Global brokerage Macquarie said IPO-bound Swiggy seems to be 4-6 quarters behind Zomato. Swiggy's gross order value is around 26.5% lower than Zomato's, Macquarie said, adding that the former also has a lower monthly transacting user base. In quick commerce business, Zomato's Blinkit outperforms Swiggy's Instamart, which remains loss-making, the brokerage stated.