In the “Top 10” list of e-commerce-based meal delivery services in the world are the Indian food aggregator websites Swiggy and Zomato. Both businesses are among the more than 100 Indian unicorns. Companies having a $1 billion net value are known as unicorns (roughly Rs. 8,000 crore).
In the “Food Barons 2022 – Crisis Profiteering, Digitalization and Shifting Power” report released by the international research company ETC Group, Swiggy and Zomato were placed ninth and tenth, respectively.
The market for food delivery, according to the research organisation, includes digital, on-demand platforms for ordering and paying for prepared food, groceries, and other retail goods. Within the allotted time, the restaurant or merchant fulfils the customer’s order and the courier delivers it to them.
Meituan, a publicly traded food network in China, came in first, followed by Deliveroo in the UK and Uber Eats in the US.
Ele.me, DoorDash, Just Eat Takeaway/Grubhub, Delivery Hero, and iFood then appeared in positions 4 through 8 respectively.
“Although the market for food delivery is consolidating quickly, ownership is a changing target. Companies are purchasing, selling, and exchanging stakes with rivals as they compete for regional domination “stated the research.
As he said, “Venture money and major tech investment have helped the industry, but corporations have nonetheless made profits, even in a sector-friendly worldwide pandemic when distributions surpassed needs.”
In light of this, it claimed that the business model is now being modified to move towards profitability, most noticeably by incorporating grocery and pharmacy deliveries.
The survey also emphasises the difficulties encountered by gig economy employees.
It stated that majority of the globe views delivery workers as independent contractors rather than employees. As a result, they are not qualified to receive Social Security, injury damages, or other benefits.
“Certain governments appear to be open to implementing labour changes in an effort to stop free platform travel, according to some signs. The first American city to implement regulations governing the food delivery industry, including a minimum wage and other worker rights, was New York City “the research study was noted.
The research claims that the considerable rise in waste from takeout single-use packaging is one of the industry’s biggest problems.