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The ecommerce platform will be hard-pressed to justify its estimated $7-8 billion valuation—up nearly 2x from just 10 months ago—at a time of ho-hum growth and flagging profitability.

FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
With competition in the segment intensifying, the chief business development officer of India’s largest exchange unpacks the bourse’s strategy going forward.
Investors eager to ride India’s quick-commerce boom are already losing confidence in Swiggy. A Rs 7,300* crore war chest and little urgency, its restraint is starting to hurt.