Swiggy says that it has received a confirmation from RedSeer confirming that no data or analysis has been shared by Redseer in relation to the media report
Swiggy has issued a clarification after a media report suggested that Zepto had gained market share over Swiggy’s Instamart between September and November. The company has called the information ‘baseless and unreliable.
In a clarification submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), Swiggy noted that the article refers to an internal memo from HSBC which in-turn quotes data from Redseer and Zepto.
“We have received a confirmation from RedSeer confirming that no data or analysis has been shared by Redseer with HSBC or with the media company in relation to the article. The market share data and view mentioned in the article does not match Redseer’s internal research,” the company noted.
The data and views referred to in the article by an unlisted competitor are therefore baseless and unreliable, the statement added. The company has categorically and strongly denied the content in the said media and stated that information shared is factually erroneous and misleading.
Redseer shared that it was aware of the published article on quick commerce. However, it formally clarified that no data or analysis was shared by Redseer with HSBC or with the media company in relation to this article. “We also confirm that the market share data and view mentioned in the article does not match Redseer’s internal research,” Redseer added.
Swiggy stated that its shareholders and stakeholders are strongly advised to exercise caution and rely solely upon the financial declarations and official statements of the company.
