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Swiggy CEO Sriharsha Majety told Bloomberg in an interview last week that his company would stay out of the spending war being waged by Amazon, Flipkart, and Reliance in India's quick commerce market. He invoked the Airtel-Jio price war as a precedent, argued that chasing market share through discounts only postpones the problem, and said Swiggy has Rs 15,000 crore in the bank to play the long game.

But Swiggy invented this category. And Blinkit, which came years later, now has twice the dark stores, twice the users, and losses that are narrowing.

So is this a strategy or a rationalisation?

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