Launch · Commerce & Consumer Brands

Swiggy's Toing app outperforms Rapido's Ownly

By Startup Enthusiast · 15 June 2026

What they do

JP Morgan says Swiggy's budget app Toing is outperforming Rapido's Ownly, helped by higher marketing spend

Swiggy sold its Rapido stake for about Rs 2,500 crore, a 2.5x return, as it competes head-on

A consumer court ordered Swiggy to pay Rs 5,000 for a refund failure

JP Morgan analysts say Swiggy's budget food delivery app Toing is outperforming Rapido's Ownly in food delivery.
Toing's traction comes from higher marketing spend, which boosts downloads and user acquisition.
Swiggy launched Toing in September 2025 as a standalone app for price-sensitive consumers like students and young professionals.
Toing offers lower menu prices, no platform fees, and fixed or lower delivery fees.
JP Morgan says Swiggy is pre-empting the Innovator's Dilemma that Uber and Ola faced in ride-hailing by launching a cheaper service.
The best case for Toing is creating a new category in food delivery; the worst case is cannibalising Swiggy's core platform and taking share from Zomato.
JP Morgan says Swiggy may mothball Toing if it fails to add new customer cohorts once the Rapido threat ends.
Separately, an Amritsar consumer court ordered Swiggy to pay over Rs 5,000 for failing to refund a customer's order.

Rapido raised $240 million to expand ride-hailing, sharpening its focus on Ownly, which launched in March 2026.
Prosus, a key investor in both Swiggy and Rapido, owns about 21% of Swiggy and 27% of Rapido.
Swiggy went from an early backer of Rapido to a fierce competitor, divesting its stake to avoid conflict of interest.
Investors questioned Swiggy's competitive positioning as Rapido expanded into food delivery.
Swiggy's share price rose 3% to Rs 257.2 on June 15, with a market cap of Rs 58,850 crore ($7.5 billion), more than double Rapido's $3 billion.

Swiggy operates a food delivery platform connecting restaurants with customers.
Toing is a separate app for budget-conscious users, with lower prices and no platform fees.
Toing's order fulfilment runs through Swiggy's larger delivery network.
The company operates across India, competing with Zomato and others.
Swiggy's market capitalisation stood at Rs 58,850 crore ($7.5 billion) as of June 15, 2026.

JP Morgan suggests Swiggy could mothball Toing if it doesn't add new customer cohorts after the Rapido threat ends.

Prosus (investor) — Prosus is a global investment firm and a key investor in both Swiggy and Rapido.