There are already enough existing entrants in “delivery”
You mentioned adjacencies for Zomato into groceries etc. Same is true for others working in “delivery” to enter Food if they find it suitable.
I think already it has huge scale and benefits, if any, should be visible already. if not visible now, then what makes you believe it will be visible later? I see Zomato everywhere in tier 1, 2 cities. They do have significant scale now already…
Amazon may try again someday, we never know. Why would Flipkart not try? Then there are likes of Big basket, who may enter Foods/Restaurants. QSRs have developed their own delivery ecosystem. In this disruptive world, you never know that one day a Jubilant may hive off its delivery part and use it for self as well as nearby restaurants as a different revenue source…hypothetical but possible.
Point is…I agree to many of your points but just wanted to present another side as somehow I feel that moats may not be as strong as they might seem…
Disc: I can be completely wrong in all my assessments. Not a buy/sell recommendation
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