Swiggy delivers 15% jump in India debut as investors bet on quick commerce

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Swiggy delivers 15% jump in India debut as investors bet on quick commerce - Channel News Asia

Quick Summary:

BENGALURU :SoftBank-backed Swiggy's shares jumped nearly 15 per cent in their trading debut in India on Wednesday, signalling growing investor confidence in food and grocery delivery firms as shoppers increasingly go online and want fast deliveries.

The stock listed at 420 rupees ($4.98) on India's National Stock Exchange and rose to a high of 448 rupees, giving the company a valuation of nearly $12 billion.

In the quick commerce sector, nationwide annual sales are set to exceed $6 billion this year, with Zomato's Blinkit having a nearly 40 per cent market share, while Swiggy has around 30 per cent, research firm Datum Intelligence estimates.