The competitive landscape of the food delivery sector is heating up, with Zomato and Swiggy vying for dominance. As both companies are now publicly traded, their strategies extend beyond just food delivery to encompass corporate tactics and investor engagement. Zomato, recently rebranded as Eternal, is focusing on a broader multi-brand approach, while Swiggy is enhancing its platform with innovative features.

Stock Performance Overview: Zomato vs. Swiggy

When looking at the financial metrics, Eternal has seen its stock price fluctuate significantly. As of April 9, the shares were trading at ₹210, reflecting a slight decline of 2% during the day. Over the past week, the stock has remained stable, dropping only 1%. However, a three-month evaluation reveals a 14% decline, and on a six-month basis, the shares have fallen by approximately 25%. Year-to-date, Eternal’s stock is down by 23%, though it has managed a 10% increase over the last year. The company’s market capitalization currently stands at ₹1.95 lakh crore, with a 52-week high of ₹304.70, meaning it is trading about 31% lower than its peak.

Conversely, Swiggy, which made its stock market debut in November 2024, is experiencing its own challenges. Today, the shares have increased by 2%, yet the past week has seen a 2% dip, and the month has yielded a 6% decline. Over a three-month span, Swiggy’s stock has plummeted by 33%, translating to a staggering 38% drop year-to-date. Currently, the stock is nearing its 52-week low of ₹306.95 and is nearly 50% below its peak of ₹617.30. Swiggy’s market capitalization is around ₹77,260 crore.

Zomato’s Rebranding vs. Swiggy’s Innovative Offerings

A significant development for Zomato is its transformation into Eternal Limited. This name change, sanctioned by the Ministry of Corporate Affairs, is part of a strategic shift towards a multi-brand framework that includes Blinkit (quick commerce), Hyperpure (B2B supplies), and District (dining out). Although the rebranding is exclusive to its corporate identity and does not affect the consumer-facing Zomato brand or app, the stock symbol has shifted from ZOMATO to ETERNAL, with the corporate website transitioning to eternal.com.

Meanwhile, Swiggy is generating excitement with its latest feature, Maxxsaver, introduced through its Instamart platform. This innovative tool automatically provides savings of up to ₹500 on large orders spanning various categories like groceries, electronics, and fashion. The discount is applied at checkout and will soon be available to members of its premium program, Swiggy BLCK.

Financial Performance: Profits and Losses

Looking at their financial health, Eternal reported a 57% year-on-year decline in net profit, bringing it down to ₹59 crore in Q3 FY25, despite revenues soaring by 64% to ₹5,404 crore. The company’s B2C gross order value saw a 57% increase to ₹20,206 crore, while food delivery gross order value climbed 17% to ₹9,913 crore. Notably, adjusted EBITDA surged by 128% year-over-year to ₹285 crore.

On the other hand, Swiggy’s net loss widened by 39% to ₹799 crore in Q3 FY25, even as revenues grew by 31% to ₹3,993 crore. The gross order value also increased by 38% to ₹12,165 crore. However, despite these gains, Swiggy reported an adjusted EBITDA loss of ₹490 crore.

As the rivalry between Zomato and Swiggy intensifies, their strategies in the fast-evolving food delivery market will be critical in shaping their future success.