According to the Canada-headquartered global research firm ETC Group, Swiggy was placed in 9th place and Zomato on 10th.
Meanwhile, China’s Meituan, the UK’s Deliveroo, and the US’ Uber Eats, a subsidiary of Uber, captured the top 3 positions, respectively.
“The food delivery sector refers to digital, on-demand platforms for ordering and paying for prepared food and, increasingly, groceries and other retail items,” the research firm said in a statement.
“Restaurants/retailers fill the orders and couriers deliver them to customers within a prescribed timeframe,” it added.
In June 2022, Zomato approved the acquisition of quick commerce start-up Blinkit for Rs 4,447.5 crore ($570 million) in an all-stock deal. Zomato already owned more than a 9 per cent stake in Blinkit (earlier Grofers).
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Meanwhile, Swiggy, a subsidiary of Bundl Technologies Private Ltd, deals with prepared food (restaurant) delivery, cloud kitchen, and grocery delivery via Swiggy Go.
“Venture capital and technology investment has fuelled the sector, but companies have yet to deliver profits — even in the sector-friendly circumstances of the global pandemic when delivery became more necessity than convenience,” the report said.
“Tweaking the business model to move toward profitability — most prominently by adding grocery delivery — is underway,” it added.