Swiggy’s food delivery business has reached profitability

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India’s Swiggy on Thursday said its food delivery business has become profitable, beating publicly listed rival Zomato on another key metric, a day before the company reports its quarterly earnings.

The Bengaluru-headquartered startup — which counts Process Ventures, SoftBank and Invesco among its backers — said it turned profitable in March this year. Swiggy, however, is not factoring in the cost of labor inventory option costs, he said.

As one of the few global food delivery platforms to achieve profitability in less than 9 years since inception, Swiggy is a milestone not only for us but for food delivery globally. He wrote in a blog post.

Swiggy, as a company, is still not profitable. The startup is burning more than $20 million a month at Instamart, an instant grocery delivery business, two people familiar with the matter said. This comes after the company has significantly scaled back its spending on Instamart in recent quarters.

We have reached this stage, bringing great benefits to all partners in our ecosystem. Our core value of putting the customer first is consistently backed by deep consumer passion and industry-best NPS scores, repeat and retention rates. We continue to make progress in winning customer favor, including strong traction in Tier 2 and 3 markets.

More to follow.