Citi sees Swiggy’s growth story intact. Sets Rs 480 target, expects profitability by FY26

Citi forecasts rapid expansion for Swiggy's quick commerce (QC) business, with dark store footprints expected to double again in 2025. The firm projects a 73% CAGR in gross order value (GOV) for Swiggy’s QC segment, reaching $26 billion by FY28. Meanwhile, Swiggy’s food delivery business is expected to grow at 18% CAGR, reaching $13 billion in the same period.