Bernstein Sees Growth Ahead for Swiggy, Sets Outperform Rating Amid Market Challenges

Bernstein has given Swiggy an Outperform rating, projecting growth in the Indian food delivery market despite a 24% decline in the companys stock this year.

• Bernstein initiated coverage on Swiggy with an Outperform rating, setting a price target of IDR570.00 amid challenges in the market.
• Swiggy holds a strong second position in the food delivery sector in India, boosted by strategic initiatives like Bolt, 99 Store, and Toing.
• The broker highlighted that Swiggy is expected to outpace Zomato in market share growth, with the company generating approximately $115 million in revenue.