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Swiggy defies weak market in strong India debut
Shares of Swiggy dropped 4% to 401 rupees on Wednesday as the food delivery and quick commerce startup concluded India's second-largest IPO this year, in
Shares of Swiggy dropped 4% to 401 rupees on Wednesday as the food delivery and quick commerce startup concluded India’s second-largest IPO this year, in a closely watched debut that puts it in direct comparison with what analysts have long considered the benchmark Indian internet stock: Zomato. While it has established itself as India’s second-largest food delivery platform with 14 million monthly active users, it trails market leader Zomato across key metrics. “We believe each of Swiggy’s business segments deserve to get lower target valuation multiple compared to that of Zomato’s due to poor execution in the past, which has led to widening of the market share gap,” JMFinancial analysts said Wednesday.
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