Bernstein initiates coverage on Swiggy with Rs 635 target price, stock up 6%

Bernstein highlighted that Swiggy is strategically placed to benefit from the shift towards super-fast delivery models in Indias fast-growing convenience economy, which currently has an 8% penetration and a total addressable market of $70 billion. The firm anticipates this segment will grow at a compound annual growth rate (CAGR) exceeding 50%.