Motilal Oswal sees no threat from ONDC to Zomato, but BofA Securities takes a more cautious stance

  • Motilal Oswal has maintained a “Buy” rating on Zomato stock, claiming there is no evidence of ONDC having an adverse effect on the food delivery app.
  • BofA Securities has taken a more cautious “Neutral” stance, setting a price target of INR72 ($0.96).
  • Though warning ONDC could become a significant risk if it continues to scale up, it may still “serve as a key platform in the food delivery space”.
  • High-end users who prefer speedy service on Zomato and Swiggy are not particularly price-sensitive.


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