New Delhi, March 12 -- Global brokerage firm Jefferies has initiated coverage on Swiggy, assigning a 'hold' rating with a price target of Rs.400. The call comes despite the stock's nearly 35 percent decline in 2025 year-to-date, as Jefferies highlighted concerns over Swiggy's smaller scale and the intensifying competition in the quick commerce space. The target price implies an upside of over 13 percent from the stock's previous closing price.

Swiggy currently holds a 45 percent share in India's online food delivery market, with Jefferies forecasting mid-to-high teens growth in the segment over the medium term. The brokerage estimates that Swiggy's Gross Merchandise Value (GMV) for food delivery will reach $3.4 billion in FY25, while the...