NEW DELHI, Nov. 24 -- Swiggy and Eternal (formerly Zomato) told stock exchanges that India's new labour codes, rolled out Friday with immediate effect, would not have any "material impact" on their business. But analysts say the math points the other way: once the mandated contributions kick in, the Code on Social Security 2020 (CoSS), levy is likely to push up operating costs across food delivery and quick commerce-at a time when both platforms have little room to absorb fresh shocks.

Under the Code on Social Security, 2020, platforms must contribute 1-2% of annual turnover, capped at 5% of payouts to gig workers, to a dedicated welfare fund. Analysts are working with the upper end of the range, and their models suggest the levy will ra...