Swiggy's QIP Fuels Quick Commerce War, Blinkit Still Leads: Bernstein

• Swiggy's ₹10,000-crore QIP was oversubscribed 4.5 times, signaling strong investor confidence and providing a "war chest" for competition.
• The quick commerce sector is entering an aggressive phase with intense competition, large fundraises, and rising questions about long-term profitability.
• Bernstein notes that Blinkit currently leads on most metrics (scale, orders, profitability, growth) and has a stronger cash position than Swiggy.
• Bernstein believes only a few large players will survive in quick commerce, with Blinkit (via Zomato) being their long-term leader and top pick.
• Swiggy's QIP could help it regain market share lost to Blinkit and reposition its quick-commerce business, especially with Zepto intensifying competition.

Why It Matters: Swiggy's fundraising signals fierce quick commerce competition, potentially benefiting consumers.