Separately, Emkay assigns a valuation of ₹6,500 crore to the out-of-home and supply chain business. Also, there is a cash in hand of ₹15,000 crore. If the total of these three is deducted from Swiggy’s current market capitalization of ₹75,000 crore, the implied valuation of Instamart comes to a negative ₹3,500 crore.
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