Swiggy disputes market share claims on Instamart, terms data ‘baseless’

Swiggy has pushed back against market share figures and performance commentary about its quick-commerce unit Instamart that appeared in a media report, calling the information “baseless and unreliable,” according to a disclosure filed with stock exchanges.

Reports had suggested that Zepto had gained market share over Swiggy's Instamart between September and November on the back of aggressive market actions, attributing an HSBC note.

In a clarification submitted to the BSE and NSE on November 27, the company said the report relied on an internal memo from a financial institution that attributed certain data to research firm Redseer and a competing platform. Swiggy said it reached out to Redseer after the claims surfaced.

Redseer has confirmed in an email included in Swiggy's filing that it did not share any data or analysis with the institution or the publication that carried the report. It also stated that the market-share numbers referenced do not align with its internal research.

Swiggy said the figures and views attributed to an “unlisted competitor” were inaccurate. “The data and views referred to in the article are therefore baseless and unreliable,” the company said, advising investors and stakeholders to rely only on its official disclosures.

The company added that there is no unpublished price-sensitive information or undisclosed material development related to its operations or financial performance that would require additional communication under Sebi's listing regulations.

Source: EconomicTimes
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