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Our read
Swiggy is likely to face margin pressure in Bengaluru and Hyderabad as Ownly and Flipkart scale.
For operators
Restaurants and brands now have more platforms to list on, with Ownly at around 50,000 daily orders in Bengaluru and 10,000 restaurants onboarded in Hyderabad (target 30,000), so test the new channels and renegotiate terms before Flipkart's likely food delivery rollout before the end of 2026.
Watch
Swiggy's food delivery revenue against Q1 FY27's ₹2,208 Cr in the next results
The report, : Rapido's Ownly, Swish Go and Flipkart open a new front against Swiggy and Zomato in food delivery
Rapido's Ownly handles around 50,000 orders a day in Bengaluru and has onboarded 10,000 restaurants in Hyderabad. Swish Go and Flipkart's Eat In also challenge Swiggy and Zomato, whose Q1 FY27 food delivery revenues were ₹2,208 Cr and ₹3,537 Cr.
- Eternal Q1 FY27 adjusted food delivery revenue₹3,537 Cr
- Swiggy Q1 FY27 food delivery revenue₹2,208 Cr
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Reported figures
From the report. Source details below
| Ownly Hyderabad restaurant network target: | 30,000 |
|---|---|
| Zomato Q1 FY27 monthly active restaurant partners: | 3.28 lakh |
| Swiggy restaurant partners: | over 2.7 lakh |
| Flipkart user base: | 500 Mn |
What to watch next
- Ownly's Hyderabad restaurant count past the 10,000 onboarded, by Swiggy's Q2 FY27 results, would mean the 30,000 target is on track and restaurants are multi-homing.
- Flipkart announcing a food delivery launch city or date before the end of 2026
- Ownly's Bengaluru daily orders against the current 50,000
- Changes in Swiggy's restaurant commissions or customer discounts in Bengaluru and Hyderabad
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Swiggy is likely to sharpen restaurant-side terms and customer offers in Bengaluru and Hyderabad, where Ownly is concentrated.
- Eternal's Zomato may respond to Ownly in the same two cities, which would raise the cost of defending share for both incumbents.
- Rapido is likely to take Ownly beyond Bengaluru and Hyderabad once its restaurant base crosses its Hyderabad target of 30,000.
- Flipkart is likely to roll out food delivery before the end of 2026, starting with a few cities, building on Eat In.
- Restaurants may list on several platforms at once, which would weaken any exclusivity Swiggy tries to build.
The counter-case
The case against this reading — not reported by the source.
The headline calls this a new front, but the evidence is thin. Around 50,000 orders a day in one city is a small base next to what Eternal and Swiggy handle nationally. Their food delivery revenue of ₹3,537 Cr (Eternal, adjusted) and ₹2,208 Cr (Swiggy) in a single quarter shows how far apart the scales are. Restaurant onboarding (10,000 in Hyderabad, targeting 30,000) measures supply sign-ups, not repeat consumer demand, and restaurants often list on several platforms at no cost. Low-commission or flat-fee models can win listings but have to prove they can fund discounts, delivery partner payouts and customer acquisition without a subsidy burn. Past well-funded entrants such as Uber Eats, Foodpanda and Amazon Food either exited or were absorbed because they could not match incumbent density and delivery times. Flipkart's move is only 'likely' by the end of 2026, so it is an unconfirmed plan, not a competitive fact. Swish Go and Eat In are listed without any volume data. The thesis bundles one measured data point with several intentions.
The source
First seen