Elara Capital views delivery halt as net neutral or positive for quick-commerce plaforms
Eternal & Swiggy shares remained stable on Wednesday showing minimal investor concern
The 10-min delivery model was optics-driven, with actual timelines already being highly dynamic
Brokerage firm Elara Capital said the government’s decision to halt 10-minute delivery guarantees is unlikely to hurt quick-commerce platforms, calling the move net neutral to positive for players such as Swiggy and Eternal. In a recent note, the brokerage said demand for quick commerce in metro markets is already well entrenched, limiting any meaningful downside from the regulatory change.
The brokerage added that the 10-minute promise was largely optics-driven rather than a hard business guarantee. Delivery timelines on quick-commerce apps were typically dynamic, unlike Domino’s traditional 30-minute pizza guarantee. As a result, Elara believes the removal of the 10-minute benchmark will not be business-altering, nor will it materially impact volumes or growth for the sector.
1 January 2026
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10-Minute Delivery Halt
The assessment comes after quick-commerce platforms including Blinkit, Zepto, Swiggy and Zomato agreed to drop the “10-minute delivery” claim from branding and advertisements following government intervention. Union labour minister Mansukh Mandaviya had urged companies to remove rigid delivery timelines, citing safety and well-being concerns for delivery partners.
Market reaction to the development was muted. Eternal’s shares opened at ₹292.50 and were trading around ₹297.20 by early afternoon on Wednesday, while Swiggy opened at ₹348.10 and was trading near ₹345.55. Elara noted that stock prices of both companies were largely unaffected by the announcement.
Background
The regulatory push follows heightened scrutiny of working conditions in the gig economy, including a nationwide strike by gig workers on December 31, 2025. Worker unions have argued that ultra-fast delivery targets encourage risky behaviour and increase accident rates.
Beyond federal intervention, regulatory oversight of the gig economy is increasingly moving to the state level.
Following Rajasthan’s pioneering legislation in 2023, states like Karnataka and Jharkhand have passed laws to establish welfare boards and social security funds for platform workers, with Telangana currently exploring a similar framework.
While the sector has successfully increased workforce participation, particularly among women, it remains under significant public and political scrutiny. In light of this, platforms have begun rolling out basic health insurance and accident cover to provide a degree of social protection to their delivery fleets.
