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Zepto has surpassed Swiggy Instamart to become the second-largest player in the quick commerce sector, according to a report by Motilal Oswal. Blinkit remains the market leader with a 46% share, while Zepto holds 29% and Swiggy Instamart accounts for 25%. Raamdeo Agrawal, chairman of Motilal Oswal, is an investor in both Zepto and Swiggy.
Swish, a rapid food delivery startup founded by Shah, Ujjwal Sukheja, and Saran S in May 2024, has secured $2 million from Accel and various angel investors. The company aims to compete in the burgeoning 10-minute food delivery market against Swiggy, Zomato, and Zepto, which has rapidly grown into a $5.5-billion industry in India. With Zepto Cafe already achieving an annualized revenue run rate of Rs 160 crore, Swish is poised to capitalize on the quick commerce trend.
Zomato anticipates a 30% annual growth in its food delivery business over the next five years, holding a 58% market share compared to Swiggy"s 34%. The sector, still in its early stages, is expected to benefit from increased competition and innovation, especially following Swiggy"s recent public listing valued at $12.1 billion.
Swiggy has received a Neutral rating from Motilal Oswal, which initiated coverage with a target price of Rs 475 per share. The firm noted that Swiggy"s food delivery business has achieved stable unit economics, with expectations for gradual margin improvement. Motilal Oswal highlighted Swiggy"s all-in-one app strategy as a key factor for operational efficiency and cross-utilization across services, positioning it as a strong contender in the competitive food delivery and quick commerce market, currently dominated by Zomato.
On Monday, traders are advised to consider strategies for stocks including SBI Life, Axis Bank, Indian Hotels, Zomato, and Aegis Logistics. Additionally, there is an option to receive push notifications for relevant content and transaction updates.
Sudeep Shah, Head of Technical and Derivative Research at SBI Securities, is bullish on Indian Hotels Company and Zomato, noting both stocks are above key moving averages. Indian Hotels is near all-time highs, while Zomato has rebounded strongly above its 20 and 50-day EMA levels. Shah warns that a sustained move below the BSE Sensex's 200-day EMA zone could trigger a sharp correction in the index.
Zomato has launched a new live events and dining app called District, available for both iOS and Android users. This initiative aims to expand the company's offerings beyond food delivery and quick commerce, marking a significant shift in its business strategy.
Ashish Kyal, CEO of Waves Strategy Advisors, recommends buying Kiri Industries and Carborundum Universal for the upcoming week, citing a breakout pattern for Kiri and increasing volumes for Carborundum. He warns that a breach below the 200-day EMA for Bank Nifty could lead to significant market panic, with potential declines towards 48,500.
Zomato Ltd is set to launch a qualified institutional placement (QIP) of up to Rs 8,500 crore (approximately $1 billion) in December, contingent on market conditions. The company has engaged Morgan Stanley for the offering, with the potential addition of more investment banks to the syndicate. This move follows the recent IPO of rival Swiggy Ltd, which raised Rs 11,327 crore and debuted with a 7.69 percent gain.
Swiggy's market debut on November 13 intensifies its rivalry with Zomato, which has seen its shares rise over 100% since 2021. While Zomato leads in key segments, Swiggy's lower valuation may allow it to catch up, particularly in food delivery, though challenges remain in quick commerce. Aditya Suresh from Macquarie Capital notes that Swiggy is 4-6 quarters behind Zomato but has a clear path to expand its monthly transacting users.
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