'Baseless': Swiggy Refutes Report On Instamart Losing Market Share, Questions Data Credibility

Online food delivery and quick commerce platform Swiggy rejected claims that its Instamart business is losing market share to competitors on Thursday. The company stated that the data cited in a recent news report does not align with the original research data, according to its exchange filing.

Swiggy clarified that the media report on Instamart’s market position and related figures is “baseless and unreliable,” through an exchange filing. The company strongly denied the content published by the news portal.

“The data and views referred to in the Article by an unlisted competitor are therefore baseless and unreliable, and the Company categorically and strongly denies the content in the said media. The information shared is factually erroneous and misleading,” Swiggy said in its filing.

Swiggy also advised shareholders to exercise caution and rely only on official announcements from the company. The firm noted that the report referenced an internal memo from HSBC, which quoted data from market intelligence firm Redseer Consulting and competitor Zepto.

The company further stated that it had not received confirmation from Redseer regarding any data shared with HSBC or the news portal. Swiggy emphasised that the market share figures mentioned in the report do not match Redseer’s internal research.

“The Article refers to an internal memo from HSBC which in turn quotes data from Redseer and Zepto. We have received a confirmation from Redseer (email attached) confirming that (i) no data or analysis has been shared by Redseer with HSBC or with Moneycontrol in relation to the Article; and (ii) the market share data and view mentioned in the Article does not match Redseer’s internal research,” Swiggy informed the exchanges.

Redseer Consulting also issued a clarification, stating that it did not share any data or analysis with HSBC or the news portal.

“We would like to formally clarify that no data or analysis was shared by Redseer with HSBC or with (news portal) in relation to this article. We also confirm that the market share data and view mentioned in the article does not match Redseer’s internal research,” said Nikhil Dalal, Associate Partner at Redseer Consulting.

The news portal has since removed the article from its website as of November 28, 2025.