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Samreen Ahmad · · 1 min readDuopoly decoded: Zomato vs. Swiggy in 8 charts
Zomato – now rebranded as Eternal – and Swiggy dominate India’s food delivery space, with quick commerce emerging as the key battleground for growth.
The companies form a clear duopoly, but Zomato has pulled ahead. As Swiggy continues to grapple with rising losses, Zomato is profitable and leads in revenue.
Yet these charts reveal a deeper shift: Core food delivery is plateauing while quick commerce is racing ahead, redefining the future for both players.
These charts will be updated every quarter. They are based on earnings releases that can be found here and here.
This is the latest version of the article that was previously updated on May 14, 2025.
Currency converted from Indian rupees to US dollar: US$1 = 84.7 rupees.
Editing by Simon Huang and Eileen C Ang
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We unpack the rivalry between the Indian food delivery players through clear visuals, revealing how both are pivoting and who is truly pulling ahead.
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