Consumer Internet

Aggregates restaurants on one app, takes the order and payment, and sends a gig rider to pick up and deliver it. The platform earns a commission from the restaurant (roughly 18-25% of order value), delivery and platform fees from the customer, and ads that restaurants buy to rank higher.

Food delivery is the one Indian consumer-internet business that is a proven, profitable duopoly. Zomato and Swiggy together handle almost all aggregator orders; their food arms fund the quick-commerce build-out and set the frequency habit that every other line is sold on.

Margins are thin but positive and rising: Zomato's food delivery made adjusted EBITDA of ~5.5% of net order value in Q2 FY27 on NOV growth of ~21%. Profit comes from ad income, platform fees and rider density; growth now runs high-teens to low-20s %, slower than quick commerce.

• Frequency gains from memberships and lower-price formats (Swiggy's 99 store, Zomato Everyday)
• Ad and platform-fee increases with little order loss
• Adjacent going-out services (District, Dineout, events)
• Expansion into tier-2/3 cities

• Small share of India's restaurant spend is ordered online - penetration beyond the top cities is slow
• Rider supply and cost: gig-worker welfare contributions (1-2% of turnover, capped) and heat-wave rules raise costs
• Restaurant pushback on commissions and private-label competition (NRAI complaints, CCI case 2022-24)

• Gross / net order value (GOV, NOV) growth
• Adjusted EBITDA as % of order value
• Monthly transacting users and order frequency
• Average order value and take rate