Tech3 | Swiggy CEO doubts Zepto’s market share claims; 20 new fintechs secure UPI app licence; and more

One quick thing: Byju’s content manager, business partner face US court sanctions 

In today’s newsletter:

• Swiggy CEO doubts Zepto’s market share claims

• Delivery fee increase coming to Instamart 

• 20 new fintechs secure UPI app licence

Swiggy CEO doubts Zepto’s market share claims

Like school report cards that often miss the full picture, Swiggy CEO Sriharsha Majety has a different take on the quick commerce race.

Tell me more: In an interview with us, Majety highlighted the challenges of comparing players based on selective, unaudited financials.

• While Majety did not name specific companies, his remarks were widely seen as a reference to Zepto, the only major privately funded quick commerce player in India

Clash of claims: Zepto CEO and co-founder Aadit Palicha recently claimed a $2 billion gross order value (GOV), surpassing Swiggy Instamart's $1.6 billion but still trailing Blinkit’s $3 billion. 

• But Majety points out that these numbers don’t always add up without full transparency

His comments are at a time when brokerages like Motilal Oswal, which led Zepto’s recent fundraising, have also suggested that Zepto has overtaken Swiggy Instamart in terms of market position. 

Public vs. Private tug of war: Publicly listed companies such as Zomato, which operates Blinkit, and Swiggy are required to disclose their quarterly audited financial results, while private players like Zepto are only obligated to disclose annual filings.

“It is going to be very hard to have a full conversation based on unaudited financials. So, it would be very hard for me to really comment on reports that are flying out there…it is difficult to compare when information is picky,” Majety told us

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