India, March 4 -- Amid bearish investor sentiment that has dented valuations of foodtech majors Zomato and Swiggy by billions, brokerage ICICI Securities sees a potential upswing in the companies' fortunes as soon as May 2025.

In a report on March 4, the brokerage reiterated its 'BUY' rating for both companies, giving Swiggy a price target (PT) of INR 740 and Zomato a PT of INR 310. This represents a 111% upside for Swiggy and 36.3% upside for its rival.

ICICI Securities observed that the share prices of both the companies have seen a correction of about 45% (Swiggy) and 30% (Zomato) over the past three months amid a panic among investors over the performance of their quick commerce verticals.

"Given the increased cash burn in the quic...