Swiggy reported a 36% year-on-year revenue increase for Q2 FY27, while successfully reducing its net loss by 16%. Meanwhile, digital certificate provider eMudhra opened up on a security incident linked to an AI-vulnerable key error, prompting a strategic exit from the global SSL/TLS certificate market. India’s healthcare global capability centers face acute AI talent shortages, driving salary premiums up to 2.5 times the median.
- Swiggy sees 36% revenue growth and narrows losses in Q2 FY27.
- eMudhra’s AI-exploitable key flaw triggers SSL/TLS certificate revocation.
- Healthcare GCCs in India offer premium salaries to secure AI talent.
What happened
Swiggy reported a 36% year-on-year increase in operating revenue reaching Rs 7,571 crore for the quarter ending September 2026, alongside a 16% reduction in net loss to Rs 922 crore. Its consumer-facing businesses achieved a combined gross order value (GOV) growth of 24.6%, with Instamart alone posting 31% GOV growth. The company is transitioning Instamart from a marketplace to an inventory model, aiming to improve margins and operational stability.
Separately, eMudhra disclosed a technical fault during a key-generation process in April 2025 that introduced weak intermediate digital certificates within its Public Key Infrastructure. This vulnerability was flagged in October 2026 by external researchers, leading to rapid revocation of the affected certificates by major browsers. eMudhra's board decided to exit the global SSL/TLS certificate market due to this incident.
Why it matters
Swiggy’s ability to grow revenue while trimming losses highlights ongoing operational improvements in India’s competitive food and quick-commerce delivery sector. Its shift to an inventory model could enhance profitability and differentiate it amidst fast-paced market dynamics influenced by competitors like Blinkit.
The incident at eMudhra underscores the increasing security risks digital infrastructure faces in the AI era. Weak keys susceptible to AI-driven reverse engineering pose systemic threats to digital trust, prompting heightened scrutiny on certificate authorities and digital security practices across industries.
What to watch next
Swiggy’s forthcoming quarters will be critical in assessing whether its inventory model strategy boosts margins sustainably and how it competes with rivals in quick commerce. Investors and market participants will look for closer paths to EBITDA breakeven and operational resilience.
Following the eMudhra incident, stakeholders will monitor enhancements in key-generation oversight and AI-based security verification tools across certificate authorities. Additionally, the healthcare GCCs’ demand surge for AI talent in India may drive further wage inflation and competition for scarce AI professionals, impacting sector hiring and innovation.