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India's Swiggy posts narrower loss as quick commerce arm hits contribution break-even
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July 30 (Reuters) - India's Swiggy said on Thursday its quarterly loss narrowed and a key profitability metric at its quick-delivery platform Instamart improved, while it plans to add more distribution hubs to drive growth.
The food delivery service provider said its consolidated net loss narrowed to 7.91 billion rupees ($82.67 million) for the first quarter ended June 30, while revenue rose to 68.12 billion rupees.
Analysts had expected a loss of 7.2 billion rupees and revenue of 65.21 billion rupees, according to data from LSEG.
It plans to opens 75 new Instamart stores across the country in the September quarter.
($1 = 95.6800 Indian rupees)(Reporting by Saikeerthi and Urvi Dugar in Bengaluru and Praveen Paramasivam in Chennai; Editing by Eileen Soreng)