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India’s food delivery landscape continues to consolidate around Zomato and Swiggy, with both players posting record user engagement in Q2 FY26.
Zomato’s average monthly transacting users (MTUs) rose to 24.1 million, while Swiggy reached an all-time high of 17.2 million, narrowing the user gap to its smallest level in two years. The growth reflects festive demand and higher order frequency across metros and Tier-2 cities.
What It Means:
- Competitive Catch-Up: Swiggy’s user base expansion signals a comeback, aided by stronger retention initiatives, premium programs (Swiggy One), and cross-selling from Instamart.
- Market Consolidation: The top two players continue to dominate India’s food delivery ecosystem, collectively serving over 41 million transacting users monthly.
- Demand Resilience: Despite saturation in Tier-1 cities, order activity remains strong, showing steady growth momentum post-pandemic normalization.
