📉 Stock takes a hit
Swiggy's stock dipped 6.8% to ₹374.80 ($4.29), below its IPO price of ₹390. The drop followed quarterly results showing Instamart lost market share. The stock peaked at ₹617 ($7.07) in December 2024, making the decline even more significant.
⚔️ Quick-commerce wars
Instamart’s quarterly gross order value hit ₹39.1B ($446M), trailing Blinkit’s ₹78B ($890M) and Zepto’s $3B annualized. Swiggy added 96 dark stores, reaching 705, but was outpaced by Blinkit (216 new stores, total 1,007) and Zepto (950+ stores).
💰 Cash reserves matter
Swiggy holds ₹82B ($936M) in reserves, less than half of Zomato’s ₹190B ($2.2B). Zepto raised $1.35B in 2024, with much unspent. Analysts expect fierce competition to last through mid-2025 as all players continue aggressive spending.
📊 AOV sees slight boost
Despite the struggles, Swiggy’s quick-commerce unit saw a 7% increase in average order value to ₹534 ($6.10). However, that’s not enough to close the gap with Blinkit and Zepto, who are rapidly expanding their store networks and customer base.
Can Swiggy turn the tide against Blinkit and Zepto?
