Swiggy Share Price Jumps 25% Above Issue Price, Reaches ₹1 Lakh Crore Market Cap

Swiggy, India’s leading food delivery and quick-commerce giant, has made a remarkable debut on the stock market. On November 14, 2024, at 9:16 AM, Swiggy share price hit ₹488.05 on the Bombay Stock Exchange (BSE), briefly pushing its market capitalisation past ₹1 lakh crore. This surge marked the second consecutive day of gains after the company went public on November 13.

Swiggy’s Stellar Debut on the Stock Market

Swiggy’s stock listed at ₹412 per share on the BSE, which was a 5.64% premium over its issue price of ₹390. On the National Stock Exchange (NSE), the stock opened at ₹420, representing a 7.7% premium. 

The debut showcased investor optimism towards the food delivery and quick-commerce sector, despite some market fluctuations. Although the stock briefly hit a fresh high, it faced a minor dip later in the session, reflecting some volatility in the trading day.

Swiggy’s Financial Growth in FY24

Swiggy has demonstrated strong financial growth in FY24, significantly reducing its losses by 43%, bringing them down to ₹2,350 crore. This improvement was driven by robust growth in its core food delivery services and the success of its Instamart quick-commerce platform. 

Revenue for FY24 surged by 36%, reaching ₹11,247 crore, up from ₹8,264 crore in FY23. The company’s ability to cut losses while increasing revenue highlights its positive trajectory in India’s competitive food-tech sector. Swiggy’s performance in FY24, especially the growth of its Instamart service, positions the company as a major player in the evolving quick-commerce market.

Swiggy vs Zomato vs Zepto

Swiggy, Zomato, and Zepto are in a fierce race to dominate India’s rapidly growing quick-commerce sector. Swiggy, with its Instamart, was an early pioneer in delivering groceries in under 30 minutes. Instamart has seen impressive growth, contributing significantly to Swiggy’s FY24 revenue. 

However, competition has intensified. Zomato’s acquisition of Blinkit has propelled it to hold around 40% of the quick-commerce market, slightly ahead of Instamart’s 32%. Meanwhile, Zepto, a newer player, continues to challenge both giants with its own rapid expansion. 

Conclusion

Swiggy’s listing on the stock exchanges and the subsequent rise in its share price have solidified its standing in India’s online food delivery and quick-commerce sectors. With a market cap exceeding ₹1 lakh crore and strong investor sentiment, Swiggy remains a significant player in the industry. However, it continues to face intense competition from Zomato and Zepto.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.