India's Food Delivery Market Reaches Balance: Zomato 57%, Swiggy 43%
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About the Market
India's online food delivery market is a duopoly dominated by Zomato and Swiggy. Post-pandemic consolidation eliminated smaller players, leaving these two platforms to compete for the estimated $7-8 billion gross order value market.
About This Chart
Zomato continues to command around 57% of India's food delivery market by gross order value, while Swiggy holds 43%, marking a period of relative stability after earlier shifts. The data highlights how both players are focusing on deeper engagement rather than aggressive share grabs.
Key Insights
What the Data Shows
- Market consolidation complete — no significant third player emerging post-pandemic
- Share movements stabilized around 57-43 split since Q3 FY24
- Both players prioritizing profitability over growth
What It Means
- Affordability push working — Zomato's ₹99 MOV for Gold driving frequency; Swiggy's 99-store gaining traction
- Both seeing 20%+ GOV growth (Zomato 21.3%, Swiggy 20.5%) with MTC/MTU growth in low-20s
- Speed & value formats (Bolt, 99-store) now >20% of volumes — the new growth engines
NOV growth accelerated to 16.6% YoY (up from 13.8% in Q2 FY26), translating to 21.3% GOV growth. Drivers: improved demand environment with higher app opens, reduced minimum order value (₹99 from ₹199) for Gold free delivery, and customer activation investments driving 21% YoY MTC growth.
Outlook: Expect gradual growth towards 20% YoY through modest market share gains and compounding effect of focus on affordability and selection.
— Zomato Q3 FY26 Earnings CallFood delivery GOV growth of 20.5% YoY driven by order-growth steadily improving across FY26 — from single-digit growth in FY25 to mid-teens in Q3 FY26. MTU growth reached 22% YoY (+3mn over 3 quarters) through new propositions and cross-pollination from other segments.
Bolt + 99-store now constitute over a fifth of platform volumes. These differentiated offerings service specific need-states (speed and affordability) with optimized delivery costs, balancing unit economics despite lower AOV.
— Swiggy Q3 FY26 Investor Letter📬 Get Chart Updates
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