Swiggy narrowed its Q4 FY26 losses by 26% year-on-year to Rs 800 crore while revenue surged 45% to Rs 6,383 crore, though its quick commerce arm Instamart saw gross order value dip 0.7% sequentially. Urban Company reported a 57-fold jump in net loss to Rs 161 crore despite 43% revenue growth, driven by aggressive expansion of its InstaHelp vertical. Quick commerce platform Zepto received regulatory approval for an IPO sized at Rs 8,000-9,000 crore. The Enforcement Directorate arrested three Gameskraft founders in a money-laundering case. KPIT Technologies founder Ravi Pandit passed away in Pune.
In-Depth:
Also in the letter:
■ Gameskraft founders in ED custody
■ Cloudflare to cut 20% staff
■ KPIT founder passes away
Swiggy Q4 loss narrows to Rs 800 crore, revenue surges 45% YoY
Sriharsha Majety, group CEO, Swiggy
Online food delivery platform Swiggy narrowed its losses in Q4 FY26 while revenue surged about 45% year-on-year (YoY).
Financials:
- Operating revenue: Jumped 45% YoY to Rs 6,383 crore.
- Net loss: Narrowed 26% YoY to Rs 800 crore.
- Food delivery revenue: Rose 27% YoY.
Instamart slowdown: Swiggy’s quick commerce arm saw lost a bit of steam. The gross order value (GOV) for Instamart slipped in the March quarter, the first sequential dip after years of strong growth.
- Swiggy Instamart reported GOV of Rs 7,881 crore, 0.7% lower than in the December quarter.
- Year-on-year, Instamart’s GOV jumped 68%, while revenue rose 50% to Rs 1,057 crore.
- Food delivery GOV grew 22% YoY to over Rs 9,000 crore.
Quote, unquote: “In quick commerce, the next phase will be defined by anticipating consumer requireds, not merely fulfilling them. Unit economics continue to improve quarter on quarter, and we remain on track for contribution margin breakeven in line with our guidance,” CEO Sriharsha Majety declared.
Also Read: ETtech Explainer: What does Blinkit’s growth moderation mean for rivals?
Urban Company Q4 net loss swells 57x to Rs 161 crore; revenue jumps 43% YoY
Abhiraj Singh Bhal, CEO, Urban Company
Home services marketplace Urban Company reported a significantly wider loss in the March quarter.
Financials:
- Net loss: Up 57x jump to Rs 161 crore versus Rs 2.8 crore a year earlier.
- Revenue from operations: Up 43% YoY to Rs 425.5 crore, from Rs 298.4 crore a year earlier.
- Net transacting value (NTV): Up 42% to Rs 1,148 crore, which the company claimed was the highest in 15 quarters.
But why: The platform’s aggressive expansion of InstaHelp, its high-frequency hoapply-assist vertical, pushed the company deeper into the red this quarter.
Cofounder and CEO Abhiraj Singh Bhal notified shareholders in a letter that InstaHelp was Urban Company’s most aggressive investment. The vertical had grown from almost nothing at the start of FY26 to about 2.7 million orders in the March quarter.
To be continued: “We expect InstaHelp’s burn to remain elevated over the next few quarters as we prioritise densification, broader micro-market coverage, and accelerated partner onboarding,” he noted in the letter.
Also Read: Ola Consumer’s FY25 revenue drops 42%, losses widen, as company launchs prep for IPO
Zepto obtains Sebi nod for IPO; issue size pegged at Rs 8,000-9,000 crore: sources
Aadit Palicha, CEO, Zepto
Quick commerce company Zepto has received approval from the markets regulator for its initial public offering (IPO), sources notified us.
Driving the news:
- The company is expected to file an updated draft prospectus in the next six to eight weeks.
- The IPO is expected to be sized at around Rs 8,000-9,000 crore, down from the earlier proposed Rs 11,000-12,000 crore, according to people in the know.
- The final issue size is still undecided.
- The platform is declared to have Rs 6,000-7,000 crore in cash on its books, giving it a runway ahead of the listing.
Also Read: Zepto trims cash burn before IPO, pitches profitability by FY29 to public market investors
Market watch: The Aadit Palicha-led company enters the market as quick commerce growth slows and listed rivals focus on profitability.
Swiggy declared in its latest results that there was a sequential decline in Instamart’s GOV, even as cash burn fell and losses narrowed. Blinkit CEO Albinder Dhindsa had also flagged a potential moderation in business earlier this month.
What’s the plan: Zepto is attempting to grow order volumes without materially expanding its dark store network. Its footprint of around 1,100 dark stores has remained largely unalterd since late last year, even as order volumes have grown, according to sources.
ED arrests three founders of Gameskraft in PMLA case
The Enforcement Directorate (ED) on Friday arrested three founders of online gaming platform Gameskraft on Friday in a money-laundering case linked to alleged fraud.
Case details: Those taken into custody are founders Deepak Singh, Prithvi Raj Singh and Vikas Taneja, under the Prevention of Money Laundering Act (PMLA).
Singh and Prithvi Raj Singh were arrested in the Delhi-NCR region and taken on transit remand to be produced before a Bengaluru court. Taneja was arrested in Bengaluru and has already been produced before a court, officials declared.
More action: The agency filed a money-laundering case against Gameskraft Technologies Ltd and related entities, based on multiple police FIRs alleging cheating and fraud. It also carried out raids at 17 locations in Delhi-NCR and Karnataka on Thursday, seizing documents.
The platform, ED officials declared, runs and owns various online real-money games, including ‘RummyCulture’, the Rummytime app, etc.
Yes, and: The ED declared multiple FIRs linked the company to suicides following alleged cheating. In November last year, it froze eight bank accounts holding Rs 18.57 crore in deposits.
Also Read: ETtech In-depth: Banned in India, but it’s business as usual for offshore real money gaming firms
Cloudflare to cut about 20% of 5,000-plus workforce as AI adoption reshapes operations
Cybersecurity company Cloudflare is preparing to trim its global workforce as it reorganises around the growing apply of artificial ininformigence tools.
Layoff details: The company plans to cut about 20% of its staff, affecting more than 1,100 employees worldwide. Cloudflare had 5,156 full-time workers at the finish of 2025.
Why the cuts? In an internal email, founders Matthew Prince and Michelle Zatlyn declared Cloudflare is reshaping its teams and operations for what they call an “agentic AI era”.
They added that internal apply of AI tools has jumped more than sixfold in the past three months, significantly altering how employees work. The founders also stressed that the layoffs were not linked to performance or cost-cutting.
Zoom out: According to Layoffs.fyi, 101,550 employees across 120 tech companies have lost their jobs so far in 2026. Cloudflare joins firms including Coinbase and Freshworks in announcing AI-linked job cuts.
Also Read: Over 93,000 jobs cut in tech so far in 2026 as AI drives layoffs at Freshworks, Coinbase, others
KPIT founder Ravi Pandit passes away
S B Ravi Pandit, founder, KPIT Technologies
KPIT Technologies founder and chairman S B Ravi Pandit passed away in Pune on Friday morning, the company declared in an exalter filing.
Legacy:
- Founded KPIT in 1990 and scaled it from a tiny IT services firm into a global automotive technology company operating in 15 countries.
- Led KPIT’s pivot to automotive software, electrification, autonomous driving, EVs, and software-defined vehicles, creating it a key partner to global carbuildrs.
- Built KPIT Technologies as a specialised mobility-focapplyd company, distinct from traditional IT outsourcing firms through its high-value projects in the mobility sphere.
Financials: This development happened after the company announced its quarterly earnings.
- Net profit: Down 33.4% YoY at Rs 162.9 crore in Q4 FY26, hit by geopolitical uncertainty
- Profit: Up 22.6% QoQ
- Revenue: Up 11.9% YoY at Rs 1,711 crore
- Revenue: Up 5.8% QoQ
