Swiggy challenges report on Instamart performance, cites flawed data sources

Swiggy has formally disputed market-share and performance claims about its quick-commerce vertical, Instamart, after a recent media report suggested that rival Zepto had gained ground between September and November. The report, which cited an HSBC note, claimed Instamart had ceded share due to competitive activity.

In a clarification filed with the BSE and NSE on 27 November, Swiggy stated that the report drew on an internal memo from a financial institution that attributed certain figures to consultancy firm Redseer as well as to a competing platform. Swiggy said it immediately contacted Redseer once the claims surfaced, as reported by ET.

According to an email reproduced in the company’s exchange filing, Redseer confirmed it had not shared any data or analysis with either the institution or the publication that carried the report. The consultancy also said the market-share numbers referenced did not match its internal findings.

Swiggy added that comments and figures attributed to an “unlisted competitor” were inaccurate. The company stated that the information presented in the article was “baseless and unreliable,” urging investors and stakeholders to depend solely on its official disclosures.

The firm further noted that there is no unpublished price-sensitive information or undisclosed material development concerning its business or financials that would require additional communication under Sebi’s listing rules.