Swiggy, Zomato, & the Challengers

India’s food delivery battleground has crystallized into an Eternal (Zomato)-Swiggy duopoly— but the war is far from over. Controlling over 90 per cent of the market, both giants are now defending their turf against agile challengers like Rapido and IPO-bound Zepto. As they chase profitability through scale and ecosystem synergies, the quick commerce boom is redrawing competitive lines. In this story, Abhishek Wani unpacks the industry’s Porter Five Forces, shifting economics, evolving margin strategies, and Rapido’s disruptive pricing model to explore whether the next wave of delivery disruption is already underway