Swiggy Ltd Management Discussions

Overview Indian Economy

Indias economy has emerged as a dynamic force in the global arena, which is marked by sustained growth, demographic strength and expanding international influence. India has recently surpassed Japan to become the fourth-largest economy in the world at current price levels, underscoring its rising prominence in the global economic landscape.

In FY 2024-25, despite headwinds, the Indian economy showed resilience, on the back of strong macroeconomic fundamentals, supportive policy reforms and continued emphasis on sustainability and innovation. According to the second advance estimate from the Ministry of Statistics and Programme Implementation (MoSPI), real GDP is expected to grow by 6.5% in FY 2024-25, following a strong 9.2% expansion in FY 2023-24.

While both private consumption and government expenditure saw notable increases, overall economic momentum remained moderate. Consumer Price Index (CPI) inflation eased to 4.6% in FY 2024-25, down from 5.4% the previous year and is projected to decline further to 3.7% in FY 2025-26.

Indian GDP Growth

*MOSPI Report dated May 30, 2025

#Reserve Bank of India Monetary Policy Committee (MPC) report dated June 6, 2025

$International Monetary Fund (IMF)

Household consumption is expected to remain steady, supported by tax relief measures introduced in the Union Budget for FY 2025-26. On the downside, revised import tariffs may lead to higher input costs, increased consumer prices and additional pressure on supply chains and businesses.

Inflation persisted as a key challenge due to global supply chain disruptions and fluctuating commodity prices. The RBI reduced the repo rate thrice by 100 basis points, bringing it down to 5.5% by June 2025; aimed at enhancing liquidity and stimulating economic activity.

The RBI forecasts GDP growth at 6.5% for FY 2025-26, driven by initiatives such as Make in India, continued infrastructure expansion, digitalisation and structural reforms designed to enhance competitiveness and long-term growth.

Industry Overview

India now ranks as the worlds third most digitalised economy overall and holds the 12^th spot among G20 nations in terms of individual user digital adoption, reflecting a sweeping digital transformation that is fuelling economic growth, expanding employment and promoting inclusive development.

The countrys digital sector continues to outpace traditional areas, with projections estimating it will account for nearly one-fifth of Indias GDP by FY 2030, overtaking the traditional industries. Over the past decade, digitalenabling industries have expanded at an impressive 17.3% annual rate, well above the 11.8% pace of the broader economy - while digital platforms themselves are set to surge by approximately 30% YoY in the coming period.

Indian Hyperlocal Commerce Market

Indias hyperlocal delivery market is undergoing rapid transformation, reshaping both consumer shopping habits and business operations. This model, which focuses on delivering goods within a limited geographic area quickly, has seen significant growth, particularly post-pandemic, as more consumers turned to online platforms for essential products. The convenience of receiving groceries, medicines and meals almost instantly has made hyperlocal delivery a necessity, especially in urban areas. In India, hyper-local commerce platforms accounted for approximately 12%-15% of e-retail GMV (Gross Merchandise Value) in 2024, up from around 5% in 2021. These platforms have built strong traction among lower- middle-income consumers in Tier-2 and smaller cities, attracted by the platforms focus on affordability. At the same time, seller participation has increased significantly, supported by initiatives such as zero-commission structures and access to seller financing.

Several factors are driving this rapid expansion, including the demand for speed and convenience, widespread smartphone adoption, affordable internet access and the use of GPS technology for operational efficiency. The pandemic significantly accelerated this shift, while the influence of social media and the rise of impulsive buying has further boosted demand for quick deliveries.

The hyperlocal market also presents significant opportunities for businesses and entrepreneurs. Small and medium-sized enterprises (SMEs) can broaden their customer base by partnering with delivery platforms or building their own systems. Moreover, this sector has generated employment opportunities ranging from delivery personnel to logistics management, helping address urban unemployment. Businesses are adopting innovations like subscription models and flexible delivery options to enhance customer experience. Theres also potential for improved sustainability, as optimised delivery routes and the integration of electric vehicles (EVs) help reduce environmental impact.

However, the hyperlocal delivery market still grapples with several operational and logistical hurdles. The presence of numerous small players has led to a fragmented landscape, while intense competition makes it harder for companies to stand out. Navigating last-mile delivery remains particularly challenging. In this environment, the ability to execute efficiently and maintain consistent service quality will be crucial for long-term growth and success. Despite these hurdles, with strategic use of technology, a focus on customer experience and sustainable practices, businesses can position themselves to thrive in this dynamic and fast- evolving market.

Indian Food Service Market

The Indian food services market, currently valued at USD 77.5 billion, is expanding at a CAGR of 9-10%, with the organised segment expected to outpace the unorganised. This shift is being driven by rising consumer spending on convenience, increased dining-out habits and demand for ready-to-eat options - particularly among younger consumers in metro and Tier-1 cities who view eating out as a lifestyle choice. The emergence of modern, innovative brands is further accelerating this trend. Both online and dine-in channels are contributing to the sectors momentum. Notably, the share of the organised segment is projected to grow from 45-50% to nearly 60%, reflecting increasing formalisation within the industry.

Source: Swiggy IPO Prospectus - Redseer Report on Indian Hyperlocal Commerce Opportunity dated October 8 2024, Redseer Research and Analysis.

The online food delivery market grew from USD 1.3 billion in 2018 to USD 8.9 billion in 2024 and is projected to reach USD 16-20 billion by 2028; a CAGR of 15-22%. Growth is supported by advancements in delivery logistics, rising popularity of delivery-only brands and broader menu choices. Simultaneously, the offline organised segment is projected to rise from USD 17 billion in 2019 and USD 29 billion in 2024 to USD 60-74 billion by 2030, growing at a CAGR of 13-17%.

Source: Swiggy IPO Prospectus - Redseer Report on Indian Hyperlocal Commerce Opportunity dated October 8 2024, Redseer Research and Analysis.

Consumer behaviour is evolving, with monthly spending on food delivery and dine-outs now surpassing INR 2,000 in urban areas. Increased frequency of dining out, growing interest in desserts and beverages during off-peak hours and the social nature of meals are reshaping the market. Consumers are also becoming more experimental with cuisines, fuelling the growth of new food brands. Multibrand operators are expanding faster than single-brand

peers by launching new formats, acquiring brands and leveraging cloud kitchens for efficiency and reach. Full- service restaurants (FSRs), comprising nearly half of the market, continue to dominate due to their comprehensive dining experiences, which cater to a wide demographic. Their ability to offer diverse cuisines aligns well with Indias culinary variety, further strengthening their appeal amid growing urbanisation and rising disposable incomes.

Indian Quick Commerce Market

Quick commerce is rapidly emerging as a dynamic segment within Indias e-commerce ecosystem, offering delivery of products in as little as 10 to 30 minutes. This model has gained strong traction, particularly in the online grocery space, where it significantly contributes to order volumes and overall e-retail spending. Indian players have scaled operations more efficiently than many global counterparts, benefitting from structural advantages such as dense urban populations, compact delivery zones and access to cost-effective dark stores.

Quick commerce is transforming consumer buying behaviour in India, now accounting for over two-thirds of all e-grocery orders and nearly 10% of total e-retail spending. Unlike global trends, Indian quick commerce players have managed to scale operations profitably, aided by the countrys unique advantages such as high population density and a widespread network of low-rent dark stores. This has created a competitive landscape, enriching the overall consumer experience.

The quick commerce sector in India is projected to grow from USD 5 billion in 2024 to reach USD 27-50 billion at a compound annual rate of over 53-78% through 2028, fuelled by its expansion across product categories, regions and customer demographics. While grocery remains its foundation, 15%-20% of the gross merchandise value (GMV) now stems from non-grocery categories like general merchandise, electronics, mobile phones and apparel. Growth has also extended beyond major urban centres, though the top six metropolitan cities continue to dominate GMV contributions.

Diversification Beyond Groceries

15%-20% of Gross Merchandise Value (GMV) now comes from nongrocery categories.

Includes electronics, fashion, mobile phones and household essentials.

Efforts underway to strengthen unit economics.

Recent Trends in the Indian Quick Commerce Market

Geographical Expansion

? Currently led by major metropolitan areas.

Gradual expansion into Tier 2 and Tier 3 cities.

Evolving Delivery Models

Two-speed fulfilment approach emerging.

Essential items delivered within 15 minutes and Broader catalogue delivered within 60 minutes.

Opportunities	Challenges
? Urban Demand: Rising need for fast delivery of essentials due to busy lifestyles and increasing disposable incomes.	? High Logistics Costs: Fast delivery demands costly infrastructure and reduces margins.
	? Intense Competition: Price wars and discounts might threaten profitability and customer loyalty.
? Digital Penetration: Growth in smartphone and internet usage is expanding the market for quick commerce.	? Rising Customer Expectations: Delays or errors might impact trust and retention.
? Changing Consumer Behaviour: Demand for instant, personalised, 24/7 service supports the growth of quick commerce.	? Regulatory Risks: Legal complexities around data, labour and zoning may disrupt operations.
? Technology Advancements: AI, analytics and automation improve delivery efficiency and customer satisfaction.	? Inventory & Supply Chain Issues: Stock inaccuracies or disruptions could hurt reliability.
? New Product Categories: Expanding into categories beyond groceries (e.g., pet supplies, medicines, electronics).	? Profitability Pressure: High costs and thin margins may delay break-even and increase financial risk.
? Partnership Models: Collaborations with local stores and logistics providers enable faster delivery with lower costs.	? Cybersecurity Threats: Data breaches and digital threats might undermine trust and compliance.
? Tier 2 & 3 City Expansion: Growing digital users and low competition make smaller cities attractive for expansion.	? Environmental Concerns: Frequent deliveries and excess packaging could raise sustainability issues.
? Loyalty & Subscription Models: Boost retention and revenue through free delivery, priority access and personalised rewards.

Company Overview

Swiggy Limited (hereafter referred to as Swiggy or the Company) is Indias pioneering on-demand convenience platform, revolutionising the way consumers access food and essential services. Swiggy offers a gamut of user- friendly offerings that allow customers to browse, select, order and pay for food, groceries and household essentials, with deliveries made directly to their doorstep through its on-demand delivery partner network. The Company was established in 2013 with a mission to enhance the quality of life for urban consumers by offering seamless access to daily essentials. The Company has become a household name in online food delivery by leveraging robust technology, an extensive delivery partner network and a customer-centric approach.

Over the years, Swiggy has diversified its offerings beyond food to include Swiggy Instamart (quick commerce for groceries and household items) and Swiggy Dineout (restaurant table bookings and dining deals). The platform partners with hundreds of thousands of restaurants, delivery executives, brand partners, and retail partners across hundreds of cities, aiming to make everyday convenience accessible and seamless.

Swiggy is backed by prominent investors and continues to focus on innovation, operational excellence and customer satisfaction. Swiggy is shaping the future of digital consumption and last-mile delivery in India.

In FY 2024-25, Swiggy achieved significant milestones with the launch of innovative solutions such as Bolt (10-minute food delivery within a 2-km radius), expanding Quick- commerce to 124 cities and new categories, and improving our tech-stack and adding capabilities like self-serve advertising and priority assignment of delivery partners. The Instamart team grew stronger and a revitalised marketing function enhanced customer engagement, while Dineout (which we had acquired and integrated 3 years ago) broke even. The Company expanded its delivery partner base by 31.3% YoY to over 5 lakh and strengthened relationships with nearly 2.4 lakh restaurant and brand partners, including direct-to-consumer and farm-to-fork providers, during the year under review. Swiggy remains committed to scaling seamless urban convenience services through continuous innovation and deepening engagement across its ecosystem.

? Food Delivery

Swiggys food delivery segment continues to be its core business and provides a comprehensive on- demand food delivery service, linking customers with a wide variety of restaurant partners through its app and website. Currently, Swiggys food delivery service operates in 700+ cities across India, catering to approximately 18 million MTUs. This segment also offers targeted marketing and advertising support to restaurant partners, boosting their visibility on the platform and increasing customer traffic to their outlets.

In FY 2024-25, Swiggys Food Delivery segment demonstrated robust growth, with Gross Order Value (GOV) increasing by 16.4% year-on-year (YoY) to INR 28,783 Crores and Monthly Transacting Users (MTUs) rising by 15% to 14.7 million. This growth was driven by a strategic focus on underserved markets, including the outskirts of major cities and Tier 2 towns; and improved service levels and brand visibility. Innovations like Bolt which has scaled to 500+ cities within six months of launch and now fulfils more than one in every ten Swiggy food orders have been pivotal in attracting new consumers and increasing order frequency within this relatively mature category in Indias consumer internet space. The segment also benefited from the crosspollination of users from Quick Commerce, with nearly 29% of Instamart users new to the Swiggy ecosystem.

? Quick Commerce

Swiggys quick commerce arm, Instamart, focuses on quick delivery of groceries and essential household items. Swiggy successfully pioneered quick commerce in India with the launch of Instamart in 2020. This quick commerce service has since expanded to 124 cities, with a robust network of 1,021 active dark stores pan India. With a dense network of darkstores and a largely- dedicated delivery fleet, delivery times have shrunk to industry best levels of ~12.5 mins. The initial premise of quick-commerce being largely about grocery has also pivoted to darkstores providing a much larger assortment across non-grocery categories as well; which has led to darkstores becoming larger. Instamart has also pioneered larger format darkstores of 8-12k sq ft called "megapods", which can house up to 50k SKUs compared to 10-20k for normal darkstores.

In FY 2024-25, the Quick Commerce segment entered a phase of rapid expansion, with GOV growing by 82% YoY to INR 14,683 Crores and Monthly Transacting Users (MTUs)rising by67%to7.1million.Averageordervalue(AOV) increased by 11.8% YoY to INR 514, driven by broader selection and increased consumer salience. The year also saw the net addition of 498 stores, nearly doubling the store-count and driving up active dark store area to ~4 million sq ft (+161.4% YoY).

? Out-of-home Consumption

Swiggys Out-of-Home consumption segment has two primary services: Swiggy Dineout and Swiggy Scenes. Dineout offers a platform for users to discover restaurants and make reservations, while Scenes is a dedicated platform for booking in-restaurant events, enhancing the companys presence in dining-related services beyond food delivery. The services leverage Swiggys consumer-base and tech-capabilities; cross- pollinating users and brand salience for a stronger relationship with both users and restaurant partners. Dineout was one of the few acquisitions by Swiggy in its journey and was integrated into its unified app a couple of years back. These services strengthen Swiggys presence in the lifestyle and dining space, catering to the evolving preferences of urban consumers seeking premium dining and entertainment options.

Swiggys Out-of-Home consumption segment continues to gain momentum and is steadily moving towards profitability. The Out-of-Home Consumption segment posted significant growth, with GOV up 41.3% YoY to INR 3,084 Crores and Monthly Active Restaurants by 35% to approximately 36k in FY 2024-25. DineOut has already turned profitable, showcasing how Swiggys unified app helps quickly scale complementary businesses by tapping into its strong user base.

? Supply Chain and Distribution

Swiggy, through its subsidiary Scootsy, provides supply chain solutions focused on warehousing, fulfilment and distribution for wholesalers and retailers. Scootsy offers brands comprehensive warehousing services, including in-warehouse processing, packaging and effective inventory management. Its services also cover product distribution directly to wholesalers or retail partners, utilising Swiggys logistics expertise to ensure timely and cost-efficient deliveries. Furthermore, Swiggy collaborates with various brands to help expand their retail presence across India. For FY 2024-25, we managed approximately 4.2 million sq. ft. of warehousing space across 24 cities and had approximately 954 authorized brand distribution partnerships and served approximately 94,000 retailers and wholesalers. By offering fulfilment and distribution support, Scootsy enables these brands to reach a broader audience without requiring extensive in-house logistics capabilities.

? Platform Innovations

As an innovative company, Swiggy continues to experiment to create, test and scale new businesses. These could be adjacencies of existing businesses, or completely new bets that back our mission statement of providing unparalled convenience. For example, Snacc, a platform offering 10-15 minute delivery of fast food, beverages, and Indian tiffin items from nearby locations. Additionally, Pyng, a growing platform extension, is an AI-driven platform designed to simplify access to thousands of verified professionals across 100+ specialisations.

Key Business Strengths -

Pioneer in hyperlocal commerce:

Swiggy has led the hyperlocal commerce space through continuous innovation and customercentric offerings across food delivery and quick commerce.

Expanding user base with strong engagement:

The Companys wide reach across metros and Tier 2 cities drives steady user growth and high order frequency through personalised and convenient services.

V

Trusted partner ecosystem:

Swiggy is a preferred platform for restaurants, merchants, brands and delivery partners, offering scale, reach, fair earnings and operational support.

Strong network effects:

A growing base of users and partners creates a self-reinforcing ecosystem that enhances variety, efficiency and overall platform value.

Experienced leadership and governance:

Swiggy benefits from a seasoned leadership team and robust governance, ensuring agile execution, innovation and long-term strategic focus.

Key Business Strategies

Expand offerings and partnerships:

Swiggy plans to diversify into new verticals like out-ofhome dining and events, while strengthening ties with brands, cooperatives and farm-to-fork suppliers.

Scale Quick Commerce:

The Company aims to aggressively grow its quick- commerce presence by expanding dark store density, enhancing assortments and improving delivery speed.

Invest in tech and logistics:

Swiggy will continue enhancing its technology stack and logistics infrastructure with AI, automation and analytics to boost efficiency and customer experience.

Boost brand visibility:

Through targeted marketing, content engagement and community-building, Swiggy seeks to deepen consumer connection and reinforce its market leadership.

Financial Overview Financial Performance

(in INR Crores)

Consolidated
Particulars	^FY 2024-25	FY 2023-24	Change (%)
Revenue from Operations	15,226.76	11,247.39	35%
Adjusted EBITDA	(1,911.66)	(1,835.57)	(4%)
Profit/(loss) before tax	(3,116.80)	(2,350.24)	(33%)
Profit/(loss) after Tax	(3,116.80)	(2,350.24)	(33%)

On a consolidated basis, Swiggys revenue from operations grew by 35%, reaching INR 15,226.76 Crores in FY 202425 compared to INR 11,24739 Crores in the previous year, demonstrating robust group-wide expansion across all business verticals. The consolidated Adjusted EBITDA loss increased by 4% to INR 1,911.66 Crores, reflecting continued strategic investments in technology, infrastructure and new market opportunities. These results underscore Swiggys focus on sustainable growth and building a scalable ecosystem. The Companys strong revenue momentum and sustained investments lay a strong foundation for longterm success and market dominance in the rapidly evolving food delivery and services sector.

Please refer to Page 348-349 for details on Financial Ratios.

Business Outlook

Swiggy remains firmly committed to its long-term growth aspirations, driven by continuous innovation, enhanced operational efficiency and well-planned expansion into new cities and regions. The Company is focused on attracting new users, strengthening customer loyalty and increasing order frequency across multiple categories. This strategy is being supported by targeted investments in initiatives such as Bolt, Scenes, Megapods, Maxxsaver and new use-cases like Snacc. As Swiggy works towards densifying its network and increasing utilisation, it aims to improve product assortment and reduce delivery times while optimising investments in last-mile infrastructure. With digital adoption rising and consumer spending increasing, Swiggys network is ideally positioned to meet the growing demand in urban and emerging markets. While the company expects heightened competition in the Quick-commerce space, the management expect an improvement in Contribution margin in Quick-commerce going forward. This stability will be driven by several structural improvements, including a higher AOV, growth in advertising revenue, reduced delivery costs through scale and densification and improved efficiency at the store level.

Consumer engagement is being further enhanced through exclusive offerings such as One BLCK, the top-tier of the Swiggy One loyalty programme and a suite of platform innovations designed to deliver additional value. In parallel, Swiggy continues to invest in the development of its delivery partner ecosystem through initiatives focused on financial literacy, inclusion of women partners and defined career progression pathways for high-performing partners. Sustainability remains a core priority, with flagship programmes such as Swiggy Serves working towards the redistribution of 100 million meals to underserved communities by 2030. Through these multifaceted efforts, Swiggy is building a robust, future-ready ecosystem that integrates scale with innovation and social responsibility, thereby reinforcing its leadership position in Indias dynamic on-demand convenience economy.

Risk Management

Swiggy recognises that Risk management is integral to the Companys strategy. Our success as an organisation depends on our ability to identify and leverage the opportunities while managing the risks. The Company has a risk management framework in place. The Risk Management Committee of the Company has been entrusted by the Board with the responsibility of reviewing the risk management process in the Company and ensuring that the risks are brought within acceptable limits.

Our approach integrates risk assessment into its strategic and operational planning, allowing for informed decisionmaking and better preparedness. The Company also periodically reviews its policies & internal controls, supply chain dependencies, data privacy, cybersecurity and crisis management protocols to enhance resilience and ensure business continuity. With a focus on governance, transparency and agility, Swiggy remains committed to strengthening its risk culture and safeguarding stakeholder interests while pursuing sustainable growth.

The Company endeavours to continually sharpen its Risk Management Systems and processes in line with a rapidly changing business environment. The Risk management policy can be accessed atThe Enterprise Risk management team drives the risk management procedures within the organization. Below are the key strategic risks which have been identified and may impact Swiggy in the long run:

Brand reputation - The "Swiggy" brand is crucial for the Companys growth and user acquisition. The Company faces risks from negative publicity, customer dissatisfaction, and intellectual property issues (like copyright infringement or plagiarism) which could lead to legal disputes and

rebranding costs. Unfavourable media or social media coverage concerning Swiggys business model, partners, delivery pay, user safety, technology, privacy, or financial performance can negatively impact its reputation. To manage this, Swiggy employs comprehensive branding guidelines, a dedicated public relations team to monitor and address negative sentiment, and drive proactive campaigns to highlight the companys assets, positive stories, as well as a consumer insights team to engage with stakeholders for continuous service improvement.

Competition - We may face intense competition across the markets we serve due to new entrants or increased competition from existing competitors providing similar / dissimilar services or introduction of low-cost alternatives or higher quality offerings, or any combination thereof. Competitors may also offer promotions, innovative offerings or alternative pricing models, among others. Swiggy manages its business with continuous innovation, deep obsession of providing best-in-class experience to its stakeholders (consumers, delivery partners, merchant partners), agility and resilience. We keep harnessing our execution capabilities through differentiated products built on deep insights based on consumer behaviour, effective marketing and branding activities and improved operational efficiencies.

High quality experience to our consumers and partner network - A high-quality support & resolution service to our consumers and partner-network is critical to our ability to attract and retain consumers, restaurant partners, merchant partners, brand partners and delivery partners. We may face loss or trust or market perception issues due to poor customer experiences, service unavailability, subpar service quality and inconsistent pricing, among other factors. We have & will continue to address these via continuous training sessions, dedicated support services with specialised queues and continuous product innovation & iteration.

Technology - An uninterrupted functioning and robust security of our technology infrastructure, applications, systems and data is integral to our operations. As technology evolves, we may be vulnerable to increased cyberattacks and security breaches, including social engineering, denial of service, credential stuffing, ransomware and other malware. To manage these risks, we have established dedicated teams and defined frameworks. We have implemented advanced cybersecurity tools to bolster technology infrastructure and regular testing and maintenance are conducted to ensure platform resilience against such threats. Bug bounty programs and initiatives like Hackathon are utilized to identify security vulnerabilities. Continuous employee awareness to ensure security is also driven via periodic comms, posters and infosec quizzes. Periodic Cyber Security Assessments are also conducted to ensure robust protection.

People - Ability to attract and retain top talent, along with succession challenges, may impact our ability to grow, innovate and develop technological capabilities.

Human Resources

Swiggy considers its workforce a vital asset and continues to promote a high-performance, inclusive and collaborative work environment. The Company invests in employee development through structured training, leadership programmes and career advancement opportunities while prioritising well-being through flexible work policies, mental health support and wellness initiatives. Swiggy promotes a culture of open communication, continuous feedback and performance-based recognition, which is supported by data-driven HR practices. With a strong focus on Diversity, Equity and Inclusion (DEI), the Company actively works towards building a diverse and equitable workplace. Swiggy remains committed to attracting, nurturing and retaining top talent across all its business verticals to drive long-term growth and innovation.

A young, diverse and energetic team of 7,431 drives Swiggys mission to make everyday life more convenient for its customers. The Company nurtures a culture where trust and growth go hand in hand, with fair and transparent performance practices.

Swiggy celebrates its peoples achievements through recognitions like Swiggstar, Most Valuable Player (MVP), Made A Difference (M.A.D) and fun, team-driven programs like the Swiggy Premier League.

The company remains committed to fostering employee growth through structured learning programs, leadership development initiatives and practical upskilling in emerging fields like Generative AI, supported by platforms such as Udemy and LinkedIn Learning. The company prioritizes listening to its employees by conducting regular surveys to understand their needs and preferences. It uses this feedback to create a more connected, supportive and engaging workplace.

Internal Controls

The Company has established adequate internal control systems, supported by a comprehensive internal audit programme. These controls are designed to ensure the accuracy and reliability of financial records, as well as to maintain proper accountability of assets. During the financial year, the effectiveness of these controls was tested and no material deficiencies were identified.

Cautionary Statement

This communication contains forward-looking statements that involve risks and uncertainties relating to the Companys operations, financial performance, business prospects and growth strategies. Actual results may differ materially from those expressed or implied due to factors such as market competition, regulatory changes, operational challenges, technological disruptions and macroeconomic conditions. Swiggy does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Users are advised to exercise their own judgement and discretion while relying on any information provided.