Swiggy takes aim at Zepto's NRV, says metric can inflate topline by 20%

Swiggy contests Zepto's reported NRV of Rs 24,816 crore for FY26, arguing the metric can inflate topline by 20%.

Based on Swiggy's estimate, Zepto's comparable transaction value would be nearly Rs 20,000 crore, about one-fifth lower.

Swiggy's criticism targets Zepto's use of Net Revenue Value (NRV) as a metric in its IPO filing.