Citigroup Global Markets, the brokerage and investment banking arm of Citigroup Inc., has exited a portion of its stake in Swiggy, India’s leading food delivery and quick commerce platform. The transaction involved the sale of 3.2 lakh shares at ₹381 each to BNP Paribas Financial Markets, the investment wing of French banking giant BNP Paribas, via a block deal worth ₹12.2 crore.
This transaction comes at a critical time for Swiggy, which is undergoing operational restructuring and portfolio recalibration. The deal not only reflects shifting investor sentiment but also coincides with internal changes within Swiggy, most notably the shutdown of its digital storefront platform, Minis, by August 10, 2025.
Citigroup Offloads Stake in Swiggy
According to data retrieved from the stock exchange, Citigroup Global Markets executed the block deal on July 3, offloading a total of 320,000 shares of Swiggy. BNP Paribas Financial Markets purchased the shares at ₹381 apiece, totaling an investment of ₹12.2 crore.
Citigroup’s move signals a recalibration of its holdings in Indian tech startups. The sale aligns with a broader pattern of global investors adjusting their exposure amid evolving market conditions. In contrast, BNP Paribas has increased its presence in India’s digital and consumer markets, adding Swiggy to its portfolio during a moment of transition for the foodtech major.
BNP Paribas Steps Into Swiggy’s Cap Table
BNP Paribas Financial Markets, a seasoned global investor, has taken a strategic step by investing in Swiggy through this secondary market deal. The investment suggests BNP’s confidence in Swiggy’s core food delivery and quick commerce verticals, despite ongoing restructuring.
This acquisition gives BNP an opportunity to tap into India’s booming digital consumer sector, especially as the food delivery industry continues to rebound from the pandemic’s economic impacts. Swiggy, with its robust logistics network and strong brand recall, remains one of the dominant players in the space.
Swiggy Winds Down ‘Minis’ Platform
The share deal follows the news that Swiggy will shut down its digital storefront platform, Minis, by August 10. The move doesn’t come as a surprise to industry watchers. Minis has been missing from the Swiggy app for over a year, indicating a slow phase-out rather than an abrupt closure.
Swiggy introduced Minis to explore new categories like home-cooked meals, handmade gifts, organic essentials, and baked goods, seeking to diversify beyond food delivery. However, the venture failed to gain sustained traction in a highly competitive e-commerce ecosystem. The shutdown reflects Swiggy’s renewed focus on its high-performing business lines, particularly food delivery and Instamart, its quick commerce division.
By shutting down Minis, Swiggy frees up resources to invest more in technology, logistics, and service upgrades in its core verticals, aligning with the company’s long-term profitability roadmap.
Revenue Rises, Losses Continue
Swiggy reported ₹4,410 crore in revenue for the final quarter of the financial year ending March 31, 2025. This figure highlights the scale of operations and continued growth in consumer demand. However, the company also recorded a net loss of ₹1,081 crore during the same period, underlining the pressure on margins and sustainability.
A closer look at the revenue mix shows that food delivery contributed 37% of the topline, continuing to act as the backbone of Swiggy’s financial engine. Quick commerce, primarily driven by Instamart, also played a significant role in revenue generation, but the margins remain thin due to intense competition and high fulfillment costs.
Despite the losses, Swiggy has made headway in cost optimization and last-mile delivery efficiency, according to insiders familiar with the company’s operations. The company plans to continue tightening its operational metrics to reduce cash burn while maintaining service quality and consumer engagement.
Market Dynamics and the Road Ahead
Swiggy operates in one of India’s most competitive sectors, with rivals like Zomato ramping up services, cutting delivery costs, and expanding beyond metro cities. Zomato’s profitability adds additional pressure on Swiggy to stabilize its balance sheet.
To counter this, Swiggy has ramped up efforts in quick commerce, capitalizing on the growing demand for 10–30 minute deliveries of groceries and essentials. Instamart has expanded rapidly in tier-1 and tier-2 cities, but it continues to operate under high operational costs. To improve margins, Swiggy is exploring partnerships, dark store optimization, and predictive analytics to streamline inventory and logistics.
The company has also been investing in AI-driven customer service, dynamic pricing models, and restaurant analytics to improve retention rates on both sides of the platform. These initiatives aim to shift Swiggy closer to profitability in the next 12–18 months.
Investors Stay Cautiously Optimistic
With the latest sale, Citigroup has reduced its exposure, possibly to realign its risk profile amid global macroeconomic uncertainties. On the other hand, BNP Paribas’s entry shows that institutional investors still see long-term potential in Swiggy’s business model.
The mixed investor signals mirror the broader sentiment in India’s startup ecosystem. While many startups struggle to raise funds or are trimming excess, Swiggy retains its status as a key player in India’s digital economy. Its operational reach, brand strength, and consumer base remain formidable assets.
As the company tightens its focus, rationalizes its ventures, and builds on data-driven strategies, investors are watching closely. The upcoming months could prove decisive in shaping Swiggy’s path to sustainable profitability.
Conclusion: Strategic Trim for a Sharper Focus
Citigroup’s block deal marks a financial pivot while BNP Paribas’s move represents a vote of confidence. Meanwhile, Swiggy’s shutdown of Minis signals a disciplined approach to business optimization.
Swiggy is choosing to double down on what it does best—deliver food fast and fulfill essentials with speed. While the road to profitability still presents challenges, the company’s clear focus, tech investments, and ability to adapt make it a contender worth watching in India’s dynamic digital landscape.
As investor profiles evolve and Swiggy refines its business priorities, one thing remains certain: the race for consumer dominance in foodtech and quick commerce is far from over—and Swiggy intends to stay in the lead.
Also Read – UX/UI Tips for Startups with No Design Team