The quick commerce major refutes competitor Zepto’s claims and HSBC-cited figures, as marketing and discount battles intensify across the sector.
Swiggy Rejects Market Share Claims Linked to HSBC Memo
Swiggy has strongly denied recent media reports claiming that its quick commerce arm, Instamart, is losing market share to rival Zepto.
- The claims were based on an internal HSBC memo, which allegedly cited data from consulting firm Redseer and Zepto.
- Swiggy, in an official exchange filing, stated that Redseer confirmed it had not shared any data or insights with either HSBC or the publication (Moneycontrol) involved in the article.
“The market share data and view mentioned in the article does not match Redseer’s internal research,” Swiggy added, calling the content “factually erroneous and misleading.”
Swiggy Labels Zepto’s Data as Unreliable
Swiggy took aim at Zepto, labeling its data inputs as baseless and unreliable.
- The company emphasized that market share narratives based on unverified third-party data were misleading.
- It also highlighted the importance of credible data sources, especially in an intensely competitive quick commerce market.
This public rebuttal marks a rare instance of direct rivalry surfacing via official filings, underlining the high-stakes battle for leadership in India’s quick commerce space.
Quick Commerce Landscape: Intense Competition & Strategic Shifts
The backdrop to this dispute is a heated battle among Instamart, Blinkit, and Zepto, as the sector enters a new growth and consolidation phase.
- A JPMorgan report recently noted shifting strategies among the three players:
- Blinkit and Instamart are ramping up performance-led marketing, moving away from pure discounting.
- Zepto, in contrast, has cut performance marketing spends by 60% QoQ, while increasing discounts and offering free deliveries and zero platform fees.
Zepto’s Heavy Discounting May Hurt User Engagement
Despite aggressive price plays, Zepto may be seeing diminishing returns on user engagement:
- NDTV, citing JPMorgan, reported that Zepto’s weekly active users have dropped, likely due to lower ad visibility.
- Blinkit, meanwhile, is scaling marketing and store expansion, backed by fresh capital infusions from parent company Eternal.
All Players Backed by Strong Capital Positions
All three major players are now well-capitalised, allowing for sustained customer acquisition and geographic expansion:
- Zepto raised $450 Mn in October 2025.
- Swiggy is in the process of raising INR 10,000 Cr via QIP.
- Blinkit’s parent Eternal has infused INR 600 Cr recently, adding to a total INR 8,500 Cr raised through QIP last year.
This financial muscle is expected to fuel the next wave of store launches, tech improvements, and user acquisition efforts across Tier I and Tier II cities.
