Rapido’s Ownly enters the ring — Will it change the food delivery game for Swiggy and Eternal?

Rapido’s entry into India’s food delivery market through its new platform, Ownly, is expected to add short-term pricing pressure for incumbents Swiggy and Eternal, but the impact on their long-term growth and profitability is likely to remain limited, according to brokerage firm Nirmal Bang.

Ownly is currently live in select Bengaluru neighborhoods such as Koramangala and HSR Layout. The platform is differentiating itself primarily through aggressive pricing. A comparative analysis by Nirmal Bang showed that while menu prices were often on par with rivals, Ownly offered meaningful discounts at the final order value level.

As per the brokerage’s analysis, effective order values on Ownly were 17% – 49% lower than Swiggy and Zomato, with the sharpest gap in the sub- ₹200 category, where prices were nearly half.

The platform is also diverging from the traditional aggregator model by foregoing commissions from restaurant partners and instead relying on a flat delivery fee construct. However, Nirmal Bang cautioned that Ownly’s traction remains negligible, with limited downloads and muted order volumes.

“While this pricing advantage is clearly Ownly’s current lever for user acquisition, the sustainability of such deep discounting remains questionable, especially in a category that has evolved meaningfully beyond price — incorporating innovation in speed, convenience, personalization, and product variety,” the brokerage said.

Meanwhile, Swiggy and Eternal continue to post steady growth in their food delivery and Quick Commerce (QC) businesses.

Swiggy’s Performance

Swiggy reported its strongest sequential growth in Monthly Transacting Users (MTUs) since Q2FY25, with Bolt, its quick commerce arm, contributing over 10% of overall order volumes. Nirmal Bang expects Swiggy’s revenue to grow at a CAGR of 17.6%, while contribution profit and adjusted EBITDA are projected to expand at 29% and 66% CAGRs, respectively, as operating leverage improves.

Eternal’s Growth

Eternal grew its GOV and revenue by 16% YoY in Q1FY26, with MTUs rising nearly 10% sequentially to 22.9 million. Despite a slightly lower growth rate than Swiggy, Eternal maintains a larger scale, with 34% higher GOV in FY25 compared to its listed peer. The brokerage forecasts CAGR growth of 18% in GOV, 19% in revenue, and 34% in EBITDA for Zomato between FY25–27, underscoring its dominant market position.

Quick commerce remains a key driver. Swiggy’s Bolt and Eternal’s Blinkit are expanding rapidly, with improving contribution margins and growing dark store footprints. Blinkit’s shift to an inventory-led model is expected to further strengthen its control over product mix and profitability.

Nirmal Bang has a ‘Buy’ rating for both the players, with Eternal share price target of ₹381 apiece and Swiggy share price target of ₹544 apiece.

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