Mumbai, May 8 -- Swiggy Ltd will focus on the sustainable growth of Instamart, chief executive Sriharsha Majety said in a shareholders' letter on Friday, flagging the intensifying competition in India's quick-commerce business.

The food delivery giant's quick-commerce business reported a more than 53% jump year-on-year to Rs.1,057 crore, while reducing losses by 4.5% to Rs.736 crore.

"...theoretically one can grow significantly higher volumes in the short term in a large addressable market," co-founder, managing director (MD) and group chief executive officer (CEO) Majety said in the letter. "However, the sustainability of that approach is questionable considering the high operating variable costs in the business..."

Swiggy reported a ...