Swiggy has issued a clarification regarding recent media articles about Instamart’s market position. The company denies the accuracy of data cited in a November 26 MoneyControl article. Swiggy asserts that the data attributed to an HSBC internal memo and sourced from Redseer and Zepto is incorrect. Redseer has confirmed that they did not share the data with HSBC or MoneyControl, and Swiggy strongly advises stakeholders to rely on official company statements.
Response to Media Reports
Swiggy has addressed concerns arising from a November 26 MoneyControl article concerning Instamart’s market share and performance. The company emphasizes that the information presented in the article is inaccurate and does not reflect internal research findings.
Dispute of Data Accuracy
The article in question cited data from an internal HSBC memo, which in turn referenced Redseer and Zepto. Swiggy has received confirmation from Redseer that they did not provide the data or analysis to HSBC or MoneyControl. Moreover, Redseer’s internal research contradicts the market share data and viewpoints presented in the aforementioned article.
Company Stance
Swiggy categorically denies the content of the media article, deeming the referenced data and views as baseless and unreliable. The company advises shareholders and stakeholders to exercise caution and rely solely on official announcements and statements from Swiggy.
RedSeer’s Confirmation
RedSeer has confirmed that no data or analysis was shared with HSBC or MoneyControl regarding the article. In addition, the market share data and view mentioned in the article do not match Redseer’s internal research.
Source: BSE
