Swiggy has strongly denied claims that its quick-commerce unit Instamart has been losing market share to rival Zepto, calling the data cited in a recent media report “baseless and unreliable” and “factually erroneous and misleading”.
In a clarification submitted to stock exchanges under Regulation 30(11) of Sebi’s Listing Obligations and Disclosure Requirements, the company said the article referred to an internal memo from HSBC that quoted data attributed to Redseer and Zepto.
“The Article refers to an internal memo from HSBC, which in turn quotes data from RedSeer and Zepto,” Swiggy said in its filing.
Swiggy questions the data source and methodology
The company said it independently contacted Redseer after the report surfaced to verify the claims mentioned in the article. According to Swiggy, Redseer denied providing any such data or analysis to either HSBC or the publication that carried the report.
Swiggy stated that the report relied on incorrect attribution and unverified claims, including figures allegedly sourced from an “unlisted competitor”.
The company strongly disputed the content of the report, saying the figures and commentary were inaccurate.
“The data and views referred to in the Article by an unlisted competitor are therefore baseless and unreliable, and the Company categorically and strongly denies the content in the said media and that information shared is factually erroneous and misleading,” Swiggy said.
Advisory to investors and stakeholders
Swiggy urged investors to rely only on official company disclosures and communications while assessing its business performance.
“Our shareholders and stakeholders are strongly advised to exercise caution and rely solely upon the financial announcements and official statements of the Company,” it said.
In its regulatory statement, Swiggy also confirmed that there are no material developments or unpublished price-sensitive information that need further disclosure.
“It may be noted there is no Unpublished Price Sensitive Information or material events concerning the operations, financial performance of the Company that require a disclosure under Regulation 30 of the Listing Regulations that have not been duly disclosed,” the company added.
“This intimation is being issued in the interest of our shareholders and stakeholders,” it said.
The clarification comes amid heightened scrutiny of market share movements in India’s fast-growing quick-commerce segment, where competition between Instamart and Zepto has intensified.