Restaurant ordering and delivery apps (Zomato, Swiggy) plus dining-out and events.
Eternal (Zomato, Blinkit)Operator · HighListed
SwiggyOperator · HighListed
Where it fits
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.
Why it matters
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.
Where the value pool sits
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.
Key drivers
Frequency gains from memberships and lower-price formats (Swiggy's 99 store, Zomato Everyday)
Ad and platform-fee increases with little order loss