Swiggy refutes claims over Instamart losing market share, questions research data
Online food delivery and flash commerce platform Swiggy on Thursday denied allegations that its Instamart business was losing market share to rivals, citing data cited in a recent news report that did not match original research data, according to an exchange filing.
In an NSE filing dated November 27, 2025, Swiggy clarified that a recent media report on Instamart’s market position and related figures was ‘unfounded and unreliable’ in nature as the company denied the content in the news portal’s report.
“The data and opinions referred to in the Article by an unlisted competitor are therefore unfounded and unreliable and the Company categorically and strongly denies that the content and information shared in the said media is factually inaccurate and misleading,” Swiggy said in the exchange filing.
The food delivery and fast-tracking company also warned its shareholders to be careful and rely only on the firm’s official announcements.
What did Swiggy say?
Swiggy clarified that the latest report quotes an internal memo from HSBC, which quotes market intelligence firm Redseer Consulting and Zepto.
The company also said it had not received any confirmation from RedSeer that the data agency had shared any research with HSBC or the news portal. Swiggy also said that the market share data mentioned in the news did not match Redseer’s internal research.
“The Article refers to an internal memo from HSBC quoting data from Redseer and Zepto. We have received a confirmation from RedSeer (attached to the email) confirming that (i) no data or analysis has been shared by Redseer with HSBC or currency control in relation to the Article and (ii) the market share data and outlook mentioned in the Article does not match Redseer’s internal research.” The company informed the stock exchanges through a filing.
Redseer Explained
Market intelligence company Redseer Consulting also announced that no data or analysis was shared with HSBC or the news portal regarding the news in question.
“We would like to formally clarify that no data or analysis has been shared by Redseer with HSBC or (the news portal) in relation to this article. We also confirm that the market share data and outlook mentioned in the article do not match Redseer’s internal research,” said Nikhil Dalal, Associate Partner at Redseer Consulting.
The news portal has officially removed the article from its website as of November 28, 2025.
