JM Financial downgraded Swiggy citing widening losses and balance sheet stress, warning the firm needs over $500 million to sustain Instamart against Blinkit's rapid expansion
The launch comes at a time when the food delivery apps in India are racing to deliver everything from biryani to hot beverages to customers' doorsteps in under 10-15 minutes
This is an increase of around 10% when compared to the FY 2021-2022
Swiggy says it will utilise the capital to introduce a host of new offerings and will invest in its supply chain