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Food Delivery

Restaurant aggregation + last-mile

Two-sided marketplace between restaurants and consumers. Mature in India: Eternal + Swiggy duopoly, take rates ~21–23%, contribution margins now mid-single-digit positive, growth ~20%. Gig-cess regulation is the swing factor.

GMV $9B+22% YoYTake rate 22%CM 8%Capex: LowReg risk: High

Ancillary beneficiaries