Eternal, Swiggy slide up to 3% as Flipkart eyes food delivery re-entry ahead of IPO
Walmart-backed Flipkart is reportedly preparing to re-enter India's online food delivery market, threatening the Zomato-Swiggy duopoly. Shares of Eternal (Zomato parent) and Swiggy fell up to 3% intraday on the news, with investors weighing competitive pressure on margins and market share in a near-term horizon.
Eternal and Swiggy shares fell up to 3% on reports that IPO-bound Flipkart, backed by Walmart, is likely to re-enter India's online food delivery market, threatening the Zomato-Swiggy duopoly.
Why this matters
Flipkart's food delivery push adds to a busy stretch that included aggressive iPhone 15 pricing, a Delhi HC order on counterfeit loopholes, and a chaotic Glam Up event, signaling pre-IPO scale-up across categories.
Retail-company signals steady at 3,541 over the last 90 days.