Swiggy vs Zomato: Revenue, Profit and Business Model
Swiggy reported ~$2.7B of revenue in FY2026 and a net loss of ~$481.9M. Zomato reported ~$6.3B of revenue in FY2026 and ~$42.5M of net income.
Latest financial snapshot
Financial summary
Swiggy
Swiggy raised money privately from investors including Prosus (Naspers), Tencent, SoftBank Vision Fund, Accel and Invesco before its November 2024 IPO, which raised ~$1.31 billion (₹11,327 crore). Revenue from operations grew from ~$662 million (₹5,705 crore) in FY2022 to ~$1.77 billion (₹15,227 crore) in FY2025 and ~$2.67 billion (₹23,053 crore) in FY2026, while the consolidated net loss was ~$362 million (₹3,117 crore) in FY2025 and ~$482 million (₹4,154 crore) in FY2026 as Instamart expansion weighed on margins. The loss trend improved through FY2026: the quarterly net loss fell from ~$139 million (₹1,197 crore) in Q1 FY2026 to ~$92.8 million (₹800 crore) in Q4 FY2026 and ~$91.8 million (₹791 crore) in Q1 FY2027, when revenue reached ~$790 million (₹6,812 crore). Swiggy sold its roughly 12% stake in bike-taxi company Rapido in September 2025 for about $278 million (₹2,400 crore), and at its August 2026 capital markets day set a target of ~$1.16 billion (₹10,000 crore) in adjusted EBITDA by FY2031.
Zomato
Revenue from operations grew from ~$1.41 billion (₹12,114 crore) in FY24 to ~$2.35 billion (₹20,243 crore) in FY25 and ~$6.31 billion (₹54,364 crore) in FY26. Most of the FY26 jump reflects Blinkit's move to inventory-led sales; Eternal put like-for-like adjusted revenue growth at 64% in Q4 FY26. FY26 net profit was ~$42.5 million (₹366 crore). In Q1 FY27 (April to June 2026), revenue from operations was ~$2.34 billion (₹20,211 crore) and consolidated net profit was ~$10.7 million (₹92 crore).
Revenue and profit by year
Swiggy
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$2.7B | ~-$481.9M | -18.0% | +51.4% | Source |
| FY2025 | ~$1.8B | ~-$361.6M | -20.5% | +35.4% | Source |
| FY2024 | ~$1.3B | ~-$272.6M | -20.9% | +36.1% | Source |
| FY2023 | ~$958.7M | ~-$484.8M | -50.6% | +44.9% | Source |
| FY2022 | ~$661.8M | ~-$421M | -63.6% | — | Source |
Zomato
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$6.3B | ~$42.5M | 0.7% | +168.6% | Source |
| FY2025 | ~$2.3B | ~$61.1M | 2.6% | +67.1% | Source |
| FY2024 | ~$1.4B | ~$40.7M | 2.9% | +71.1% | Source |
| FY2023 | ~$821.2M | ~-$112.6M | -13.7% | +68.9% | Source |
| FY2022 | ~$486.3M | ~-$140.2M | -28.8% | — | Source |
Business model and strategy
Swiggy
How it makes money
Swiggy operates a multi-engine hyperlocal marketplace and on-demand logistics aggregation business model spanning food delivery, quick commerce, dining discovery, and consumer courier services. Its core revenue streams include: restaurant commission fees ranging from 15% to 28% on every food delivery order; direct consumer fees comprising delivery fees, surge pricing, and per-order platform handling fees;
Growth strategy
Swiggy's growth strategy centers on three engines: driving wallet share through the Swiggy One membership across food and grocery; scaling dark store density to reduce delivery times to under 10 minutes; and expanding high-margin enterprise advertising for consumer packaged goods.
Competitive advantage
Swiggy's advantages are its own large delivery fleet, order-batching and dispatch technology, a strong position in India's largest cities, the Swiggy One membership that ties food and grocery spending together, and an Instamart dark-store network built since 2020.
Zomato
How it makes money
Zomato food delivery earns commissions and advertising fees from restaurants, plus delivery and platform fees from customers. Blinkit sells groceries and everyday goods through a network of dark stores. Since 2025 it has moved toward owning its inventory, so it now books the full value of those sales as revenue. District earns fees from dining-out payments, movie tickets and live events.
Growth strategy
Eternal treats food delivery as its source of cash and Blinkit as its main growth engine. It is also scaling District for dining out, movies and live events.
Competitive advantage
Eternal combines a large food delivery business that already makes a profit with Blinkit's growing quick-commerce network. The cash from food delivery and the ~$986 million (₹8,500 crore) QIP it raised in 2024 pay for expansion into new categories.
Questions about Swiggy vs Zomato
Which company has higher revenue — Swiggy or Zomato?
Swiggy reported ~$2.7B (FY2026), while Zomato reported ~$6.3B (FY2026). By last reported revenue, Zomato is the larger business, with Swiggy reporting a smaller revenue base.
What is the market cap of Swiggy vs Zomato?
Swiggy's market capitalisation stands at $8.8B, while Zomato's is $28.0B. Zomato carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Swiggy.
Which is more financially efficient — Swiggy or Zomato?
Swiggy generates $446k / employee in revenue per employee, while Zomato generates $841k / employee. Zomato shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Swiggy and Zomato make money?
Swiggy and Zomato generate revenue in fundamentally different ways. Swiggy: Swiggy operates a multi-engine hyperlocal marketplace and on-demand logistics aggregation business model spanning food delivery, quick commerce, dining discovery, and consumer courier services. Zomato: Zomato food delivery earns commissions and advertising fees from restaurants, plus delivery and platform fees from customers.
Which company is valued higher relative to revenue — Swiggy or Zomato?
On a price-to-sales (P/S) basis, Swiggy trades at 3.3x P/S and Zomato at 4.4x P/S. Zomato commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Swiggy. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Swiggy bigger than Zomato?
By last reported revenue, Zomato (~$6.3B (FY2026)) is the larger company compared to Swiggy (~$2.7B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Swiggy vs Zomato overview