The Delivery Battle
The battle of food delivery and quick service platforms has thickened with its narrowing down to key players. Zomato, which apart from its food delivery service also holds a majority stake in quick service company Blinkit (formerly Grofers), along with Swiggy, with its Swiggy Instamart and Genie Service are generally deemed as the biggest names in the business.
After Dunzo’s ‘end’, Zepto is another name, that has aggressively put itself on the map, quickly expanding its service areas, and making its presence felt.
Swiggy’s Debut
A major development in the sector came to pass, when one of these, Swiggy attained the milestone of entering Dalal Street and got listed on the National Stock Exchange on November 13. It has been a week and a half since then, and the company not necessarily got off to the best start.
You and I… In this beautiful world ❤️ @Swiggy pic.twitter.com/sAFzd8z07E
— zomato (@zomato) November 13, 2024
The Bengaluru-based company was listed at the price Rs 420 per share, with a 7.69 per cent premium over its IPO price of Rs 390 on the National Stock Exchange (NSE).
Ever since its listing, the company shares have declined 3.65 per cent or Rs 15.70, taking the overall value to Rs 415.00 per share.
As per the most recent performance, the company shares dropped 0.44 per cent on Friday, November 22.
Zomato’s Recent Performance
Swiggy’s biggest competitor, Zomato was listed on the equity market, long before Swiggy, when the Deepinder Goyal-led company rang the bell at the NSE in July 2021.
Zomato shares have not had the best time in the recent past, or at least in the previous week. The company closed on Friday with a decline of 0.72 per cent or Rs 1.92. In the whole week, the Gurgoan-based company lost major 2.57 per cent or Rs 6.99 of its value. The current price of Zomato stands at Rs 264.89 per share.
