New Delhi, May 9 -- Food delivery major Swiggy said on Friday its quick commerce business Instamart is expected to reduce its losses going forward after the company's consolidated fourth quarter net losses nearly doubled to Rs.1,081.18 crore from Rs.554.7 crore a year earlier. Meanwhile, revenues increased to Rs.4,530.7 crore from Rs.3,143.2 crore the year-ago quarter.

"We believe that Instamart reached the peak of adjusted ebitda (earnings before interest, tax, depreciation and amortization) losses in late-Q4 and from here on, we expect to progressively unwind losses, the pace of which will be determined by our expansion of AOV and take-rates, and the nature and quantum of competitive intensity," Swiggy's co-founder and group CEO Srihar...