Food delivery major Swiggy has firmly rejected recent media reports suggesting its quick-commerce arm, Instamart, has lost significant market share to rival Zepto. In a strongly worded disclosure filed with the stock exchanges on Thursday, November 27, the company termed the claims as “baseless and unreliable.” The clarification comes in response to a news report that claimed citing a brokerage note from HSBC, that Zepto had gained market share at Instamart’s expense between September and November due to aggressive market maneuvers.In its submission to the BSE and NSE on November 27, Swiggy stated that the circulating reports relied on an internal memo from a financial institution that attributed data to research firm Redseer and an unlisted competitor. Swiggy noted that upon reaching out to Redseer, the research firm denied involvement. According to an email from Redseer included in Swiggy’s filing, the firm confirmed it had not shared any data with the financial institution or the publication in question. Furthermore, Redseer stated that the market share figures cited in the report did not align with their internal research.“The data and views referred to in the article are therefore baseless and unreliable,” Swiggy stated, advising stakeholders to rely exclusively on official disclosures. The company further clarified that there is no unpublished price-sensitive information requiring disclosure under SEBI regulations.Battle for Number 2The public rebuttal highlights the intensifying war for the second spot in India’s red-hot quick-commerce sector, currently led by Zomato-owned Blinkit. Both Swiggy and Zepto are sharpening their pitches to investors as they look to tap public markets for potential fundraises totaling nearly ₹15,000 crore. Industry insiders suggest that Zepto has recently utilized fee waivers and promotional aggression to shore up order volumes, a strategy that reports claimed allowed it to edge past Instamart.
Email note attached in Swiggy’s BSE clarification
Here’s the email from Redseer team that Swiggy attached in its note to BSE as ‘proof’:Hi Saurav,We confirm that Redseer is aware of the article published by money control ( Link toarticle ) on quick commerce. However, we would like to formally clarify that no dataor analysis was shared by Redseer with HSBC or with money control in relation tothis article.We also confirm that the market share data and view mentioned in the article doesnot match Redseer’s internal research.Let me know for any questions.Thanks and Regards,Nikhil DalalAssociate Partner | RedseerNikhil Dalal
