Swiggy's IPO Pop Fades as Zomato Sets the Duopoly Benchmark
Swiggy's October debut saw its grey-market premium collapse from ₹130 to ₹2, settling at a modest 7.6% premium. The food delivery duopoly now commands DMart-level valuations on a quarter of its sales and an eighth of its profits, even as Zomato's 475% post-IPO recovery sets the bar for the sector.
Analysis of India's food delivery duopoly Swiggy and Zomato, covering Swiggy's October IPO debut, fading GMP, and comparison to Zomato's post-IPO recovery and DMart-level valuation despite lower sales and profits.