Swiggy Vs. Zomato- A Comparison Of Business Models, Financial Performance, And More

Did you know India’s online food delivery business witnessed massive growth in the last five years? From generating a total revenue of $4.82 billion in 2017 to crossing $27 billion in 2022, online food delivery companies like Zomato and Swiggy rule the Indian market. According to Statista, the projected revenue of this segment is expected to reach $33.36 billion by the end of 2023 and is projected to grow at a CAGR of 21.78% during 2023-2027. 

There is no doubt that there are various investment opportunities in the food delivery space for investors. So which one is the best company for investment between Swiggy and Zomato? In this blog, we will compare the business model, financial performance, and share price of Swiggy and Zomato.

Swiggy Vs Zomato- An Overview Of Online Food Delivery Giants

Both Swiggy and Zomato are engaged in India’s online food delivery business but differ in various aspects. Whether it’s their business model or listing status, there are various things you need to know before making any investment in these businesses. Here’s a quick overview of these companies:

Key MetricsSwiggyZomato
Establishment detailsStarted in 2013 in BengaluruStarted in 2008 in Gurugram
Listing statusUnlisted companyListed company
Total market share43%55.7%
Market capitalisationRs 885.18 billionRs 445.58 billion
Approx daily orders14 Lakhs12.5 Lakhs
Delivery partners2,10,0001,80,000
Business expensesRs 9,574 croreRs 6,205 crore
Estimated total revenueRs 5,705 croreRs 4,192 crore
Other servicesSwiggy One, Instamart, Genie, DineoutZomato Gold Dining, Blinkit, Advertising, Hyperpure

The above table shows the quick comparison between Swiggy and Zomato on various metrics. You can easily understand the difference between a company’s market share, capitalisation, revenue, etc. Over the years, Swiggy has expanded to more than just a food delivery company and competes with Zomato.

Difference Between Swiggy And Zomato’s Business Model

Although Swiggy and Zomato have different business models, they operate as online food delivery aggregators connecting customers with delivery partners and restaurants. Swiggy entered the overcrowded market and emerged as the fastest-growing unicorn.

Zomato’s business model comprises various segments, which include food delivery, Dining out, advertising, and sustainability, whereas the intersection of logistics and technology drives Swiggy. It invested in large sales forces and established itself as an extensive delivery and logistic partner. In addition, Swiggy continuously works towards increasing its sales before IPO, for which the company emphasises business diversification. 

Comparison Between Financial Performance Of Swiggy And Zomato

As you clearly understand the business model of Swiggy and Zomato, it’s time to take a look at their financial performance. In FY23, Swiggy recorded a higher average order value, increasing its sales and advertising fee revenue. According to the annual report shared by Swiggy, the company recorded Rs 5,705 crore in revenue in the last financial year. It recorded a growth of 26% in the Gross Merchandise Value(GMV).

In the financial year 2023, Zomato’s gross revenue surged by 68.9%, increasing from Rs 4,192 crore in FY22 to Rs 7,079 crore in FY23. Apart from this, the food-tech giant also recorded a positive EBITDA growth of Rs 78 crore. On a quarterly basis, Zomato scaled up to 5.5% and showed a decrease in its losses by 46%, which is positive news for its investors.

Zomato was listed on the Stock exchange in July 2021 at a valuation of $12 billion. Since then, the company has lost almost 45% of its market capitalisation in the past 21 months.

Which One Is a Profitable Investment Option Between Swiggy & Zomato?

Now, the main question here is which is a suitable investment option for you- Swiggy or Zomato? Both companies have their own strengths and weaknesses and operate in an online food delivery segment. Zomato is already listed on the stock exchange, while Swiggy currently provides its unlisted shares in the market. 

You should make investment decisions based on market data, financial reports, etc. If you aim to diversify your investment portfolio, we suggest you buy unlisted shares of top-performing companies like Swiggy. We at Stockify will guide you at every step in your investment journey. 
Being the trusted online unlisted shares trading platform, we provide access to the updated Swiggy share price, financial reports, and the latest news in the market. Ready to invest in Swiggy unlisted shares? Contact us now!


1- Which one is a better investment option between Swiggy and Zomato?

Swiggy and Zomato are an online food delivery platform with a diversified business model. You must understand that Swiggy is unlisted, and Zomato is listed on the stock exchange of India. For getting investment guidance, contact us today.

2- How can I invest in Swiggy unlisted shares?

You can easily invest in Swiggy unlisted shares online by using trading platforms like Stockify. Here, you will get access to the Swiggy shares along with its annual reports for the different financial years.

3- Which is the most profitable business between Swiggy and Zomato?

The business’s profitability in the food delivery segment depends on various factors like the number of orders, food delivery charges, etc. According to market data, Swiggy is currently a more profitable business than Zomato.

4- What is the current Swiggy share price in India?

As per the fresh market data, Swiggy share price is Rs 348 per equity share. The share price of its unlisted shares keeps changing and depends on the market conditions and company’s financial performance. To stay updated with the Swiggy share price in NSE, subscribe to Stockify.

5- Is Swiggy listed on NSE?

No, Swiggy is not yet listed on any stock exchange in India. The company currently provides its unlisted shares for trading in the market. Buy Swiggy unlisted shares hassle-free with Stockify.

Table of Contents

Swiggy and Zomato are both online food aggregators operating in the same space but differ in business model and other aspects.
Swiggy and Zomato are both online food aggregators operating in the same space but differ in business model and other aspects.


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Rahul Khatuwala
Ex. Wipro & Finaco Founder
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