Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a>  and <a href="https://www.smartkarma.com/entities/eternal-limited" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Eternal (ETERNAL IN)</a>  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.</li>
<li>Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.</li>
<li>
<a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.</li>
</ul>



Swiggy (SWIGGY IN)  and Eternal (ETERNAL IN)  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.

Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.


Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>The five largest players added 900 dark stores between April-July 2026, but unique pin codes served rose just 152, the expansion is now about density and overlap, not new geography</li>
<li>Blinkit turned adjusted EBITDA positive in Q1 FY27 (INR 1,020 million) while Swiggy Instamart's contribution margin reached near breakeven at -0.2% of GOV; profitability is finally converging with scale.</li>
<li>Zepto deferred its IPO by two quarters on valuation pushback and is raising INR 1,000cr pre-IPO at a US$4.5 billion mark, below its US$5bn last round.</li>
</ul>


The five largest players added 900 dark stores between April-July 2026, but unique pin codes served rose just 152, the expansion is now about density and overlap, not new geography
Blinkit turned adjusted EBITDA positive in Q1 FY27 (INR 1,020 million) while Swiggy Instamart's contribution margin reached near breakeven at -0.2% of GOV; profitability is finally converging with scale.
Zepto deferred its IPO by two quarters on valuation pushback and is raising INR 1,000cr pre-IPO at a US$4.5 billion mark, below its US$5bn last round.


India Quick Commerce Monthly - Economics Takes Center Stage

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>On the Q2 print, overall B2C GOV grew 47.6% YoY (12.7% QoQ) to reach INR 166.8bn (in-line)</li><li>Food delivery (FD) GOV grew 18.8% YoY to INR 85.4bn (HSIE: INR 84.9bn), largely driven by MTU addition (+17%)</li><li>The segment witnessed heightened competition in terms of lowered subscription fee and reduced minimum order values, impact partially offset by platform fee hikes FD’s adj EBITDAM improved QoQ by 44bps to 2.8%</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

On the Q2 print, overall B2C GOV grew 47.6% YoY (12.7% QoQ) to reach INR 166.8bn (in-line)Food delivery (FD) GOV grew 18.8% YoY to INR 85.4bn (HSIE: INR 84.9bn), largely driven by MTU addition (+17%)The segment witnessed heightened competition in terms of lowered subscription fee and reduced minimum order values, impact partially offset by platform fee hikes FD’s adj EBITDAM improved QoQ by 44bps to 2.8%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (2QFY26): FD Print In-Line, Instamart Beats Burn Expectations. Maintain ADD

<ul>
<li>Blinkit turned adjusted EBITDA positive (INR370mn in Q4 FY26) while Instamart's FY26 loss widened to INR35,119mn, profitability divergence is now the sector's defining trade.</li>
<li>Zepto's SEBI-filed IPO (INR 8,010 crore) will provide public-market valuation benchmark for the sector's other unlisted players.</li>
<li>Amazon Now and Flipkart Minutes are scaling into incumbents' most profitable catchments. Per Bernstein, top-eight cities host 3,800+ dark stores, ~3,600 with profitability potential.</li>
</ul>


Blinkit turned adjusted EBITDA positive (INR370mn in Q4 FY26) while Instamart's FY26 loss widened to INR35,119mn, profitability divergence is now the sector's defining trade.
Zepto's SEBI-filed IPO (INR 8,010 crore) will provide public-market valuation benchmark for the sector's other unlisted players.
Amazon Now and Flipkart Minutes are scaling into incumbents' most profitable catchments. Per Bernstein, top-eight cities host 3,800+ dark stores, ~3,600 with profitability potential.


India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

India

Swiggy is an Indian online food ordering and delivery company. It also operates quick-commerce services under Instamart for grocery and household items, and offers restaurant reservation services through Dineout. The company is headquartered in Bengaluru, India, and was founded in 2013.

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Swiggy (SWIGGY IN)

Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)

Swiggy and Eternal in heavy investment cycles for quick commerce, while Meituan faces delayed profitability and overseas losses, making it less...

Pranav Bhavsar

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

India Quick Commerce Monthly - Economics Takes Center Stage

Major players in the dark store industry are focusing on increasing density and overlap rather than expanding into new geographical areas. Blinkit...

GSBR Research

Swiggy (2QFY26): FD Print In-Line, Instamart Beats Burn Expectations. Maintain ADD

On the Q2 print, overall B2C GOV grew 47.6% YoY (12.7% QoQ) to reach INR 166.8bn (in-line). Food delivery (FD) GOV grew 18.8% YoY to INR 85.4bn

HDFC Securities

India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.

GSBR Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Swiggy (SWIGGY IN) QIP | Comparative Insights Vs. Eternal (ETERNAL IN) And Meituan (3690 HK)

​Swiggy and Eternal in heavy investment cycles for quick commerce, while Meituan faces delayed profitability and overseas losses, making it less...

Pranav Bhavsar

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

India Quick Commerce Monthly - Economics Takes Center Stage

​Major players in the dark store industry are focusing on increasing density and overlap rather than expanding into new geographical areas. Blinkit...

GSBR Research

Swiggy (2QFY26): FD Print In-Line, Instamart Beats Burn Expectations. Maintain ADD

On the Q2 print, overall B2C GOV grew 47.6% YoY (12.7% QoQ) to reach INR 166.8bn (in-line). Food delivery (FD) GOV grew 18.8% YoY to INR 85.4bn

HDFC Securities

India Quick Commerce: Sector Enters the Monetization Phase; Profitability Divergence Now Measurable

​Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.

GSBR Research

Swiggy and Eternal in heavy investment cycles for quick commerce, while Meituan faces delayed profitability and overseas losses, making it less...

Major players in the dark store industry are focusing on increasing density and overlap rather than expanding into new geographical areas. Blinkit...

Blinkit posts positive EBITDA, Instamart's losses widen; Zepto's IPO to set benchmark; Amazon and Flipkart scaling in top cities with dark stores.