Group chief executive Sriharsha Majety, speaking at the listing ceremony in the financial capital Mumbai, said India had "so much economic growth" ahead, and that "growth is obviously going to show up in the cities" — a boost for firms like Swiggy. The company's shares defied an overall weak market and closed at 456 rupees($5.4), 16.9 percent higher than the issue price, on their first day of trade. In the run-up to the listing, analysts had raised concerns over stiff competition from industry leader Zomato and unlisted rival Zepto. "Swiggy's initial focus on in-house innovation gave it an edge, but competitors like Zomato and Zepto have since overtaken it in food delivery and quick commerce," Ninad Sarpotdar, an analyst at Aditya Birla Capital, wrote in a pre-listing note. Sarpotdar said that ongoing losses and a "slightly high valuation" were also negative factors.