Macquarie has given Swiggy an 'Underperform' rating and set a target price of Rs 325 per share, which is significantly lower than the IPO price of Rs 390.

The analyst, Sandeep Bhatia, expressed caution about the valuations in the quick commerce sector in India and highlighted the challenges that have arisen in this space.

Bhatia acknowledged that Swiggy and Zomato have innovative business models, but he advised investors to focus on the long-term unit economics. He emphasized that the unique cost structures for labor and the ability to provide express delivery at scale in India make these businesses cutting-edge, but the current valuations are "very challenging and demanding."

Swiggy shares made their debut on the stock exchanges on November 13, initially showing modest gains before attracting increased investor interest.