control The recoverable amount of the CGU, which is the value in use has effectiveness of the processes and internal controls relating to
respect to its platform businesses, where IT systems enable users over system generated reports relevant for revenue been derived from discounted forecast cash flow models. These impairment of goodwill and related disclosures in the financial
of platform to place orders in the platform and order fulfillment by recognition by involving internal Information Technology (IT) models use several assumptions, including estimates of revenue statements.
delivery executives. Accordingly, the Company relies significantly specialists. growth, EBIDTA growth, terminal growth rates and weighted
average cost of capital. 3. Assessed the appropriateness of the assumptions applied to
on its IT systems for the performance of its daily operations. ii. control over reconciliations performed between the revenue key inputs such as revenue growth rate, EBIDTA growth rate,
Considering the complexity and numerous IT systems involved, recorded and collections from the payment gateway. weighted average cost of capital and terminal growth rates.
and significant volume of data processed by these systems, iii. manual journal entry controls to record revenue over Performed sensitivity analysis over key assumptions.
revenue recognition relating to revenue from platform services has monthly basis. 4. Assessed accuracy of Company’s past projections by
been identified as key audit matter.
3. Tested the operating effectiveness of IT dependent manual comparing historical forecast to actual results.
controls. Further, performed analytical procedures and tested 5. Involved internal valuation specialists to assess the
reconciliations between reports generated from Company’s reasonableness of the valuation by evaluating the assumptions,
internal system with general ledger. methodologies and approach used by the Company.
4. Assessed manual journals posted to revenue to identify unusual 6. Verified the adequacy of disclosures made in the financial
or irregular items. statements in compliance with Ind AS 36.
272 Swiggy Limited Annual Report 2024-25 273
Financial Statements Financial Statements
Other Information the Company or to cease operations, or has no realistic are required to draw attention in our auditor’s report 2(B)(f) below on reporting under Rule 11(g) of the
The Company’s Management and Board of Directors are alternative but to do so. to the related disclosures in the standalone financial Companies (Audit and Auditors) Rules, 2014.
responsible for the other information. The other information statements or, if such disclosures are inadequate, to
comprises the information included in the Annual report, The Board of Directors is also responsible for overseeing the modify our opinion. Our conclusions are based on the c. The standalone balance sheet, the standalone
but does not include the financial statements and auditor’s Company’s financial reporting process. audit evidence obtained up to the date of our auditor’s statement of profit and loss (including other
report thereon. The Annual report is expected to be made report. However, future events or conditions may cause comprehensive income), the standalone
available to us after the date of this auditor’s report.
Auditor’s Responsibilities for the Audit of the the Company to cease to continue as a going concern. statement of changes in equity and the
Standalone Financial Statements standalone statement of cash flows dealt with
Our opinion on the standalone financial statements does Our objectives are to obtain reasonable assurance about • Evaluate the overall presentation, structure and content by this Report are in agreement with the books
not cover the other information and we will not express any whether the standalone financial statements as a whole of the standalone financial statements, including the of account.
form of assurance conclusion thereon. are free from material misstatement, whether due to fraud disclosures, and whether the standalone financial
or error, and to issue an auditor’s report that includes statements represent the underlying transactions and d. In our opinion, the aforesaid standalone financial
In connection with our audit of the standalone financial our opinion. Reasonable assurance is a high level of events in a manner that achieves fair presentation. statements comply with the Ind AS specified
statements, our responsibility is to read the other information assurance, but is not a guarantee that an audit conducted under Section 133 of the Act.
identified above when it becomes available and, in doing in accordance with SAs will always detect a material We communicate with those charged with governance
so, consider whether the other information is materially misstatement when it exists. Misstatements can arise from regarding, among other matters, the planned scope and e. On the basis of the written representations
inconsistent with the standalone financial statements or fraud or error and are considered material if, individually or timing of the audit and significant audit findings, including received from the directors as on 01 April 2025
our knowledge obtained in the audit, or otherwise appears in the aggregate, they could reasonably be expected to any significant deficiencies in internal control that we taken on record by the Board of Directors, none of
to be materially misstated. influence the economic decisions of users taken on the basis identify during our audit. the directors is disqualified as on 31 March 2025
of these standalone financial statements. from being appointed as a director in terms of
When we read the Annual report, if we conclude that there We also provide those charged with governance with a Section 164(2) of the Act.
is a material misstatement therein, we are required to As part of an audit in accordance with SAs, we exercise statement that we have complied with relevant ethical
communicate the matter to those charged with governance professional judgment and maintain professional skepticism requirements regarding independence, and to communicate f. the qualification relating to the maintenance of
and take necessary actions, as applicable under the throughout the audit. We also: with them all relationships and other matters that may accounts and other matters connected therewith
relevant laws and regulations. reasonably be thought to bear on our independence, and are as stated in the paragraph 2(A)(b) above
• Identify and assess the risks of material misstatement where applicable, related safeguards. on reporting under Section 143(3)(b) of the Act
Management’s and Board of Directors Responsibilities of the standalone financial statements, whether due and paragraph 2(B)(f) below on reporting under
for the Standalone Financial Statements to fraud or error, design and perform audit procedures From the matters communicated with those charged with Rule 11(g) of the Companies (Audit and Auditors)
responsive to those risks, and obtain audit evidence governance, we determine those matters that were of Rules, 2014.
The Company’s Management and Board of Directors are
that is sufficient and appropriate to provide a basis most significance in the audit of the standalone financial
responsible for the matters stated in Section 134(5) of the
for our opinion. The risk of not detecting a material statements of the current period and are therefore the key g. With respect to the adequacy of the internal
Act with respect to the preparation of these standalone
misstatement resulting from fraud is higher than for audit matters. We describe these matters in our auditor’s financial controls with reference to financial
financial statements that give a true and fair view of the
one resulting from error, as fraud may involve collusion, report unless law or regulation precludes public disclosure statements of the Company and the operating
state of affairs, profit/ loss and other comprehensive
forgery, intentional omissions, misrepresentations, or about the matter or when, in extremely rare circumstances, effectiveness of such controls, refer to our separate
income, changes in equity and cash flows of the Company
the override of internal control. we determine that a matter should not be communicated Report in “Annexure B”.
in accordance with the accounting principles generally
in our report because the adverse consequences of doing
accepted in India, including the Indian Accounting
• Obtain an understanding of internal control relevant to so would reasonably be expected to outweigh the public B. With respect to the other matters to be included in
Standards (Ind AS) specified under Section 133 of the Act.
the audit in order to design audit procedures that are interest benefits of such communication. the Auditor’s Report in accordance with Rule 11 of
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the appropriate in the circumstances. Under Section 143(3) the Companies (Audit and Auditors) Rules, 2014, in
(i) of the Act, we are also responsible for expressing Report on Other Legal and Regulatory Requirements our opinion and to the best of our information and
Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; our opinion on whether the company has adequate 1. As required by the Companies (Auditor’s Report) Order, according to the explanations given to us
selection and application of appropriate accounting internal financial controls with reference to financial 2020 (“the Order”) issued by the Central Government
statements in place and the operating effectiveness of India in terms of Section 143(11) of the Act, we a. The Company has disclosed the impact of
policies; making judgments and estimates that are
of such controls. give in the “Annexure A” a statement on the matters pending litigations as at 31 March 2025 on its
reasonable and prudent; and design, implementation and
specified in paragraphs 3 and 4 of the Order, to the financial position in its standalone financial
maintenance of adequate internal financial controls, that
• Evaluate the appropriateness of accounting policies extent applicable. statements - Refer Note 33(b) to the standalone
were operating effectively for ensuring the accuracy and
used and the reasonableness of accounting estimates financial statements.
completeness of the accounting records, relevant to the
and related disclosures made by the Management and 2 A. As required by Section 143(3) of the Act, we report that:
preparation and presentation of the standalone financial
Board of Directors. b. The Company did not have any long-term
statements that give a true and fair view and are free from
a. We have sought and obtained all the information contracts including derivative contracts for which
material misstatement, whether due to fraud or error.
• Conclude on the appropriateness of the Management and explanations which to the best of our there were any material foreseeable losses.
and Board of Directors use of the going concern basis knowledge and belief were necessary for the
In preparing the standalone financial statements, the
of accounting in preparation of standalone financial purposes of our audit. c. There were no amounts which were required to
Management and Board of Directors are responsible for
statements and, based on the audit evidence obtained, be transferred to the Investor Education and
assessing the Company’s ability to continue as a going
whether a material uncertainty exists related to events b. In our opinion, proper books of account as required Protection Fund by the Company.
concern, disclosing, as applicable, matters related to going
or conditions that may cast significant doubt on the by law have been kept by the Company so far as
concern and using the going concern basis of accounting
Company’s ability to continue as a going concern. If it appears from our examination of those books d (i) The management has represented that, to the
unless the Board of Directors either intends to liquidate
we conclude that a material uncertainty exists, we except for the matters stated in the paragraph best of its knowledge and belief, as disclosed
274 Swiggy Limited Annual Report 2024-25 275
Financial Statements Financial Statements
in the Note 45 (v) to the standalone financial
statements, no funds have been advanced
third party service provider, in the absence
of sufficient and appropriate reporting on Annexure "A" to the Independent Auditor’s Report
or loaned or invested (either from borrowed compliance with audit trail requirements in on the Standalone Financial Statements of Swiggy Limited (formerly known as Swiggy Private Limited, Bundl
funds or share premium or any other sources the independent auditor’s report of a service Technologies Private Limited) for the year ended 31 March 2025
or kind of funds) by the Company to or in organization available from 1 April 2024 to
any other person(s) or entity(ies), including 30 September 2024 and in the absence (Referred to in paragraph 1 under ‘Report on Other Legal (e) According to the information and explanations
foreign entities (“Intermediaries”), with the of independent auditor’s report in relation and Regulatory Requirements’ section of our report of even given to us and on the basis of our examination
understanding, whether recorded in writing to controls at service organization from 1 date) of the records of the Company, there are no
or otherwise, that the Intermediary shall October 2024 to 31 March 2025, we are proceedings initiated or pending against the
directly or indirectly lend or invest in other (i) (a) (A) The Company has maintained proper Company for holding any benami property under
unable to comment whether the feature of
persons or entities identified in any manner records showing full particulars, including the Prohibition of Benami Property Transactions
audit trail (edit log) facility was enabled and
whatsoever by or on behalf of the Company quantitative details and situation of Property, Act, 1988 and rules made thereunder.
operated at the database level to log any
(“Ultimate Beneficiaries”) or provide any Plant and Equipment.
direct data changes.
guarantee, security or the like on behalf of (ii) (a) The inventory, has been physically verified by
the Ultimate Beneficiaries. (B) The Company has maintained proper records the management during the year. In our opinion,
– Further, where audit trail (edit log) facility was
showing full particulars of intangible assets. the frequency of such verification is reasonable
enabled and operated for the respective
(ii) The management has represented that, and procedures and coverage as followed by
accounting softwares, we did not come across (i) (b) According to the information and explanations
to the best of its knowledge and belief, as management were appropriate. No discrepancies
any instance of the audit trail feature being given to us and on the basis of our examination
disclosed in the Note 45 (vi) to the standalone were noticed on verification between the physical
tampered with. of the records of the Company, the Company
financial statements, no funds have been stocks and the book records that were more than
received by the Company from any person(s) has a regular programme of physical verification 10% in the aggregate of each class of inventory.
– Additionally, where audit trail (edit log) facility was of its Property, Plant and Equipment by which
or entity(ies), including foreign entities
enabled and operated in previous year(s), the all property, plant and equipment are verified (b) According to the information and explanations
(“Funding Parties”), with the understanding,
audit trail has been preserved by the Company as in a phased manner over a period of 3 years. given to us and on the basis of our examination
whether recorded in writing or otherwise, that
the Company shall directly or indirectly, lend per the statutory requirements for record retention, In accordance with this programme, certain of the records of the Company, the Company has
or invest in other persons or entities identified except for the instance(s) mentioned below: property, plant and equipment were verified been sanctioned working capital limits in excess
in any manner whatsoever by or on behalf of during the year. In our opinion, this periodicity of of five crore rupees, in aggregate, from banks or
the Funding Parties (“Ultimate Beneficiaries”) • For accounting softwares used for physical verification is reasonable having regard financial institutions on the basis of security of
or provide any guarantee, security or the like maintaining the books of account relating to the size of the Company and the nature of its current assets. However as represented to us by
on behalf of the Ultimate Beneficiaries. to general ledger and payroll records, which assets. No material discrepancies were noticed on the management, the Company is not required to
is operated by a third-party software service such verification. file quarterly returns or statements with the Banks.
(iii) Based on the audit procedures that provider, we are unable to comment whether
have been considered reasonable and the audit trail has been preserved by the (c) The Company does not have any immovable (iii) According to the information and explanations given
appropriate in the circumstances, nothing Company as per the statutory requirements property (other than immovable properties to us and on the basis of our examination of the
has come to our notice that has caused for record retention. where the Company is the lessee and the leases records of the Company, the Company has not made
us to believe that the representations agreements are duly executed in favour of the investments, provided guarantee or security, granted
under sub-clause (i) and (ii) of Rule 11(e), as C. With respect to the matter to be included in the lessee). Accordingly, clause 3(i)(c) of the Order is loans and advances in the nature of loans, secured
provided under (i) and (ii) above, contain any Auditor’s Report under Section 197(16) of the Act: not applicable. or unsecured to firms, limited liability partnership and
material misstatement. other parties. The Company has made investments,
In our opinion and according to the information and (d) According to the information and explanations provided guarantee, security and granted loans to
e. The Company has neither declared nor paid any explanations given to us, the remuneration paid by given to us and on the basis of our examination its wholly owned subsidiaries in respect of which the
dividend during the year. the Company to its directors during the current year of the records of the Company, the Company has requisite information is as below:
is in accordance with the provisions of Section 197 not revalued its Property, Plant and Equipment
f. Based on our examination which included test of the Act. The remuneration paid to any director is (including Right of Use assets) or intangible assets
checks, the Company has used accounting not in excess of the limit laid down under Section 197 or both during the year.
softwares for maintaining its books of account of the Act. The Ministry of Corporate Affairs has not
which have a feature of recording audit trail (edit prescribed other details under Section 197(16) of the
log) facility, and the same has been operating Act which are required to be commented upon by us.
throughout the year for all relevant transactions
recorded in the softwares, except that: For B S R & Co. LLP
Chartered Accountants
• In respect of the accounting softwares used
Firm’s Registration No.:101248W/W-100022
for revenue and delivery cost process, the
feature of audit trail (edit log) facility was
not enabled at the database level to log any Sd/-
direct data changes. Sampad Guha Thakurta
Partner
• In respect of the accounting software used Place : Bengaluru Membership No.: 060573
for payroll records, which is operated by a Date : 09 May 2025 ICAI UDIN:25060573BMOKES9873
276 Swiggy Limited Annual Report 2024-25 277
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