Bengaluru 🇮🇳
Joined September 2012
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Deekshith Bellare retweeted
Retail - Please remove long-term capital gain tax.
FM - I will remove the long-term capital gain.
These indicate Swiggy is a good buy in current price.
Swiggy: Q2 FY27 Results and Key Takeaways from the Concall
Swiggy's food delivery business returned to 20%+ growth with its highest-ever take rate. Instamart grew 13.4% QoQ with record store productivity, but its losses widened as the company reinvested in growth.
Q2 FY27 Numbers
Food delivery growth: 20%+ YoY
Food delivery take rate: over 26%, highest ever
Food delivery EBITDA: up by ~₹50 Cr QoQ
Instamart growth: 13.4% QoQ
Instamart orders per store per day: ~1,200, best ever (+9.5% QoQ)
Instamart store network growth: 6% QoQ
1. Food delivery back above 20%-
Take rate, the share of each order's value that Swiggy earns as fees and commission, crossed 26%, the highest ever. EBITDA margin is moving towards 5% of GOV (Gross Order Value), and management said it may go beyond that over time.
2. Instamart store productivity at record-
Dark stores are small warehouses used for quick delivery. Each Instamart store now handles ~1,200 orders a day, up 9.5% QoQ. Every quarter, 5-7% of stores reach full capacity, triggering new stores nearby. There are no plans to expand beyond the current 130+ cities.
3. Instamart losses widened-
Part of last quarter's margin gains was reinvested to build customer habits, especially in daily-use items like fresh produce. Management said Instamart needs to roughly double in size to reach EBITDA breakeven.
4. Exclusive products as a moat-
20% of Instamart orders now come from differentiated products, including brands like Noise and Nectar and products co-created with brands. Customers who buy these stay longer and help Swiggy earn more from brand partnerships.
5. Toying, a new budget food app-
Toying is Swiggy's low-price food delivery app. 70-80% of users are under 30, two in three are new to Swiggy, and users of both apps order 25% more often. Some early cities are already profitable on repeat users. Management will decide on its future in 1-2 quarters.
6. Competition remains intense-
New players have entered quick commerce, and Rapido has launched food delivery. Management said it is too early to call any easing in competition. Instamart will also start shifting to an inventory model, where it owns the products it sells, from mid-quarter over the next 2-3 quarters.
Key Guidance
1. Instamart to grow in double digits QoQ in Q3, with ~1% improvement in EBITDA margin.
2. Food delivery growth of 18-20% in FY27, with EBITDA margin moving towards 5% of GOV.
3. Toying losses to stay range-bound, with a decision on its future in 1-2 quarters.
Food delivery is strong, while Instamart is still building towards profitability. Key things to track are Instamart's margin improvement in Q3 and the verdict on Toying.
#Swiggy #Instamart
Deekshith Bellare retweeted
These guys just don't realise how much damage they've done.
In 2014, the government's CA (NIC) got blacklisted by Google, Microsoft and Apple for spying/backdoor concerns.
Now in 2026, eMudhra is blacklisted. That was the only Indian CA uniquely available by default.
All Indian companies and websites would've to now secure a foreign CA. I hope this was some Gigachad attempt at spying because otherwise losing your sole internationally recognised certificate authority because some intern ran the 8-bit test suite into production and nobody bothered to check.
Deekshith Bellare retweeted
Europe wanted to play "everyone is equally responsible" narrative but Piyush Goyal didn't give them a single chance.
Look at their uncomfortable expressions, still refusing to face the facts 😂
Deekshith Bellare retweeted
The craze for cricket has gone down for multiple reasons.
One is the lack of clarity about where to watch LIVE cricket.
Earlier, it was Star/ESPN or Ten Sports on TV, and then Hotstar on apps. Just switch on the TV and pass your time.
Now there are 50 ‘farzi’ apps, and in our busy lives, no one has time to keep track of which app is showing what or pay separately for each series.
Every downfall has a series of events behind it.
Deekshith Bellare retweeted
Mysuru Dasara’s Jamboo Savari has centuries of heritage. But why are towns like Shivamogga and Tumakuru needlessly copying elephant processions?
Elephants are highly intelligent, sensitive animals n not street parade props. Forcing them into noisy urban crowds for local spectacle isn’t tradition; it’s exploitation. We need to stop this.
Deekshith Bellare retweeted
Journalist confronts Trump official over Russia diesel deal after he slammed India for buying Russian oil:
Journalist: Here’s a clip of you last year
Wright (2025): India has made a trade off to buy cheap oil and give money to a guy who is killing thousands
Deekshith Bellare retweeted
Starlink suddenly dumping Ukraine. Leaving it unable to respond to Russian strikes at a critical time. This is the best example of unreliability of @elonmusk Starlink. It will never be under Indian but @POTUS control. It must never be permitted into India. @PMOIndia
Dear Prime Minister Ambani,
Please accept my humble apologies for not realizing that you are the real boss of India.
Naturally, you would prefer to maintain your monopolistic exploitation of the great people of India, but would you nonetheless consider allowing Starlink to compete?
There are many areas of India, as there are in all countries, with no Internet access, which denies children the opportunity for education and for small businesses the opportunity to sell their goods to a global market. Starlink would change their lives for the better.
Thank you 🙏
Deekshith Bellare retweeted
restricting Starlink without warning while Ukrainians are fighting for their lives is such a dirty move. this isn’t some fucking game.
Deekshith Bellare retweeted
I confirm that tonight SpaceX introduced a speed restriction on Starlink terminals while in motion.
At present, the restriction applies to the StarShield “military package” and is set at 100 miles per hour.
Our Defense Forces received no prior warning about this limitation, which resulted in the disruption of a number of missions.
Obviously, this cannot be a coincidence and is connected to the current political situation.
(Quoting Zelensky's miltech advisor)
Deekshith Bellare retweeted
All coming into focus now as Musk cuts off Ukraine's Starlink amid drone operations to help Putin, his current attacks on the Indian government aimed at forcing them to adopt Starlink.
Nations that become reliant on Starlink can be rendered defenseless once Musk decides to sell you off to one of his fascist buddies.
Deekshith Bellare retweeted
The government has seriously lost its way on Ease of Doing Business and controlling corruption..
Look at @svembu posts. He has consistently encouraged NRIs to return to India and build for India. The intent is admirable. But look at the comments under these posts. 90% of them are talking about corruption, tender manipulation, lack of government and bank funding, compliance nightmares, inadequate protection for founders and regulators taking forever to evolve with new products..
Many are sharing screenshots and real experiences to substantiate what they are saying..
But where is the response?
Where is the serious conversation about fixing these problems? Where is the accountability? Where is the push to make life easier for someone who wants to build a business honestly in India?
I don't see these concerns being meaningfully addressed in these discussions by Vembu himself.. He just hopes that things will change.! Nor do I see the urgency one would expect from the government machinery to resolve them.
Everyone seems to be operating on the assumption that India will somehow figure things out..! That something will change. That things will get better with time. No. Things don't change merely because we believe they will.
They change when someone takes ownership, sets measurable goals, fixes timelines and holds people accountable for outcomes..
Ease of Doing Business cannot remain a slogan in presentations and speeches. It has to reflect in the daily experience of an entrepreneur dealing with a government department, applying for a loan, participating in a tender or seeking approval for a new product.. you can't fake any of these..
We keep asking people to build in India. But are we building an environment in which they can actually succeed??
Until we address these underlying problems, asking founders and NRIs to build for India will remain a call to action without the institutional support needed to make it work.. Tab tak Bhagwan Bharose!
Deekshith Bellare retweeted
"We have also told our employees that we cannot have our usual pay increase this year. I have apologized for not being able to avoid this"
What a bizarre thing to claim when your company is bootstrapped (so no external investor pressure) and pulls in over Rs 3,000 cr in net profit each year (all the money goes to @svembu and co)!
The business outlook for software is uncertain and AI has raised costs dramatically with a) massive 4-fold increase in server prices which we need for data centers b) AI usage increasing rapidly, leading to much higher expenses, which we are trying to control.
On top of that is the challenging geopolitical backdrop.
We have cut down on our marketing budget. We have also told our employees that we cannot have our usual pay increase this year. I have apolgized for not being able to avoid this.
We will work hard to avoid mass layoffs but the outlook for software jobs in general is grim. We have not been growing our employee count for 18 months now.
Most of our employees understand the situation. I am thankful to them.
We are in the middle of reinventing ourselves. The next 3-5 years will decide how our reinvention has worked. Please pray for us 🙏
Deekshith Bellare retweeted
Software is dead in that same way restaurants are dead because i can grow my own vegetables and own an air fryer
AI is moving fast, and I hope it disrupts cooking, especially Indian cooking, by making food preparation as easy as possible.
He blocked. I understand some random scammers cheating.. these are rich people.. why are they cheating me mere 1000 USD.
I kept conversations minimal and professional respecting his time, yet he does this! why? Crazy crazy 4/4
Now this is resolved.
xitter.cf/deebellare/status/2109…