Jefferies sees Swiggy shares rallying up to Rs 400, initiates coverage with hold rating

Swiggy, which holds a 45% share of India's online food delivery market, is expected to experience mid-to-high teens growth in the segment over the medium term. Jefferies projects the companys Gross Merchandise Value (GMV) in food delivery will reach $3.4 billion in FY25, with the industry anticipated to grow at a 20% compound annual growth rate (CAGR) through FY27.