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2026.03.26
India's food delivery market remains a duopoly between Zomato (renamed Eternal Ltd in 2025) and Swiggy. The two companies are locked in an intense battle for share not only in food delivery but also in quick commerce (instant delivery), a rivalry that shapes the direction of India's entire food-tech industry.
This article thoroughly compares the two companies in terms of revenue, profit, market share, stock price, fees, and merchant support, based on the latest financial data from FY2025 (April 2024-March 2025) and Q1 FY2026. India Market For restaurants and food companies considering listing on these platforms, this provides guidance for selecting the optimal platform.
| Metric | Zomato (Eternal Ltd) | Swiggy |
|---|---|---|
| Revenue (FY25) | 20,243 crore (about JPY 360 billion) | 15,227 crore (about JPY 270 billion) |
| Revenue growth (YoY) | +67% | +35% |
| Net profit/loss (FY25) | +527 crore (profitable) | -3,117 crore (loss) |
| Q1 FY26 revenue growth | +70% | +54% |
| Q1 FY26 net profit/loss | +25 crore (remained profitable) | -1,197 crore (loss widened) |
In FY2025, Zomato achieved revenue of 20,243 crore (about JPY 360 billion), recording 67% growth year on year. Swiggy's revenue, meanwhile, was 15,227 crore (about JPY 270 billion), with growth of only 35%. The gap between the two companies' revenue reaches about 5,000 crore (about JPY 90 billion) (source: INDmoney, 2025).
The most decisive difference lies in profitability. Zomato posted a net profit of 527 crore, achieving the black, while Swiggy recorded a net loss of 3,117 crore. This gap in profitability is also clearly reflected in investor valuations.
In the food delivery segment, Zomato holds a 55-58% share, and Swiggy 42-45%. Swiggy's share briefly dipped below 40% in the first half of 2024, but recovered to 42% by Q1 FY2026 (source: Motilal Oswal, 2025).
In quick commerce, Zomato's Blinkit processes about 1.57 million orders per day, compared to about 1.215 million for Swiggy's Instamart, a gap of about 360,000. Blinkit operates about 1,400 dark stores across 172 cities and leads with 13.7 million monthly active users (MAU).
| Metric | Zomato (Eternal Ltd) | Swiggy |
|---|---|---|
| Stock price (as of March 2026) | About INR 229 | Significantly below the IPO price of INR 390 |
| Market capitalization | About INR 2.2 trillion (about JPY 4 trillion) | About INR 775 billion (about JPY 1.4 trillion) |
| P/E ratio (based on FY25 actual results) | more than about 400 times | Not calculable due to losses |
| Analyst target price | INR 420 (BNP Paribas) | INR 490 (BNP Paribas) |
Zomato's market capitalization is about INR 2.2 trillion (about JPY 4 trillion), roughly 3 times that of Swiggy. Swiggy's stock has continued to decline since its IPO in November 2024, and has traded well below the IPO price throughout 2026 as well (source: Appreciate Wealth, 2026).
Both platforms charge restaurants a commission of 15-30%, with the specific rate varying by the restaurant's location, order volume, and selected plan (source: Spice Advisors, 2025).
As of March 2026, both companies have successively raised platform fees. Zomato raised its pre-tax fee by 19%, from INR 12.50 to INR 14.90, and Swiggy followed suit, raising its fee by 17%, from INR 14.99 to INR 17.58 (source: MediaNama, 2026).
| Fee item | Zomato | Swiggy |
|---|---|---|
| Commission rate | 15–30% | 15–30% |
| Platform fee (borne by the consumer) | INR 14.90/order (excl. tax) | INR 17.58/order (excl. tax) |
| Priority listing option | Zomato Ads (advertising) | Swiggy Ads (advertising) |
| Delivery fee | Varies by distance and demand | Varies by distance and demand |
Zomato leads Swiggy in monthly active users in food delivery, with a particularly strong hold in Tier 1 cities. Swiggy, meanwhile, has a relatively strong presence in South India (especially Bengaluru, Chennai, and Hyderabad).
In the Delhi NCR area and Mumbai, where many Japanese restaurants have expanded, Zomato tends to have a higher share. However, Tier 2 cities when considering expansion into other regions, listing on both platforms can help cover regional imbalances.
Through its "Restaurant Partner" program, Zomato provides a sales analytics dashboard, menu optimization suggestions, and promotional tools. Priority listing is also available through the Zomato Gold program, though at an additional cost.
Swiggy offers similar tools through "Swiggy Partner Hub," and also runs "Swiggy Access," a cloud kitchen support program. This program allows businesses to start a delivery operation without a physical storefront, making it an attractive option for new entrants.
| Case | Recommendation | Reason |
|---|---|---|
| Opening mainly in Delhi and Mumbai | Zomato preferred | Share advantage in major North Indian cities |
| Focused on Bengaluru and South India | List on both (Swiggy slightly favored) | Swiggy's presence in South India |
| Cloud kitchen business | Swiggy preferred | Leveraging the Swiggy Access program |
| Premium Japanese restaurants | Zomato preferred | Zomato Gold's reach to high-income segments |
| Food manufacturers (e-commerce sales) | Blinkit (Zomato) preferred | Product sales via quick commerce |
As a conclusion, listing on both platforms, as resources allow, is the optimal solution. Indian consumers commonly compare both apps before ordering, and being listed on only one causes significant lost opportunity.
That said, when concentrating promotional resources on a limited budget, the main platform should be selected based on the location and business format, referring to the table above, and marketing budget should be focused there. startups For entry as a cloud kitchen, leveraging Swiggy's cloud kitchen program is also worth considering.
Zomato has achieved profitability and, through the expansion of quick commerce via Blinkit, has entered a second phase of growth. Swiggy, meanwhile, continues to post losses but is aggressively expanding Instamart using funds raised through its IPO.
The implication for Japanese companies is clear. Because competition between the two companies could lead to further platform fee increases, digital payments building a proprietary e-commerce channel around them should also be considered in parallel. Recognizing the risk of platform dependence while maximizing the customer-drawing power of both companies through a "hybrid strategy" is FSSAI certification the most realistic approach for Japanese food companies that have already obtained FSSAI certification.
The biggest difference is profitability. Zomato (Eternal) has achieved profitability, while Swiggy continues to post losses. Both companies operate food delivery and quick commerce as their two pillars, but there is a gap in how far each has progressed toward monetization.
In food delivery, Zomato is somewhat ahead, with Swiggy following. In quick commerce, Zomato's Blinkit leads with a large number of dark stores, while Swiggy's Instamart is chasing.
Differentiating by region and business format is effective. Zomato is recommended for a Delhi/Mumbai-centered rollout, both platforms for a South India-centered rollout, and Zomato's reach to high-income segments is said to be effective for premium Japanese restaurants. However, since consumers compare both apps, listing on both is the basic strategy as far as resources allow.
Swiggy is considered the preferred candidate. Swiggy runs a cloud kitchen support program, allowing businesses to start a delivery operation without a physical storefront. It is an option that can reduce initial investment for new entrants.
Both companies charge restaurants a commission, with the rate varying by location, order volume, and plan. In addition, both companies are moving to raise platform fees. Given the risk of rising fees, building a proprietary e-commerce channel is also said to be worth considering in parallel.
A realistic solution is a hybrid strategy that leverages the customer-drawing power of both companies while also maintaining a proprietary sales channel. By building a proprietary e-commerce channel using digital payments and obtaining FSSAI certification, companies can spread their channels and reduce the risk of fee increases or dependence on a single platform.
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