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Zomato and Swiggy are the leading players in India’s food delivery market, engaging in intense competition to capture market share and achieve profitability. As of November 2024, Zomato held approximately 58% of the market, while Swiggy maintained around 34%.
In January 2025, Zomato reported a 57% decline in third-quarter profit, primarily due to heightened competition and increased investments in expanding its Blinkit platform.
Despite this, Zomato’s revenue rose by 64% to 54.05 billion rupees, with food delivery revenue climbing nearly 22% and Blinkit’s revenue more than doubling.
Swiggy, on the other hand, completed a $1.4 billion initial public offering (IPO) in November 2024, which was oversubscribed, indicating strong investor interest.
However, the retail portion of the IPO received a lukewarm response, reflecting cautious sentiment among individual investors.
Both companies are diversifying into quick commerce, delivering groceries and essentials at speed. Zomato’s Blinkit and Swiggy’s Instamart are key players in this segment, contributing to the evolving dynamics of the market.