Swiggy has strongly refuted recent claims suggesting that its quick-commerce arm, Instamart, lost market share to rival Zepto, calling the report “baseless and unreliable.” The clarification comes after a media article, citing an HSBC research note, indicated that Zepto was capturing significant share from Instamart between September and November 2025.
In an official disclosure to the Bombay Stock Exchange and the National Stock Exchange on November 27, Swiggy emphasized that the report relied on an internal memo from a financial institution, which in turn attributed certain figures to research firm Redseer and a competing platform. Swiggy reached out to Redseer to verify the data. The research firm confirmed that it had not shared any analysis or data with the publication or the institution cited in the article and clarified that the market-share numbers referenced did not match its internal research.
Swiggy further noted that the figures attributed to an “unlisted competitor” were incorrect. The company stated that the data and opinions presented in the media report were inaccurate and should not be relied upon by investors, stakeholders, or the public. Swiggy reinforced that there is no unpublished price-sensitive information or undisclosed material development concerning its operations or financial performance that would necessitate communication under SEBI’s listing regulations.
The quick-commerce segment in India has seen intensifying competition, with players like Zepto and Blinkit aggressively expanding their dark-store networks and promotional campaigns. Despite these market dynamics, Swiggy maintains that its internal data shows stable performance for Instamart, reflecting sustained growth in order volumes, customer acquisition, and city-level penetration.
By addressing the report directly through official filings, Swiggy aims to prevent market misinterpretation and maintain transparency with investors. Analysts note that while quick-commerce growth remains competitive, publicly cited numbers must be carefully validated to avoid misrepresentation in a sector witnessing rapid expansion and frequent strategic moves.
Swiggy’s response underscores the importance of verified data in assessing the competitive landscape of India’s fast-evolving quick-commerce market.
