Swiggy’s Q2 Report Card, eMudhra To Exit Certificate Biz & More

Swiggy’s Sweet And Sour Q2

Swiggy had a mixed quarter in Q2 FY27. While its food delivery business delivered record profits and margins, rising investments in Instamart and newer businesses continued to stifle its bottom line.

Here’s a quick glance at the foodtech major’s Q2 FY27 numbers:

• Net loss narrowed 16% YoY to ₹922 Cr but widened 16% QoQ
• Operating revenue climbed 36% YoY to ₹7,571 Cr
• Adjusted EBITDA loss widened to ₹760 Cr from ₹695 Cr a year earlier
• Gross order value (GOV) rose 25% YoY to ₹20,793 Cr

Instamart’s Burn Continues: Swiggy’s quick commerce expansion continued to put pressure on its bottom line despite its operating revenue jumping 33% YoY to ₹1,306 Cr. However, its adjusted EBITDA loss widened to ₹895 Cr, as Swiggy continued to invest in customer acquisition and store expansion. The company believes that Instamart’s adjusted EBITDA losses peaked in Q2 FY27.

The Inventory-Led Shift: The company is eyeing pivoting Instamart to an inventory-led model by mid-Q3 FY27, with the transition expected to take two to three quarters. This will uplift the vertical’s contribution margin by 80 basis points once fully implemented while shortening the working capital cycle by 8-10 days.

Food Delivery Leads Charts: Swiggy’s food delivery business reported its highest-ever profits and margins in Q2 FY27, with revenue rising 22% YoY to ₹2,338 Cr and operating profit jumping 39% to ₹349 Cr. The company is also pushing into affordable meals through Toing, its standalone app, which it says has seen encouraging early adoption, with 2 out of 3 users being either new to Swiggy or long inactive on the platform.

As Swiggy continues to scale its quick commerce operations and newer offerings such as Toing, here is a closer look at how the foodtech giant fared in Q2 FY27.

From The Editor’s Desk

CYBERSECURITY 

eMudhra To Exit Global Certificate Business 

• eMudhra will voluntarily wind down its global SSL/TLS certificate business after a security flaw involving eight intermediate certificate authorities prompted Google and Mozilla to distrust its certificates, triggering fallout for its global TLS operations. 
• The company said it revoked the affected CAs within 14 hours, with no end-entity certificates issued by them and no data breach. It will transition existing customers to alternative providers free of charge over the next month.
• The SSL/TLS business contributes around 1% of eMudhra’s global revenue. The company plans to focus on core digital trust solutions, including AI and quantum computing.

HEALTHTECH

CureBay Bags ₹100 Cr

• The healthtech startup has raised ₹100 Cr ($10.6 Mn) in a Pre-Series C round, with over ₹69 Cr in equity led by IvyCap Ventures and around ₹30 Cr in debt from Trifecta Capital, Alteria Capital and VentureSoul Partners.
• The startup will use the funds to expand its geographical presence, strengthen its delivery network and invest in AI and technology capabilities.
• Founded in 2021, CureBay connects patients in underserved areas with healthcare providers through rural clinics, community health workers and a digital platform linking them to doctors, hospitals, diagnostic labs and pharmacies.

  Electric Vehicle

Ola Electric Rights Issue Gets Moving

• Motilal Oswal Financial Services and Calliope Capital Advisors have applied for a combined 2.39 Cr shares in Ola Electric’s ₹1,000 Cr rights issue against entitlements transferred by promoter group entities — ANI Technologies Pvt Ltd and Indus Trust.
• The rights issue comprises up to 37.03 Cr partly paid-up shares priced at ₹27 apiece. Ola Electric plans to use ₹350 Cr to repay borrowings and ₹400 Cr for organic growth.
• The fundraise follows Ola Electric’s ₹780.24 Cr QIP in June, with ₹190.77 Cr of QIP proceeds and ₹139.21 Cr of IPO proceeds still unutilised as of September 20, 2026. The company’s Q1 FY27 revenue fell 45% YoY to ₹455 Cr, while its net loss narrowed 22% to ₹336 Cr.

Defence Tech

Tonbo Imaging IPO: Founders Pocket ₹137 Cr

• Tonbo Imaging’s cofounders and early investors sold shares worth hundreds of crores in the defence tech company’s ₹852 Cr IPO, which closed with 136X subscription. The company is set to make its stock market debut today.
• The three cofounders collectively pocketed ₹137.2 Cr through the offer for sale (OFS). CEO Arvind Lakshmikumar sold shares worth ₹80.5 Cr, while CBO Ankit Kumar and chief commercial officer Cecilia D’Souza offloaded shares worth ₹40.6 Cr and ₹16.1 Cr, respectively.
• Related entities CEAQ Technologies and CEAQ Technologies Pte Ltd were the largest selling shareholders, offloading shares worth ₹350 Cr and ₹291 Cr, respectively. Early investor Artiman and promoter group entity Vinimaya Advisory LLP also sold shares in the IPO.

Ecommerce

BlueStone Swings To ₹4.4 Cr Loss In Q2 

• BlueStone reported a consolidated net loss of ₹4.4 Cr in Q2 FY27, against a net profit of ₹6 Cr in Q1 FY27. Revenue rose 45% YoY to ₹745 Cr, while losses narrowed 92% YoY.
• The jewellery retailer added 27 stores in Q2, taking its network to 379 stores across 146 cities. Its customer base grew 19.3% YoY to 10.24 Lakh.
• BlueStone reported an adjusted PAT of ₹19.6 Cr and pre-IndAS EBITDA of ₹53.5 Cr. Repeat customers contributed 56.3% of quarterly revenue, while the company approved raising up to ₹300 Cr through NCDs to refinance debt and fund business requirements.

Inc42 Markets

Building A Distinct Technology Stack For Electric Motorcycles?

Building an electric motorcycle involves more than replacing a petrol engine with an electric motor. Manufacturers must engineer the powertrain, battery architecture and vehicle controls to deliver the performance riders expect. Bengaluru-based Magron Novus is developing its own technology stack to bring these elements together.

Two-Wheel Ambition: Founded in 2022, Magron Novus is developing two electric motorcycle platforms —  the C-20, designed for everyday riding, and the H-35, aimed at the performance segment. According to the company’s published specifications, the C-20 features a 22.5 kW motor, while the H-35 packs a 35 kW motor.

Under The Hood: The startup’s proprietary technology stack includes the Apex Drive system, battery architecture and vehicle intelligence features. It is also developing wireless power transfer technology and a virtual assistant to enhance the charging and riding experience.

A Growing Market: India’s electric vehicle market is projected to reach $132.2 Bn by 2030, according to Inc42’s India’s Electric Vehicle Startup Landscape Report. Electric two-wheeler sales rose 12.2% month-on-month to 2.07 Lakh units in September, up from 1.84 Lakh units in August, reflecting the scale of the opportunity.

As competition intensifies, can Magron Novus turn its in-house technology into reliable, commercially viable electric motorcycles that stand out in India’s two-wheeler market?

Infographic Of The Day

India’s startup IPO wave is gaining momentum, with fintech and ecommerce leading at 14 listed companies each, followed by enterprise tech at 13. Which sector will lead next?

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