Eternal, Swiggy slide up to 3% as Flipkart eyes food delivery re-entry ahead of IPO
Walmart-backed Flipkart is reportedly preparing to re-enter India's online food delivery market, threatening the Zomato-Swiggy duopoly. Shares of Eternal (Zomato parent) and Swiggy fell up to 3% intraday on the news, with investors weighing competitive pressure on margins and market share in a near-term horizon.
What happened
Eternal and Swiggy shares fell up to 3% on reports that IPO-bound Flipkart, backed by Walmart, is likely to re-enter India's online food delivery market,
Key facts
- 3%
Why this matters
Flipkart's pre-IPO re-entry signals appetite for quick-commerce-adjacent M&A or dark-kitchen partnerships, opening a window for restaurant aggregators and logistics players to court a third bidder.