Technology
Amazon’s Rapid Delivery Push Triggers $15 Billion Rout for Eternal, Swiggy
Key Points
Amazon’s Rapid Delivery Push Triggers $15 Billion Rout for Eternal, Swiggy Eternal Ltd. and Swiggy Ltd. got the 10-minute delivery party going in India. Now, e-commerce titans Amazon.com Inc. and Walmart Inc.’s Flipkart are looking to crash it. Eternal, whose Blinkit does doorstep delivery of everything from eggs to electronics within minutes, has slipped 28% from its October all-time high as of Thursday’s close, while rival Instamart’s owner Swiggy has plunged about 47% from its recent peak...
Amazon’s Rapid Delivery Push Triggers $15 Billion Rout for Eternal, Swiggy
Eternal Ltd. and Swiggy Ltd. got the 10-minute delivery party going in India. Now, e-commerce titans Amazon.com Inc. and Walmart Inc.’s Flipkart are looking to crash it.
Eternal, whose Blinkit does doorstep delivery of everything from eggs to electronics within minutes, has slipped 28% from its October all-time high as of Thursday’s close, while rival Instamart’s owner Swiggy has plunged about 47% from its recent peak in September. That adds up to a selloff of more than $15 billion for the duo as investors get spooked by the onslaught of competition.
[Image text:] Swiggy
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