Bernstein sees Noice lifting Instamart case, but dark-store economics remain key
Bernstein retained its Outperform view on Swiggy, citing strong blind-test results for Instamart’s Noice foods. Noice ranked first in three of seven categories, though the brokerage says higher order frequency, dark-store monetisation and execution will determine the long-term quick-commerce outcome.
Bernstein says Swiggy’s Noice private-label foods performed strongly in blind tests, but Instamart’s outlook depends on raising purchase frequency, improving dark-store monetisation and executing consistently. It retains an Outperform rating with a Rs 430 target, implying 71% upside.
Why this matters
The Noice assessment follows Instamart’s physical-retail test and Holi-week festive handling-fee move, extending attention from delivery operations to monetisation and execution.
Retail-brand signals are accelerating, up 358100% QoQ.