GenZ Stock Picks: JPMorgan chooses five consumer internet names for up to 62% upside

As digital adoption expands across India, new user growth from the GenZ demographic (aged 18–34) is emerging as a critical driver for incremental growth across consumer internet categories over the coming decade, global investment banking firm JPMorgan wrote in its note on Monday, November 10.

While most Indian consumer internet platforms currently report an average user age of 30 to 32 years, JPMorgan notes that the natural transition of Gen Z users into Millennials points to strong, long-term growth durability across the broader sector.

In sorting platforms and categories by their youth appeal, JPMorgan analysts found that edtech and recruitment platforms command the highest youth salience, while specific names like Toing (Swiggy), Nykaa, Meesho, and Groww stand out as demographic leaders within their respective verticals.

Furthermore, the brokerage highlights that seemingly "mature" categories like food delivery and recruitment classifieds actually possess a significantly longer growth runway than perceived due to their high concentration of GenZ users.

Based on its demographic mapping, JPMorgan has identified two distinct sets of Overweight-rated (OW) stock picks to play this youth-driven consumption wave:

JPMorgan selects PhysicsWallah, Meesho, and Groww as its preferred Overweight-rated stocks for direct exposure to high Gen Z user concentration.

For investors seeking long-term durability among established internet laggards, JPMorgan recommends Overweight-rated Info Edge and Swiggy, citing their strong footing in youth-heavy categories.

Within these, JPMorgan sees a 15% upside for shares of PhysicsWallah from current levels, while for Meesho, the stock has already crossed JPMorgan's price target of ₹250 per share. The firm sees a 9% upside for shares of Groww.

For the durable stock picks, JPMorgan sees a 26% upside for shares of Info Edge, with a price target of ₹1,500, while for Swiggy, the price target of ₹310 implies an upside potential of 62% from current levels.

JPMorgan Also Gives a sector-wise demographic breakdown to explain its stock recommendations:

Edtech, Recruitment & Going-out Platforms

JPMorgan observes that edtech, recruitment, and going-out platforms enjoy the highest GenZ salience in India. Because the majority of test-preparation aspirants fall within the 18–34 age bracket—with most under the age of 27, edtech stands out as the youngest consumer internet segment.

Recruitment naturally serves as the immediate next step for this cohort as they enter the workforce and search for career opportunities across digital platforms. Unsurprisingly, going-out and live entertainment platforms such as District, Eternal, and BookMyShow also benefit from strong GenZ engagement.

Food Delivery & Next Gen Value Apps

Food delivery remains a relatively young category overall, with roughly 65% of its user base belonging to GenZ, which JPMorgan believes provides attractive growth durability. Within the sector, Swiggy’s new standalone platform, Toing, has carved out a notably higher share of GenZ users compared to established parent apps like Swiggy and Zomato, largely due to its emphasis on affordability and value over pure convenience.

JPMorgan points out that both Toing and Ownly skew sharply younger than Swiggy and Zomato, effectively expanding the overall market, while Zomato’s core platform skews younger than Swiggy’s.

E-Commerce & Social First Shopping

In the broader e-commerce space, Nykaa commands the highest GenZ loyalty and salience, a position JPMorgan attributes to its strong social media presence and targeted demographic positioning. Meesho also skews heavily toward younger shoppers, boasting a 65% GenZ user share driven by its value-focused proposition. On the other end of the spectrum, mature horizontal and niche platforms like Amazon and FirstCry skew toward the oldest user demographics.

Quick Commerce Skew

Quick commerce platforms currently exhibit lower GenZ salience compared to food delivery and traditional e-commerce. JPMorgan links this demographic gap to the QC sector’s focus on speed and convenience rather than deep value or subsidies. Within the segment, Swiggy’s standalone Instamart app attracts a younger user profile, whereas Zepto, Blinkit, and the main Swiggy parent app show roughly similar, slightly older demographic distributions.

Real Estate, Home Services & Travel

Quick commerce platforms currently exhibit lower Gen Z salience compared to food delivery and traditional e-commerce. JPMorgan links this demographic gap to the QC sector’s focus on speed and convenience rather than deep value or subsidies.

Within the segment, Swiggy’s standalone Instamart app attracts a younger user profile, whereas Zepto, Blinkit, and the main Swiggy parent app show roughly similar, slightly older demographic distributions.