Zomato-Swiggy q-comm war intensifies

Q-commerce isn't just a two-horse race. Swiggy and Zomato are now competing with Zepto, Flipkart, Amazon, JioMart

- Dipti Sharma

India's top food delivery players are locked in a fierce rivalry—not just for your dinner orders, but for investor confidence too. One is sizzling, the other stumbling. One leads in food delivery growth, the other in quick commerce.

Swiggy and Zomato aren't just household names; they're the only listed bets on India's food delivery and quick commerce boom. For investors looking to ride the next phase of consumption-led growth, these are the only dishes on the table. But the game is changing.

Zomato's stock has climbed 18% in 2025 so far, reflecting its domination in the fast-growing quick commerce space. Newly listed Swiggy is down 42% even as it outpaces Zomato, recently rebranded to Eternal Ltd, in core food delivery growth. The divergence underscores a larger story: a mature business hitting its limits, and a new one burning cash in pursuit of scale.