Swiggy delivers 17% surge in debut as investors bet on Indian quick commerce
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2024
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Source: Reuters
Swiggy's Successful IPO: Swiggy's shares surged nearly 17% on their trading debut in India, reflecting strong investor confidence despite the company's ongoing losses and broader market selloff. The IPO raised $1.4 billion, making it the second largest in India this year.
Market Competition and Growth: Swiggy is expanding its quick commerce service, Instamart, which has seen significant growth amid rising demand for fast grocery deliveries, competing closely with Zomato. However, both companies face antitrust scrutiny and challenges in achieving profitability.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
