Swiggy's Noice Brand Shows Promise but Faces Challenges

Swiggy, a food delivery company, has a private-label food brand called Noice.

Bernstein, a brokerage firm, did a blind taste test and found that Noice did well in many categories, like paneer and salsa dip.

However, Noice needs to improve in some areas, like potato chips.

Bernstein thinks Noice is a good start, but Swiggy needs to do more to make its quick-commerce business successful.

They need to get customers to order more often and make better use of their dark stores.

Bernstein gives Swiggy an 'Outperform' rating with a target price of Rs 430, which is a 71% upside.