Q4FY26: Swiggy adds users faster than it retains them as food delivery hits 15-quarter high

Short summary

Swiggy's Q4FY26 results show food delivery at a 15-quarter high in gross order value, reflecting strong market adoption. However, the company is adding new users faster than it retains existing ones—a pattern indicating potential churn and declining customer lifetime value. The shareholder letter highlights this retention-acquisition gap and mixed unit economics signals.

• •Food delivery GOV hit 15-quarter high
• •User acquisition outpacing retention
• •Mixed unit economics signals sustainability concerns

Generated with AI, which can make mistakes.