IPO-bound Swiggy 4-6 quarters behind Zomato in key metrics, says Macquarie

Swiggy, which plans to go public in November, is “4-6 quarters behind” its rival Zomato in key metrics within the food delivery and quick commerce sectors, according to a report by Macquarie titled “Head-to-Head: Zomato versus Swiggy”.

In the food delivery segment, Swiggy’s gross order value (GOV) is around 27% lower than Zomato’s, the report said. For Q1 FY25, Swiggy recorded a GOV of $820 million, compared to Zomato’s $1.116 billion. This gap has widened over time: in FY23, Swiggy’s GOV of $2.66 billion was 18% lower than Zomato’s $3.26 billion, but by FY24, the difference had increased to 23%.