Swiggy, the Bengaluru-based food delivery and quick commerce company, reported a consolidated revenue of ₹3,601 crore (approximately $425 million) for the quarter ending September 30, 2024, marking a 30% year-on-year increase. This report is significant as it is the company's first quarterly earnings release since its recent IPO. Despite the revenue growth, Swiggy reported a net loss of $74 million for the quarter. The company aims to achieve operational profitability by December 2025 and plans to double its dark stores by that time. Following the earnings report, Swiggy's shares surged, with a 6.6% increase on Wednesday, reaching an intraday high of ₹534.85 per share. The stock continued to rally, rising 7% after the Q2 results, and has increased by 37% since its IPO. In the broader market context, shares of Zomato, a competitor, also surged, hitting a new high of ₹304.50, reflecting positive sentiment in the food delivery sector.