
We believe Swiggy and Eternal will continue to dominate the food delivery business. On the demand side of the equation, variables such as platform preferences and assortment mix are firmly in favor of the incumbents. These strengths are likely to sustain the leadership of incumbents despite the vulnerabilities that remain on the supply side of the equation. While there has been continuous innovation around assortment and delivery timelines, affordability is an area with room for further innovation but discounting is not the key
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