Swiggy Ltd.

“Swiggy is a funded-but-unproven platform perpetually losing ground to Zomato in food delivery and fighting a better-capitalised Blinkit in quick commerce, while management's IPO structure, poor acquisition track record, and heavy ESOP dilution signal weak alignment with minority shareholders — at ~INR 287 the market cap of ~INR 74,545 Cr prices in a successful turnaround with no margin of safety, making this an avoid for long-term capital.”