Analysis · Commerce & Consumer Brands

Bernstein compares Zomato and Swiggy to Meituan

By Startup Enthusiast · 11 September 2026

What they do

Bernstein report compares Zomato and Swiggy's economics to China's Meituan, which is 29 times larger

India's food delivery market is $10 billion, but penetration at 15% suggests room to grow

Current profitability is helped by high-income users; lower-income segments may be tougher

A Bernstein report compares Zomato and Swiggy food delivery economics to China's Meituan.
China's food delivery market is $230 billion in CY25, about 22 times India's $10 billion market in FY26.
Meituan's annualised food delivery GTV (gross transaction value) is $164 billion in the March 2026 quarter.
Zomato's annualised GOV (gross order value) is $6 billion in Q1 FY27, making Meituan 29 times larger.
Meituan's operating profit per order at peak (Q2 2024) was $0.3, while Zomato and Swiggy each earn $0.2 adjusted EBITDA per order in Q1 FY27.
Meituan's average order value (AOV) at peak profitability was $7.2; Zomato's GOV per order is $5.2 and Swiggy's is $5.4.
India's food delivery penetration is 15% of the food services market in FY26, compared to China's 27% in FY25.

The report highlights that current economics are helped by a relatively high-income consumer cohort.
The next phase may be challenging as platforms move into lower-income segments.
India's market grew from $1.2 billion in FY18 to over $10 billion in FY26, showing rapid expansion.
Meituan controlled about three-fourths of China's food delivery order share before 2025 competition.

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