“Maintains a 'buy' recommendation on Swiggy with a price target of ₹360, implying a 30% upside from Thursday's closing levels, despite being below its issue price. Near-term sentiment for Instamart may remain muted due to competition and company-specific issues, requiring Swiggy to focus on recovering GOV growth to 14-15% sequentially and achieving material Contribution Margin expansion by Q4FY24.”