Swiggy, India’s major food delivery and quick commerce platform, saw its shares surge 6.17% to 565.40 rupees (US$ 6.67) on Monday.

This increase followed Axis Capital’s ‘Buy’ rating and a target price of 640 rupees (US$ 7.54), suggesting a 20.18% upside.

Since its November 10 listing, Swiggy’ stock has risen 29.24%, while competitor Zomato has gained 135.98% year-to-date.

Swiggy recently launched an invite-only membership, as it aims to break even on its adjusted EBITDA by the fiscal year’s end.