External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Swiggy—once a market leader in convenience-based use cases—has lost ground over FY22-24 in its core offerings (Food Delivery + Quick Commerce)</li><li>In Food Delivery (FD), Swiggy appears to be 4-6 quarters behind Zomato</li><li>However, unless it increases MTU additions, we suspect Swiggy may continue to lag Zomato in GOV growth as other KPIs seem maxed out</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Swiggy—once a market leader in convenience-based use cases—has lost ground over FY22-24 in its core offerings (Food Delivery + Quick Commerce)In Food Delivery (FD), Swiggy appears to be 4-6 quarters behind ZomatoHowever, unless it increases MTU additions, we suspect Swiggy may continue to lag Zomato in GOV growth as other KPIs seem maxed outContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swiggy (Initiating Coverage): Relegated to Second Fiddle. ADD

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> debuts with an 8% premium, raising Rs. 11,328 crore in IPO for Dark store expansion, brand promotion, tech &amp; inorganic growth.</li>
<li>Swiggy lags behind Zomato across metrics, while Zomato diversifies with high-growth ticketing and "Going Out" segments.</li>
<li>With both segments is on the edge of becoming Contribution and EBITDA positive, one need to look the results of upcoming quarters of swiggy carefully.</li>
</ul>



Swiggy (1255298D IN) debuts with an 8% premium, raising Rs. 11,328 crore in IPO for Dark store expansion, brand promotion, tech &amp; inorganic growth.
Swiggy lags behind Zomato across metrics, while Zomato diversifies with high-growth ticketing and "Going Out" segments.
With both segments is on the edge of becoming Contribution and EBITDA positive, one need to look the results of upcoming quarters of swiggy carefully.


Zomato Vs Swiggy: The Great Indian Delivery War

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> debuts today amid bearish market sentiment, pressured by FII selling and disappointing corporate earnings.</li>
<li>The IPO received lukewarm interest from retail investors, who had minimal allocation - this could limit listing day selling pressure.</li>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy's</a> valuation discount to <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>  is noteworthy; improved metrics, financials could drive gains, but escalating competition and regulatory risks loom large in the near term.</li>
</ul>



Swiggy (1255298D IN) debuts today amid bearish market sentiment, pressured by FII selling and disappointing corporate earnings.
The IPO received lukewarm interest from retail investors, who had minimal allocation - this could limit listing day selling pressure.

Swiggy's valuation discount to Zomato (ZOMATO IN)  is noteworthy; improved metrics, financials could drive gains, but escalating competition and regulatory risks loom large in the near term.


Swiggy: Expect Soft Debut in a Weak Market. Will It Regain Lost Mojo with IPO Boost?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy</a> Limited raised around US$1.35bn in its India IPO, although the demand wasn't great.</li>
<li>Swiggy Limited is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Swiggy Limited raised around US$1.35bn in its India IPO, although the demand wasn't great.
Swiggy Limited is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.


Swiggy IPO Trading - Decent Anchor but Tepid Overall Demand

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> IPO is an issue of INR 113.3 bn, consisting of fresh issue of INR 45 bn and OFS of 175 mn shares ~INR 68.3 bn. </li>
<li>Swiggy has ramped up fast in the last three years, with a sharp reduction in losses. When seen against Zomato, Swiggy needs to be more aggressive, especially in Quick Commerce. </li>
<li>As far as forensic takeaways are concerned, the company witnesses high employee attritions, disclosure&amp;presentation jiggles, potential capital allocation woes, experienced cash embezzlements, etc.</li>
</ul>



Swiggy (1255298D IN) IPO is an issue of INR 113.3 bn, consisting of fresh issue of INR 45 bn and OFS of 175 mn shares ~INR 68.3 bn. 
Swiggy has ramped up fast in the last three years, with a sharp reduction in losses. When seen against Zomato, Swiggy needs to be more aggressive, especially in Quick Commerce. 
As far as forensic takeaways are concerned, the company witnesses high employee attritions, disclosure&amp;presentation jiggles, potential capital allocation woes, experienced cash embezzlements, etc.


India

Bundl Technologies Private Limited provides food ordering and delivery services. The Company operates a fleet of delivery personnel who pick up orders from restaurants and deliver it to customers. Bundl Technologies serves customers in India.

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Swiggy (1255298D IN)

Swiggy (Initiating Coverage): Relegated to Second Fiddle. ADD

Swiggy—once a market leader in convenience-based use cases—has lost ground over FY22-24 in its core offerings (Food Delivery + Quick Commerce)

HDFC Securities

Zomato Vs Swiggy: The Great Indian Delivery War

Swiggy raising funds for dark store expansion, brand promotion, tech, and growth. Lagging behind Zomato, Swiggy aims to become Contribution and...

Sudarshan Bhandari

Swiggy: Expect Soft Debut in a Weak Market. Will It Regain Lost Mojo with IPO Boost?

Expect a soft debut given weak market sentiment. Fresh capital offers Swiggy an opportunity to regain lost market share. But it will need to face...

Devi Subhakesan

Swiggy IPO Trading - Decent Anchor but Tepid Overall Demand

Swiggy Limited raised around US$1.35bn in its India IPO, although the demand wasn't great with only instis having some interest in the listing.

Sumeet Singh

Swiggy Ltd IPO- Forensic Analysis

Swiggy's ramp up has been impressive but less aggressive than Zomato. For forensics, watch out for distorted headline numbers, potential capital...

Nitin Mangal

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Swiggy (Initiating Coverage): Relegated to Second Fiddle. ADD

Swiggy—once a market leader in convenience-based use cases—has lost ground over FY22-24 in its core offerings (Food Delivery + Quick Commerce)

HDFC Securities

Zomato Vs Swiggy: The Great Indian Delivery War

​Swiggy raising funds for dark store expansion, brand promotion, tech, and growth. Lagging behind Zomato, Swiggy aims to become Contribution and...

Sudarshan Bhandari

Swiggy: Expect Soft Debut in a Weak Market. Will It Regain Lost Mojo with IPO Boost?

Expect a soft debut given weak market sentiment. Fresh capital offers Swiggy an opportunity to regain lost market share. But it will need to face...

Devi Subhakesan

Swiggy IPO Trading - Decent Anchor but Tepid Overall Demand

Swiggy Limited raised around US$1.35bn in its India IPO, although the demand wasn't great with only instis having some interest in the listing.

Sumeet Singh

Swiggy Ltd IPO- Forensic Analysis

​Swiggy's ramp up has been impressive but less aggressive than Zomato. For forensics, watch out for distorted headline numbers, potential capital...

Nitin Mangal

Swiggy raising funds for dark store expansion, brand promotion, tech, and growth. Lagging behind Zomato, Swiggy aims to become Contribution and...

Swiggy's ramp up has been impressive but less aggressive than Zomato. For forensics, watch out for distorted headline numbers, potential capital...