Swiggy refutes claims over Instamart losing market share, questions research data

Online food delivery and quick commerce platform, Swiggy, on Thursday, rejected the claims over its Instamart business losing market share against competitors, citing that the data mentioned in a recent news report did not match the original research data, according to an exchange filing.

In an NSE filing on 27 November 2025, Swiggy clarified that a recent media report on Instamart’s market position and related numbers is ‘baseless and unreliable’ in nature, as the company denies the content in the news portal's report.

“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 and that information shared is factually erroneous and misleading,” said Swiggy in its exchange filing.

The food delivery and quick commerce company also alerted its shareholders to exercise caution and rely solely upon the official announcements from the firm.

What did Swiggy say?

Swiggy clarified that the recent news report cited an internal memo from HSBC, which quoted data from market intelligence firm Redseer Consulting and Zepto.

The company also said that it received a confirmation from RedSeer that the data agency did not share any research with HSBC or the news portal. Swiggy also said that the market share data, which was mentioned in the news report was does 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 money control in relation to the Article; and (ii) the market share data and view mentioned in the Article does not match Redseer’s internal research,” the company informed the stock exchanges through its filing.

Redseer Clarifies

The market intelligence firm Redseer Consulting also clarified that no data or analysis was shared with HSBC or the news portal in relation to the news report in question.

“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 officially taken down the article from its website as of 28 November 2025.